Wall Street pares dramatic losses in turbulent action

Wall Street dropped on Monday in tumultuous action, but stocks managed to rebound sharply from much heavier losses. The Dow Jones Industrial Average (^DJI) skidded 162.1 points, or 0.95%, to 16304.60, the S&P 500 (^GSPC) dropped 23.2 points, or 1.2%, to 1947.8, and the Nasdaq Composite (^IXIC) fell 25.5 points, or 0.6%, to 4679.3. Despite […]

Governor: Puerto Rico near ‘death spiral’

Puerto Rico is teetering near a “death spiral” as it nears a government debt default, its governor says. Puerto Rico can no longer make payments on its $73 billion in debt, according to Governor Alejandro Garcia Padilla, who warns the island is perilously close to entering a “death spiral” “The debt is not payable … […]

OPEC isn’t scared of $40 oil

OPEC won’t rush to cut oil production even if prices fall as low as $40 per barrel, one of the cartel’s members said Sunday. The energy minister for the United Arab Emirates told Bloomberg at a Dubai conference that the middle eastern oil producers believe “the market will stabilize itself.” “We are not going to […]

Kmart opens before breakfast on Thanksgiving

Stores will open at 6 a.m. on Turkey Day, beating most other big box retailers to the punch. Sears (SHLD), which is owned by the same company, as well as Macy’s (M) and Kohl’s (KSS) aren’t opening their doors until 6 p.m. that evening. Other stores, including Costco (COST) and Nordstrom (JWN), have said they’ll […]

U.S. fast-food workers protest, demand a ‘living wage’

Fast-food workers went on strike and protested outside McDonald’s, Burger King and other restaurants in 60 U.S. cities on Thursday, in the largest protest of an almost year-long campaign to raise service sector wages. Rallies were held in cities from New York to Oakland and stretched into the South, historically difficult territory for organized labor. […]

Unemployment falls to 7.4 percent, black joblessness hits low for the year

U.S. employers added 162,000 jobs in July, the fewest since March. The gains were enough to lower the unemployment rate to a 4½ -year low of 7.4 percent, a good sign in an otherwise lackluster report The Labor Department said Friday that unemployment fell from 7.6 percent in June as more Americans found jobs. Still, […]

U.S. employers add 175K jobs, rate up to 7.6 pct.

U.S. employers added 175,000 jobs in May, a gain that shows hiring is improving at a still-modest but steady pace. The Labor Department said Friday that the unemployment rate rose to 7.6 percent from 7.5 percent in April. The increase occurred because more people began looking for work, a healthy sign. About three-quarters found jobs. […]

Forbes Five: Hip-Hop’s Wealthiest Artists

Sean “Diddy” Combs rose to mainstream fame in the late 1990s rapping about his desire for Benjamins, otherwise known as $100 bills. A decade and a half later, he might need to consider some larger denominations—McKinleys, Clevelands and Madisons, perhaps—to express his wealth. Diddy ranks No. 1 on this year’s Forbes Five, our list of […]

Mike Dell’s former lieutenant leads coup attempt

Dave Johnson finds himself once again pitted against a former employer. In leading Blackstone Group’s 11th-hour bid for Dell Inc, the acquisitions expert and famously tough negotiator has seated himself across the table from ex-boss and company founder Michael Dell. Their relationship has now become a crucial element in the battle over the largest private […]

Economists predicting moderate growth in 2013

Business economists expect 2013 will be another year of sub-par growth for the U.S. economy, reflecting uncertainty stemming from the budget battles in Washington and Europe’s on-going debt problems. But they think the economy will improve as the year progresses and by 2014 will grow at the fastest pace in nine years. In its latest […]


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