The U.S. trade deficit rose in March for the first time since last July as the global recession cut sharply into sales of American exports. The politically sensitive deficit with China increased.
Federal Reserve Chairman Ben Bernanke says results of the government's unprecedented "stress tests" of the nation's 19 largest banks should bolster Americans' battered confidence in the U.S. banking system.
Federal Reserve Chairman Ben Bernanke says results of the government's unprecedented "stress tests" of the nation's 19 largest banks should bolster Americans' battered confidence in the U.S. banking system.
KeyCorp has joined several other banks Monday in announcing public stock offerings. It is among 10 major banks ordered by the government to raise more capital as a buffer against future losses.
Three banks that have received a clean bill of health from the government are announcing plans to raise capital to repay government funds received last fall.
Stocks are ending sharply higher as investors cheer the news they had been hoping for: Job losses slowed in April and big banks don't need as much capital as some had feared.
The pace of layoffs slowed in April, with employers cutting 539,000 jobs, the fewest in six months. But the unemployment rate climbed to 8.9 percent as many businesses remained wary of hiring given all the economic and financial uncertainties.
Shares of Bank of America are surging, hours ahead of the expected announcement of bank stress test results, and after two analysts upgraded their views on the company.
The official release isn't expected until after the markets close, but leaked results from bank stress tests suggest some of the nation's largest banks need to raise more money.
The government says productivity rebounded in the first three months of this year while wage pressures eased, both outcomes reflecting the country's deep recession.
Navigational device maker Garmin Ltd. says first-quarter profits fell 67% and widely missed Wall Street expectations as the company took the brunt of slower consumer spending.
General Motors Corp. says it may offer current shareholders a reverse stock split that would give them one share of new stock for every 100 shares they currently own.
A private measure of the U.S. services sector contracted for the seventh straight month in April but at a slower pace, the latest sign the economic downturn could be moderating.
The United Auto Workers union says it intends to sell off its 55-percent stake in the new Chrysler as soon as possible to help cover the trust fund that be will responsible for retiree health care as of next year.
