Stocks rally for second day in a row

U.S. stocks posted their second consecutive day of gains Wednesday, turning the market around after a week’s worth of losses.
After starting out the day lower, the Dow Jones industrial average (INDU) rose 10 points, or 0.1%, to 10,416 the S&P 500 (SPX) inched up 2 points, or 0.2%, to 1,094 and the Nasdaq (COMP) […]

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Fannie Mae narrows loss, but asks for more aid

Fannie Mae says that its financial condition has vastly improved over previous quarters, but the mortgage finance company still requested more government assistance.
The government-run company said Thursday it lost $1.2 billion in the second quarter, down significantly from an $11.5 billion loss in the prior quarter. Last quarter’s loss was the smallest since the […]

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AmEx profits soar, but shares fall

American Express reported a huge jump in quarterly profits Thursday that beat Wall Street estimates, but wary investors drove the stock lower in after-hours trading.
AmEx (AXP, Fortune 500) shares were down 2% in after-hours trading. The financial services company said its net income for the second quarter rose to $1.02 billion, from $337 million […]

Treasurys lower as risk appetite returns

Treasury prices fell Thursday as risk appetite returned to the markets after reassuring remarks out of Europe.
What prices are doing: The benchmark 10-year note fell 1-5/32 to 101-19/32, pushing the yield up to 3.31% on Thursday from 3.18% late Wednesday. Bond prices and yields move in opposite directions.
The 30-year bond dropped 2- 5/32 to […]

Oil tumbles on disappointing jobs data

Oil prices dropped Friday after a government report said almost all of the jobs added last month were temporary Census workers, and the euro fell to a 4-year low.
What prices are doing: Crude oil for July delivery fell $3.10, or more than 4%, to settle at $71.51 a barrel.
Oil prices rose more than 2% […]

Clearwire, Sprint, others launch 4G service WiMAX in Kansas City

The latest generation of wireless Internet service finally is arriving in Kansas City on a broad scale.
Clearwire Corp. (Nasdaq: CLWR), along with partners Sprint Nextel Corp. (NYSE: S), Time Warner Cable (NYSE: TWC) and Comcast Corp. (Nasdaq: CMCSA, CMCSK), on Tuesday began selling the service, which uses WiMAX technology and boasts wireless download speeds comparable […]

Problem bank list hits 775

The government’s list of troubled banks climbed to its highest level since 1992 in the first quarter, although the pace of growth moderated, according to a government report published Thursday.
The numbers, published as part of a broader survey on the nation’s banking system by the Federal Deposit Insurance Corporation, revealed that the number […]

St. Louis-area foreclosures ease in first quarter

Evidence continues to mount that the mortgage crisis may be easing.
The number of houses facing foreclosure in the St. Louis region dropped to its lowest level in at least two years in the first quarter, according to numbers out today from RealtyTrac.
While still high by historic standards, the number of St. Louis-area […]

Indonesia Inflation Rate Holds Near Highest Since May

Indonesia’s inflation held near the fastest pace since May 2009 amid rising commodity and food prices, putting pressure on the central bank to raise interest rates this year.
The consumer price index rose 3.81 percent in February from a year earlier, the central statistics agency said in Jakarta today. That compares with the 3.97 […]

President orders debt panel, names chairmen

President Obama issued an executive order on Thursday that formally creates a bipartisan fiscal commission, a first step to forcing painful decisions needed to get the U.S. debt load under control.
Raising taxes, cutting spending and reforming Medicare and Social Security are all fair game, and thought to be impossible without the backing of both […]