Real trade deficit lowest since 2003 in sign of weaker global growth By Rex Nutting, MarketWatch Last update: 10:21 a.m. EDT May 9, 2008 WASHINGTON (MarketWatch) -- In a sign of weaker global growth, both imports and exports fell sharply in March, driving the U.S. trade deficit down to $58.2 billion, the... Read Full Story
Stocks in U.S. Drop, Led by Energy, Metal Producers; Exxon Mobil Retreats Citigroup's Pandit Plans to `Wind Down' About $400 Billion of Bank Assets Oil Rises to Record Above $126 as Dollar Drop Spurs Demand for Commodities AIG shares drop 8% on $8 billion loss 286% Read Full Story
WASHINGTON (MarketWatch) -- Despite veto threats, House lawmakers on Thursday passed far-reaching housing legislation in an effort to alleviate problems from a housing market turned sour. In a 266-154 vote, lawmakers approved legislation to modernize the Federal Housing Administration, expand the government's role in guaranteeing mortgages, permanently raise conforming loan limits, and improve regulation of Fannie Mae and Freddie Mac, among other actions. President... Read Full Story
Commentary: The facts just don't add up By Howard Gold Last update: 12:01 a.m. EDT May 9, 2008 (Editor's note: Howard R. Gold is executive editor of MoneyShow.com., where this column first appeared earlier this week). NEW YORK (MarketWatch) -- If you read the papers, go online, or watch television... Read Full Story
May 9 (Bloomberg) -- Taxpayers from Massachusetts to California are paying Wall Street banks to end derivative contracts gone bad as they exit the collapsing auction-rate bond market, with penalties in some cases topping $10 million and compounding the pain of rising borrowing costs. Sacramento County, California, paid Morgan Stanley $5 million to cancel an interest-rate swap agreement when it refinanced $79.5 million in auction-rate securities last month. The fee added to... Read Full Story
May 9 (Bloomberg) -- Crude oil rose above $126 a barrel in New York to a record as the dollar weakened against the euro and yen, prompting investors to buy commodities as a hedge against the currency's decline. Oil climbed to all-time highs for a fifth day as the euro strengthened on signs the European Central Bank will keep rates at a six-year high to cut inflation. Nigerian output fell to the lowest this decade in April because of a strike and attacks on oil installations... Read Full Story
May 9 (Bloomberg) -- Citigroup Inc. Chief Executive Officer Vikram Pandit said he plans to shed about $400 billion of assets over the next three years as part of his plan to return the biggest U.S. bank to profitability. ``There will be more'' divestitures, Pandit, 51, told shareholders at a meeting today at the bank's New York headquarters. The company, which lost $5.1 billion in the first quarter, has recorded more than $40 billion of credit losses and writedowns since the... Read Full Story
Distillate demand, ongoing oil-supply concerns help extend winning streak By Myra P. Saefong & Polya Lesova, MarketWatch Last update: 10:50 a.m. EDT May 9, 2008 SAN FRANCISCO (MarketWatch) -- Crude-oil futures climbed past $126 a barrel Friday, poised to score a weekly gain of more than 7% with strong demand... Read Full Story
CNBC.com | 08 May 2008 | 03:44 PM ET The April rally in stocks is suggesting that Wall Street may be looking past recession, if indeed the US economy is even in one.“What the market is saying is so far it doesn't look like a disaster, so we're going to gain back some of what we lost in the first quarter,” says veteran money manager James Awad, who’s currently chairman at WP Stewart Asset Management. “I see this as a wait-and-see period.”One big question for investors is whether the... Read Full Story
Insurer hit by $9.11 bln write-down, $6.09 bln of realized investment losses By Alistair Barr, MarketWatch Last update: 5:24 p.m. EDT May 8, 2008 SAN FRANCISCO (MarketWatch) -- American International Group reported a $7.81 billion first-quarter net loss late Thursday as the giant insurer was hit hard by the... Read Full Story
