Back to Black

Wall Street remained near the flat line on Thursday, but managed to finish the day with small gains. Stocks edged higher during the last two hours of the session as investors tried to end a four-day slide. Big gains were not expected today, especially ahead of the nation's unemployment report slated for release on Friday. Employers are expected to have cut 225,000 jobs from their payrolls in August, according to economist polled. Monthly sales reports from retailers reiterated that consumers are still exercising caution with their purchases. The bank sector dominated trading last week, but has led the selloff this week. However, some financial shares including Bank of America (BAC), American Express (AXP), and JPMorgan Chase (JPM) advanced today. Mixed reports on jobless claims and the service sector didn't provide enough momentum for another large rally. Global markets recovered, with major European and Asian markets mostly ending higher. U.S. light crude oil for October delivery fell 9 cents to settle at $67.96 a barrel on the New York Mercantile Exchange. The dollar rose against most other major currencies, while gold prices extended their recent climb.

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Now that most of the kiddies have gone back to school, results from back-to-school shopping are pouring in. Some of the nation's stores missed the grade as the usually lucrative shopping season failed to lift sales in August.

Initial jobless claims fell slightly last week, but the number of people receiving unemployment benefits rose. This comes on the heels of two reports showing improvement in the jobs market. Could this be more evidence that the recession has bottomed out?

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Two of the nation's biggest warehouse clubs delivered August results. First up, BJ's Wholesale Club Inc. (BJ) said that sales at stores open at least a year dropped 6 percent . The third-biggest warehouse cited a sharp decline in gasoline sales as one of the reasons for the dip in sales. On the other hand, Costco (COST) surprised analysts and beat expectations by reporting only a 2 percent drop in same-store sales.

Starbucks (SBUX) is undergoing some leadership changes as the coffeemaker tries to address declining sales. The Seattle-based company has appointed Annie Young- Scrivner as its global chief marketing officer. Michelle Gass and John Culver will take on presidential roles at the company.

Now that the 'Cash for Clunkers' program has ended, car dealers are waiting on their paychecks from the government. According to an official, 17 percent of the dealers that participated in the trade-in program have received their reimbursements. Due to the popularity of the program, some dealers have created their own cash for clunkers incentive to counteract declining auto sales.

The housing market received another boost today. Freddie Mac (FRE) said that rates for 30-year home loans edged down this week. These low rates will keep homes more affordable and entice homebuyers. Mortgage rates are kept low by Fed intervention, which is due to end soon. Will the Fed continue to keep a lid on higher mortgage rates?

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Don Imus has inked a deal with News Corp.'s (NWS) Fox Business cable-news channel. The network will simulcast the shock jock's radio show starting Oct. 5.

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It's hard to believe now, but not long ago economists were congratulating themselves over the success of their field. Given recent developments, many people are not offering up many praises. How exactly did economists get is so wrong?

Now that the economy is on the road to recovery, here are 4 problems that could sink America.

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