Stocks surge after Fed comments
Stocks surged Wednesday, with the Dow industrials rallying 331 points, after comments from a Federal Reserve official sparked bets that the central bank will cut rates again at its next policy meeting.

Fed Comments Lift Stock Futures
Stock futures pointed to a strong open Wednesday, thanks to Fed Vice Chairman Donald Kohn's rate cut hints. Nasdaq futures climbed 28 points vs. fair value, S&P 500 futures gained 11 points and Dow futures rallied 81 points.


Oil price dips nearly $4
Oil prices fell nearly $4 Wednesday, adding to steep losses Tuesday, on a healthier-than-expected U.S. inventory report and speculation OPEC will boost production.

Economic growth eased as home demand fell
Economic growth slowed in October and the first half of November as a glut of homes for sale pushed home prices down and tighter credit took some would-be buyers out of the market, the Federal Reserve said on Wednesday.

Existing home sales drop to record low in Oct
Existing home sales fell 1.2 percent in October to a record low 4.97 million-unit pace, according to a report on Wednesday that showed the downturn in the U.S. housing market was deepening.

Freddie Mac shares post biggest gain in 19 years
Shares of Freddie Mac (FRE.N: Quote, Profile, Research) surged on Wednesday as strong demand for a record preferred stock issue signaled the second-biggest provider of U.S. home funding could access capital even in turbulent markets.

Bear Stearns to cut 650 jobs globally
Bear Stearns Cos Inc (BSC.N: Quote, Profile, Research) said on Wednesday it would cut 650 jobs, or 4 percent of its global work force, as the investment bank braces to lose money in the fourth quarter due to bad bets on subprime mortgages.

Yahoo and Adobe team on PDF ads
Yahoo and Adobe are bringing pay-per-click ads to Adobe's Portable Document Format so that publishers can serve up ads inside PDFs distributed on Web sites and over e-mail that are contextually relevant to the content.

Porsche optimistic about earnings after sales increase
Porsche SE, the maker of the 911 sports car, said sales rose 15 percent in the last four months and that it's ``carefully optimistic'' about full-year earnings growth.

Japanese automakers raise production output
Toyota, Honda and Nissan, the three largest carmakers in Japan, increased production in October on rising overseas demand.
Toyota, the biggest Japanese automaker, increased global production 16 percent to 821,003 vehicles in October, and Honda's output rose 13 percent to 363,532 vehicles, the companies said in separate statements Tuesday.

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This entry was posted by David Choi, on Wednesday, November 28, 2007. You can leave your response.