Stocks Bounce Higher
Wall Street advanced for the second consecutive day as energy, technology and drugmaker shares boosted markets. Stocks slumped at the start of the session, but managed to trim gains as the morning wore on. News from the government that the nation's oil inventory fell by more than 8 million barrels in the past week sent the price of crude and then stocks higher as investors took the drop in energy stockpiles as a sign that the economy is improving. Worries about consumer spending and the global economy have triggered an erratic week. Earnings released today were mostly mixed. Deere & Co. (DE), Hewlett-Packard (HPQ) and BJ's Wholesale Club Inc. (BJ) all reported lower second-quarter results that beat Wall Street's expectations. Overseas, Asian markets tumbled causing the Chinese market to lose 5%. The decline caused some investors to worry about the state of the global economic recovery.
Latest Buzz on the Street
UBS to hand over names of 4450 clients to US - Thousands of Americans who thought they had a secret Swiss bank account will have their names and account details given up to the US Internal Revenue Service by UBS (UBS).
Video - UBS, IRS & Wealthy Americans
Deere Beats Street but Trims Outlook - Deere & Co. (DE) posted a 27 percent decline in third-quarter profit Wednesday as the slumping global economy continued to depress sales.
BJ's Profit Slips as Sales Shrink - BJ's Wholesale Club Inc.'s (BJ) fiscal second-quarter profit fell 3.9%, hurt by a decline in sales and lower prices, though earnings still topped Wall Street estimates as gross margin improved.
Clips From Time Warner Shows Come to YouTube - Time Warner Inc. (TWX) and Google Inc. (GOOG) inked a deal that will allow YouTube to host content from Time Warner-owned television shows and movies.
'Cash for Clunkers' running out of gas - fast - The Obama administration plans to announce in the next few days a strategy for winding down the $3 billion cash-for-clunkers program.
Video - Cash for Clunkers Update
NY dealers pull out of clunkers program
What's New in the Real Estate Market?
Pulte Homes Completes $1.3 Billion Centex Acquisition - Michigan is now home to the nation's largest homebuilder after shareholders overwhelmingly approved the $3.1-billion merger of Pulte (PHM) and Centex.
What's Happening in the Housing Market?
Commercial Real Estate Activity Hits 15-Year Low - U.S. commercial real estate activity in the second quarter slowed to its lowest level in 15 years as demand for office and retail space collapsed.
Mortgage applications up, rates down - US mortgage applications rose last week, largely reflecting a jump in demand for home refinancing loans as interest rates slid to a five-week low
Video - Homeowner Optimism
US Housing Market Could Be Facing Another Bubble: Shiller
Other Juicy Tidbits
The Greenback Effect - Billionaire investment guru Warren Buffett says the US economy is improving. But he says the financial price of the federal stimulus package and other big spending bills are looming as a new threat.
How to Tell a Real Economic Recovery
Why Not Cash for Clunker Computers?
Why oil won't return to triple digits - Worries about hurricane season, the pace of an economic recovery and volatile stock market will keep prices in check.
How Free Health Care Got So Expensive
How Apple Will Sell 50 Million iPhones - Steve Jobs and company will more than double iPhone sales by 2011, analyst says.
| 
