Last updateWed, 25 Nov 2020 4pm

The Worst May Not Be Over for Stocks

Investors who thought they'd seen the worst of 2008 are seeing reasons for hope vanish one by one.

Selling slammed the Dow Jones industrial average 358.41 points to 11,453.42, its lowest since September 2006, as fears about oil and the health of major U.S. companies intensified.

Source: USA Today

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U.S. Durable Goods Orders Up Slightly

New orders for manufactured durable goods in May increased slightly to $213.6 billion, the U.S. Census Bureau announced June 25. This was the first increase in three months and followed a 1% April decrease.

Source: Industry Week

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Euro Hit by Data on Manufacturing

The euro lost ground yesterday after data pointed to a slowdown in the eurozone manufacturing sector and a weakening business climate in the region’s biggest economy.

Eurozone purchasing managers reported that activity slowed to its lowest level since May 2005.

Source: Financial Times

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Tax Stalemate Creates Friction Between GOP, Business Allies

Senate Republicans are engaged in an uncomfortable battle with some of their traditional allies in business after twice blocking an effort to extend a variety of tax breaks.

Nearly 400 companies, including Goldman Sachs, General Electric and Harley-Davidson Motor, have signed a letter urging the Senate to approve the bill, which has already passed the House.

Source: Washington Post

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IMF Presents Brighter Outlook for U.S. Economy

The International Monetary Fund presented a rosier outlook for the U.S. economy this year and next but said financial-sector troubles and accelerating inflation continue to challenge policy makers.

In its annual review of the U.S. economy, measuring growth on an average basis for 2008 as a whole, the IMF raised its growth forecast Friday to 1.1%. It increased its 2009 estimate to 0.8%.

Source: Wall Street Journal

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