Economy News
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Analysis: Shrinking deficit reduces pressure for budget deal
WASHINGTON - The chances of a deal between Democratic and Republican lawmakers that would overhaul the tax system, trim government spending and reform safety net spending programs appear to be fading.
Job market gains could lead Fed to taper QE3 early
- The beginning of the end of the Federal Reserve's massive bond-buying program might come sooner than many investors think if recent gains in the U.S. labor market do not prove fleeting.
Bernanke upbeat on innovation outlook in commencement address
WASHINGTON - Federal Reserve Chairman Ben Bernanke painted an upbeat picture on Saturday for the potential of innovation to lift living standards, delivering a sweeping look at the last 100 years that included memories of his 1963 South Carolina home.
Unemployment rates drop in most states, Illinois climbs
WASHINGTON - Unemployment rates dropped in 43 out of the 50 U.S. states and in the District of Columbia in April from a year before, according to Labor Department data released on Friday.
Obama budget cuts deficit $1.1 trillion over decade: CBO
WASHINGTON - Near-term U.S. deficits under President Barack Obama's 2014 budget plan would be higher than those forecast by the Congressional Budget Office this week but $1.1 trillion lower than what it estimates over the coming decade, CBO said on Friday.
May consumer sentiment highest in nearly six years
NEW YORK - Americans felt better about their economic and financial prospects in early May as consumer sentiment rose to the highest level in nearly six years, an encouraging sign after other recent data had suggested broader U.S. growth is cooling.
Fed has not lowered interest rates enough: Kocherlakota
CHICAGO - The Federal Reserve has not done enough to lower U.S. borrowing costs to boost economic growth, a top Fed official said on Friday, citing his outlook for overly low inflation and overly high unemployment over the next two to three years.
Treasury gears up to buy time under reimposed debt cap
WASHINGTON - The Obama administration on Friday notified Congress it was prepared to take a series of steps to free up about $260 billion so it can keep paying the nation's bills once a temporary suspension in the government's debt ceiling lapses this weekend.
Fed tells Bank of Montreal to fight money laundering harder
NEW YORK - The U.S. Federal Reserve Board said it has told Bank of Montreal to step up efforts to detect and prevent money laundering at the Canadian bank's Chicago branch.
Fed hawks call for retreat from mortgage stimulus
HOUSTON/MILAN - A trio of hawkish regional Federal Reserve officials are calling for the U.S. central bank to stop buying mortgage-backed bonds, citing the recent improvement in the housing market.
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| DOW | 15,354.40 |  +121.18 |
+0.80% |
| S&P 500 | 1,667.47 | +17.00 |
+1.03% |
| NASDAQ | 3,498.97 | +33.72 |
+0.97% |
| TR US Index | 151.30 | +1.53 |
+1.02% |
-0.63Sector Summary
| Energy | +1.01% |
| Basic Materials | +0.95% |
| Industrials | +1.25% |
| Cyclical Goods & Services | +0.94% |
| Non-Cyclical Goods & Services | +0.28% |
| Financials | +0.55% |
| Healthcare | +0.24% |
| Technology | +0.83% |
| Telecoms | +0.49% |
| Utilities | +1.12% |
Kocherlakota on Fed stimulus: Don’t stop ‘til you get enough
Fed's Kocherlakota says central bank not stimulating economy enough because inflation remains too low and unemployment too high.
RPT-Bankia compensation qualms signal loss of faith in Spain's banks
* Spanish govt created compensation scheme to defuse scandal
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