Lawmakers attempt to avoid crippling delays in federal funding as gas tax revenues dry up. The Senate is putting $8 billion into the highway trust fund in a move to stave off what could be crippling delays to federal aid for road and bridge projects around the country. [Read more →]
Deficit grows more than expected. Reports also shows hints of economic weakness.
Record oil prices sent the trade deficit to a 16-month high in July, according to a government report released Thursday that also showed signs of economic weakness.
The Commerce Department reported that imports exceeded exports by $62.2 billion, up from an upwardly revised $58.8 billion in June. Economists had expected a $58 billion gap, according to a consensus estimate compiled by Briefing.com. [Read more →]
Investors scoop up select stocks hit in the recent decline, with transportation and technology issues leading the way. Banking sector worries persist.
Stocks stabilized Thursday afternoon, trimming morning losses as investors worried about the stability of the banking system, but also scooped up shares hit in the recent selloff.
The Dow Jones industrial average (INDU) and the Standard & Poor’s 500 (SPX) index both lost a few points about 2-1/2 hours into the session, while the Nasdaq composite (COMP) added 0.3%. [Read more →]
Ministers of oil producing nations announce that they will cut back 520,000 barrels a day in overproduction of crude to avoid more energy turmoil.
OPEC oil ministers agreed Wednesday to trim overall output by more than 500,000 barrels a day in a compromise meant to avoid new turmoil in crude markets while seeking to bolster falling prices.
The news sent oil prices rising. Light, sweet crude for October delivery rose 97 cents to $104.23 a barrel in electronic trading on the New York Mercantile Exchange. [Read more →]
