Business News
Jobs data and tech stocks send Wall Street lower
(Reuters)
Reuters - Stocks slid on Wednesday after a report showing a larger-than-expected drop in private-sector jobs and a revenue warning from top chip maker Intel Corp added to signs that the recession is deepening.
Intel warns again on Q4; shares fall
(Reuters)
Reuters - Microchip maker Intel Corp issued its second revenue warning since November, as demand for personal computers weakens worldwide, and its shares fell 3.25 percent.
U.S. says Madoff sent diamonds in violation of bail
(Reuters)
Reuters - One of the packages accused swindler Bernard Madoff sent in violation of a court order contained about 13 watches, a diamond necklace and other valuables worth more than $1 million, prosecutors said in court papers released on Wednesday.
Satyam chief quits, fraud scandal slams shares
(Reuters)
Reuters - The head of Indian outsourcing company Satyam Computer Services resigned on Wednesday, disclosing that profits had been falsely inflated for years and sending its shares plunging nearly 80 percent.
Budget deficit to hit $1.2 trillion
(Reuters)
Reuters - The U.S. budget deficit will swell to a record $1.186 trillion in fiscal 2009 as the global recession saps the economy, congressional forecasters said on Wednesday, presenting a daunting challenge to President-elect Barack Obama who has said tough choices will be necessary.
CBO sees record $1.2 trillion '09 deficit
The U.S. federal budget deficit will hit an unparalleled $1.2 trillion for the 2009 budget year, according to grim new Congressional Budget Office figures.
Obama pledges to tackle government spending
President-elect Obama says he'll have to juggle the competing interests of economic stimulus and deficit control, but that restoring general business health must come first.
Recession worries send stocks sliding
A handful of bleak profit forecasts and more evidence of escalating unemployment unnerved investors Wednesday, sending stocks down sharply.
Is this stock market rally for real?
With the stock market up 25 percent from November lows, a lot of individual investors are asking: Is this rally for real?
Season of savings brings rewards
When it comes to holiday shopping, Americans have been great at saying they were going to cut back — but not so good at actually doing it. This year appears to be an exception.