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Slideshow: 13 Biggest Federal Reserve/Treasury Moves in 2008-2009.
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2008 - early 2009 was an unprecedented period for the United States economy. Take a look back at some of the key steps that the Fed and the Treasury took over this time period, most of which were unthinkable before the crisis began.
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View the Slideshow!
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| If you want to know what was dominating the markets today, read on: |
Traders Pull Back from the Buying Binge
Coming into earnings season, there was a lot of uncertainty over where the stock market, having seen its spring-time rally come to a halt, would go next. Well, corporate earnings have been impressive and they led to a gain of close to 800 points in the Dow over just six days. Yes, rallies can get out of hand that quickly. Today was a resting day as the Dow fell slightly (about 35 points) and the S&P 500 was mostly unchanged.
Investors are assessing whether the market has gotten too far ahead of itself as core economic data still remains weak. Also, some earnings reports disappointed today. Energy and health-care were two of the weaker sectors impacted by a drop in oil prices and weak earnings guidance respectively.
The Health Care Debate Rages On
Campaign promises are becoming harder to deliver on as President Obama presses forward with tackling the thorny issue of health care reform. Opposition has been growing despite a healthy number of supporters. The main issue is how a struggling U.S. economy will foot the bill for a plan that is estimated to cost Uncle Sam over $1 trillion? It comes as no surprise that the wealthy will be expected to shoulder a bigger burden. There are some good ideas and some bad ones when it comes to paying for the President's ambitious vision. Here is a primer on the basic issues at hand.
Health care reform will impact every American differently and it is definitely too early in the debate to determine what that impact will be. Here's what the big idea in Washington could mean for you if you get insurance at work, buy it on your own, or have none at all.
President Obama will hold his fifth press conference tonight at 8 p.m. EST to discuss a variety of issues, but mainly the proposed health care reform. Get ready to see the President take on one of his toughest assignments.
Bernanke Heads to Capitol Hill for a Second Day of Testimony
Federal Reserve Chairman Ben Bernanke headed to Capitol Hill for a second day of testimony before a House Financial Committee regarding the central bank's extraordinary actions to rescue the economy.
Here are some major points from Bernanke's testimony today:
Video - Bernanke on the Economy, Monetary Policy
Bernanke is trying to assure Wall Street and Congress that the Fed will be able to reel in its extraordinary economic stimulus and prevent a flare up of inflation when the recovery is more firmly rooted. And he better deliver, otherwise he might find himself on Monster.com.
Earnings Here, Earnings Everywhere
Headlines have been flooded this week with who is beating Wall Street's (watered down) estimates and who is not. Investors received another influx of second quarter earnings today.
Apple once again beat Wall Street's expectations. The company said its third quarter net income rose 15 percent to $1.23 billion, or $1.35 a share, compared to $1.07 or $1.19 a share in the same period last year. Once again, the company needs to extend a big thank you to all the consumers that can't live without one of the highly demanded iPhones. Apple can't seem to produce enough of these precious gems for the massive amount of people looking to purchase them.
Why Apple Always Beats Expectations
Apple's Q3: Analyzing the analysts
Morgan Stanley's cautious game plan is delivering some blows where it hurts. The company reported a third consecutive quarter of declines. CEO John Mack may want to reconsider his strategy since rivals Goldman and Jamie Dimon's shop are wowing investors and leaving him a little red-faced. It maybe time to give those prop traders a looser reign. But first, MS has to resolve its identity crisis. Maybe the boss can help.
Video - But maybe you have to applaud MS's self-control even when the government gave them money to play with.
Putting More Money in Your Pocket
Chrysler, LLC has moved forward with a new U.S. program to pay new car buyers $4,500 in cash for used cars that are consider less fuel-efficient. The incentive runs from tomorrow through Aug. 31 and covers most 2009 Chrysler, Dodge and Jeep models. Now's the time to get rid of that old clunker and save a little while doing so.
U.S. light crude oil for September delivery fell 46 cents to $65.15 a barrel on the New York Mercantile Exchange. Recent declines in oil prices are sending gas prices down and making a lot of consumers happy. Gasoline prices just keep falling and we all know that translates to more dollars in your pocket.
Other Juicy Tidbits
Boeing claims to have finally cracked the code when it comes to the troubled 787. Get this, Intel is claiming human rights violation when it comes to the $1 billion EU fine. Yahoo is still a poor-man's Google, no matter how hard they try. Somehow, CNBC found a way to write a piece on supermodel, Brooklyn Decker, if you are interested.
What to Expect Tomorrow
Surprise! More earnings are slated to be reported tomorrow. A complete list of all the companies scheduled to release results on Thursday can be seen here. Strong earnings reports for the April-June quarter have pushed major stock indicators up more than 8 percent in the past seven days. Another round of earnings will likely contribute to the direction of trading tomorrow. Keep an eye on energy shares. If oil prices continue to decline, these shares may drive Thursday's session lower.
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403(B)
403(b) plans are retirement plans for certain kinds of tax-exempt employers. Learn about eligibility, fees and expenses and transferability of these plans.
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