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2.7%  Q1 GDP    4.57%  avg. 30-year mortgage     9.5%  Unemployment

Economy Watch: June 6, 2010 - June 12, 2010

Stocks rally in last hour, Dow turns positive for June

UPDATED at 4:14 p.m.: Well, how about that. A last-hour rally instead of a sell-off. After an up-and-down day, stocks got a little frisky in the last hour of trading of the week, as traders perhaps decided the retail sales...

By Frank Ahrens  |  June 11, 2010; 4:14 PM ET  |  Permalink  |  Comments (7)
Categories:  Wall Street  
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Retail sales drop but consumer confidence rises. What gives?

Two pieces of data about the American consumer came out this morning that seem to conflict with each other. But a look behind the headlines can help resolve the confusion.

By Frank Ahrens  |  June 11, 2010; 2:26 PM ET  |  Permalink  |  Comments (7)
Categories:  Data , The Ticker  
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May retail sales unexpectedly fall

Retail sales unexpectedly fell in May, showing that consumers took a look at the falling stock market and uncertain economic conditions abroad and socked their money away instead of spending it. According to the Commerce Department, purchases dropped 1.2 percent...

By Frank Ahrens  |  June 11, 2010; 8:40 AM ET  |  Permalink  |  Comments (1)
Categories:  Data  
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Stocks rally to third best day of the year, avoid last-hour selloff

UPDATED at 4:19 p.m.: Stocks managed to hold onto impressive gains all day long by avoiding their customary last-hour sell-off, and all three major indices closed up nearly 3 percent. The Dow closed up 2.8 percent 10,172.53. All but one...

By Frank Ahrens  |  June 10, 2010; 4:19 PM ET  |  Permalink  |  Comments (12)
Categories:  Data , Wall Street  
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CFO survey: 'Limited' plans to hire in next year

If this morning's jobs report didn't convince you that unemployment won't come down anytime soon, take a look at a new survey of more than 1,000 chief financial officers at U.S. companies. The CFOs say they have "limited plans" to...

By Frank Ahrens  |  June 10, 2010; 2:26 PM ET  |  Permalink  |  Comments (1)
Categories:  Corporations , Unemployment  
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Washington Post Co. elects former GM CEO Rick Wagoner to its board

Rick Wagoner, who was fired as chief executive of General Motors by the White House, has been elected to The Washington Post Co.'s board of directors, increasing the board to 11 members, the education and media company said today. The...

By Frank Ahrens  |  June 10, 2010; 1:04 PM ET  |  Permalink  |  Comments (8)
Categories:  Autos , Corporations  
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New jobless claims drop by 3,000 but remain stubbornly high

New jobless claims filed last week fell by 3,000 to 456,000, another sign that unemployment remains stuck stubbornly high. The four-week moving average of new claims, which smooths out week-to-week volatility, rose by 2,500 to 463,000. The number of people...

By Frank Ahrens  |  June 10, 2010; 8:56 AM ET  |  Permalink  |  Comments (6)
Categories:  Unemployment  
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BP stock crashes; oil giant trading below book value

It was a bad day for most stocks today, but it was a bloodbath for embattled oil giant BP. Shares of BP dived 16 percent today, driving the stock price to below $30 per share, the worst drop on record...

By Frank Ahrens  |  June 9, 2010; 5:10 PM ET  |  Permalink  |  Comments (65)
Categories:  Corporations , Wall Street  
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Same sad story on stocks: Last hour of trading erases day's gains

Once again, a final-hour sell-off wasted a nice day of solid gains, as stocks plummeted into the red again, despite encouraging economic news from the Fed Reserve and its chairman. Stocks evidently are unable to tolerate success and could not...

By Frank Ahrens  |  June 9, 2010; 4:01 PM ET  |  Permalink  |  Comments (1)
Categories:  Data , Wall Street  
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Bernanke assumes role of very measured chief economic cheerleader

When you think of a cheerleader personality, Ben Bernanke's cautious, monotone manner doesn't come to mind. Yet, for lack of others, the Fed chairman has emerged as the chief cheerleader for the struggling U.S. economic recovery. Even if he...

By Frank Ahrens  |  June 9, 2010; 12:47 PM ET  |  Permalink  |  Comments (7)
Categories:  Deficit/debt , Fed Reserve  
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Stocks break pattern, rally in last hour to close up; gold closes at record high

For a change, traders bought into the close instead of selling into it, and stocks made a nice push upward in the final hour of trading. The Dow is still under 10,000, but it closed up 1.3 percent at 9,939.46....

By Frank Ahrens  |  June 8, 2010; 4:13 PM ET  |  Permalink  |  Comments (2)
Categories:  Wall Street  
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BP CEO Tony Hayward to testify on Capitol Hill next week

Following the partial success of his oil spill cap, embattled BP chief executive Tony Hayward will testify before the House Energy and Commerce next Thursday at 10 a.m. Hayward has increasingly become an object of scorn from Capitol Hill and...

By Frank Ahrens  |  June 8, 2010; 1:19 PM ET  |  Permalink  |  Comments (5)
Categories:  Congress , Corporations  
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GM recall: 1.5 million vehicles for potential fire hazard

General Motors is recalling 1.5 million Buick, Cadillac, Hummer, Saturn and GMC sport-utility vehicles, pickups and cars from 2006 to 2009 because a heated washer fluid system module could pose a fire risk, the company said moments ago. There are...

By Frank Ahrens  |  June 8, 2010; 10:54 AM ET  |  Permalink  |  Comments (18)
Categories:  Autos , Corporations  
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Stocks end day in another sharp sell-off

UPDATED at 4:09 a.m.: An up-and-down day on Wall Street finally decided what it wanted to be in the last hour of trading. Unfortunately, it decided it wanted to be another sell-off, right on the heels of Friday's big losses....

By Frank Ahrens  |  June 7, 2010; 4:09 PM ET  |  Permalink  |  Comments (6)
Categories:  Wall Street  
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