Business News

S&P dives to lowest level since 1997

NEW YORK (Reuters) - Stocks plunged yet again on Thursday, as a frantic flight from risk prompted by investors' deepening economic fears drove the benchmark Standard & Poor's 500 index to its lowest level since 1997 -- completing the erasure of more than a decade of stock market gains. (read more)

Democrats demand U.S. Big 3 offer survival plan

WASHINGTON (Reuters) - Democratic congressional leaders, seeking to salvage a bailout of the Big Three automakers, demanded executives provide a business survival plan in exchange for their support of up to $25 billion in loans. (read more)

Citigroup eyes options including merger

NEW YORK (Reuters) - Citigroup Inc lost more than one-quarter of its market value on growing worries over whether it has enough capital to withstand billions of dollars of potential losses and despite new support from its largest individual investor. (read more)

Fannie Mae, Freddie Mac suspend some foreclosures

NEW YORK (Reuters) - Fannie Mae and Freddie Mac, the two biggest U.S. home loan finance companies, on Thursday said they would suspend foreclosures of occupied homes until early 2009, as the government moves to stem the tide of home losses plaguing the economy. (read more)

Fed's Bullard: U.S. spending slump to sap 2009 growth

EVANSVILLE, Indiana (Reuters) - St Louis Federal Reserve President James Bullard said on Thursday that financial market turmoil has collapsed U.S. consumer confidence and this would weigh on growth well into next year. (read more)

Dell profit tops Street view, shares rise

SAN FRANCISCO (Reuters) - Dell Inc, the world's No. 2 PC maker, posted a better-than-expected quarterly profit on Thursday as cost cuts offset lower revenue, sending its shares up about 6 percent. (read more)

Paulson defends handling of U.S. financial crisis

SIMI VALLEY, California (Reuters) - Treasury Secretary Henry Paulson on Thursday defended his handling of the financial crisis but refused to say whether any further help will be offered to struggling bank Citigroup. (read more)

NY City securities workforce down to Sept 2005 level

NEW YORK (Reuters) - New York City's securities companies shed 16,000 employees in October, measured on a year-over-year basis, pushing the total work force down to a level last seen September 2005, a state labor analyst said on Thursday. (read more)

Marsal to lead team of over 600 at Lehman

NEW YORK (Reuters) - Bryan Marsal, currently chief restructuring officer of Lehman Brothers Holdings Inc , will take over as chief executive of the bankrupt investment bank after the close of business on December 31, a lawyer for the company said in court on Thursday. (read more)

Oil falls over $1 on demand worries

SINGAPORE (Reuters) - U.S. crude oil dropped more than $1 a barrel on Friday, falling for sixth straight sessions as more distress for the global economy threatened to eat further into demand for fuels. (read more)