Stocks tumbled Wednesday, falling for a second session, after oil prices topped $133 a barrel and the Federal Reserve gave a gloomy economic outlook.
Reuters - Women’s apparel retailer Talbots Inc posted higher-than-expected quarterly operating earnings on Wednesday, due to a “dramatic improvement” in its merchandising gross margin, sending shares up as much as 15 percent.
Reuters - Oil prices surged nearly $5 to a record near $134 a barrel on Wednesday after a U.S. government report showed a surprise drop in crude stockpiles, reinvigorating fears of a supply crunch.
Wall Street extended its sharp decline Wednesday, driving the Dow Jones industrials down more than 190 points as investors smarted from record-high oil prices and a bleak economic assessment from the Federal Reserve.
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American Depositary Shares of Honda Motor Co. slipped slightly on Wednesday as analysts weighed in on the Japanese automaker’s plans outlined at a meeting in Tokyo, including its decision to launch a new hybrid next year.
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American Airlines said Wednesday it plans to charge passengers $15 for the first checked bag, cut domestic flights and eliminate possibly thousands of jobs, as it grapples with record-high fuel prices.
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Runaway oil prices blew past $130 a barrel for the first time Wednesday and kept going, while gasoline prices persisted in their own relentless climb, rising above $3.80 a gallon. Supply worries, rising demand and a slumping dollar are conspiring to make filling up the car _ and paying for just about everything else _ a growing burden for Americans.
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Major business events and economic events scheduled for Thursday: WASHINGTON _ Labor Department reports on weekly jobless claims, 8:30 a.m.
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Reuters - The lifestyles of the rich may be set for a downgrade as the U.S. economic malaise works its way up the income ladder, according to a survey released on Wednesday.
The Federal Reserve hinted in the minutes from its April FOMC meeting that it will not be cutting rates again in the near future, although it expects weak economic times ahead. The minutes, released Wednesday, include higher employment and higher inflation forecasts in part from surging commodity prices. The Fed also lowered its growth forecast, although it suggested the worst of the credit crunch may have passed.
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