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Economy
Total Items: 3203 Current Page: 1 Feed Date: 07/23/2008
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Wall Street edges up as oil drops, financials gain (Reuters)

People pass a Wachovia branch office on Tuesday, July 22, 2008 in New York. Wachovia Corp. reported a surprisingly large second-quarter loss Tuesday, deflating Wall Street's hopes that the nation's big banks are weathering the credit crisis well. The nation's fourth-largest bank by assets said it lost $8.86 billion. (AP Photo/Mark Lennihan)Reuters - Stocks rose on Wednesday as financial shares climbed on hopes lawmakers will approve the rescue plan for mortgage finance companies Fannie Mae and Freddie Mac and the price of oil fell.



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Fed's Beige Book cites slow growth, higher price pressures (AFP)

The US Federal Reserve Building in Washington, DC. US economic activity appears to have slowed to a crawl in the past weeks even as price pressures intensified, the Federal Reserve said in its Beige Book report Wednesday.(AFP/File/Karen Bleier)AFP - US economic activity appears to have slowed to a crawl in the past weeks even as price pressures intensified, the Federal Reserve said in its Beige Book report Wednesday.



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Waiters pick up part of LongHorn's labor costs (AP)

A Longhorn Steakhouse restaurant is seen Monday, July 21, 2008, in Hamilton, N.J.  After Darden Restaurants Inc. bought LongHorn for $1.19 billion in October, it instituted what it calls 'a more disciplined' tip-sharing plan ? a policy servers say is cutting their earnings.  (AP Photo/Mel Evans)AP - With the cost of everything from air conditioning to whipped cream rising, many restaurants have been raising prices. LongHorn Steakhouse is passing on part of the tab to its servers.



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Toyota outsells GM worldwide in first half (AP)

Visitors look at Toyota 'Lexus' displayed at the Toyota Motor Corp.'s showroom Toyota Mega Web in Tokyo Wednesday, July 23, 2008. Toyota sold more than 4.8 million vehicles worldwide in the first half, up 2 percent from the same period a year earlier, the Japanese automaker said. (AP Photo/Itsuo Inouye)AP - General Motors Corp., pummeled by falling U.S. sales and high gas prices, lost the global sales lead to Toyota Motor Corp. in the first half of this year, but the churning market makes it difficult to predict which automaker will end the year on top.



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Fed Beige Book: Price pressures elevated or rising (Reuters)

In this July 16, 2008 file photo, Federal Reserve Chairman Ben Bernanke testifies before the House Financial Services Committee hearing on Capitol Hill in Washington. The chairman's financial disclosure form, released Monday, July 18, 2008, showed his holdings last year were in no-fills investments, including U.S. Treasury securities, Canadian Treasury bonds, mutual funds and annuities. (AP Photo/Susan Walsh, file)Reuters - The pace of U.S. economic activity slowed somewhat through mid-July and price pressures were elevated or increasing across the country, the U.S. Federal Reserve said on Wednesday in a report showing evidence of inflation warning signs across the country.



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Fed: Slower growth, rising prices slam economy (AP)

In this July 16, 2008 file photo, Federal Reserve Chairman Ben Bernanke testifies before the House Financial Services Committee hearing on Capitol Hill in Washington. The chairman's financial disclosure form, released Monday, July 18, 2008, showed his holdings last year were in no-fills investments, including U.S. Treasury securities, Canadian Treasury bonds, mutual funds and annuities. (AP Photo/Susan Walsh, file)AP - The country slogged through slower economic growth and rising prices during the summer, packing a double whammy to people and businesses alike.



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Dow ticks lower after Fed's Beige Book (Reuters)

People pass a Wachovia branch office on Tuesday, July 22, 2008 in New York. Wachovia Corp. reported a surprisingly large second-quarter loss Tuesday, deflating Wall Street's hopes that the nation's big banks are weathering the credit crisis well. The nation's fourth-largest bank by assets said it lost $8.86 billion. (AP Photo/Mark Lennihan)Reuters - The Dow ticked lower and the S&P 500 and the Nasdaq cut gains after the Federal Reserve said in its Beige Book on Wednesday that the pace of economic activity slowed somewhat through mid-July.



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Wall St little changed; financials rally fizzles (Reuters)

People pass a Wachovia branch office on Tuesday, July 22, 2008 in New York. Wachovia Corp. reported a surprisingly large second-quarter loss Tuesday, deflating Wall Street's hopes that the nation's big banks are weathering the credit crisis well. The nation's fourth-largest bank by assets said it lost $8.86 billion. (AP Photo/Mark Lennihan)Reuters - Stocks were little changed on Wednesday after a rally in financial stocks ran out of steam while technology shares pared early gains.



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Oil dips as fuel supplies grow more than expected (AP)

An oil platform in the Gulf of Mexico. Oil prices tumbled to six-week lows on Tuesday as Tropical Storm Dolly looked set to avoid refineries and rigs in the Gulf of Mexico, traders said.(AFP/HO/File)AP - Oil prices headed back lower Wednesday, failing to sustain a brief push into positive territory, after the government reported gasoline supplies rose far more than expected.



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Wall Street loses ground on financials, oil (Reuters)

People pass a Wachovia branch office on Tuesday, July 22, 2008 in New York. Wachovia Corp. reported a surprisingly large second-quarter loss Tuesday, deflating Wall Street's hopes that the nation's big banks are weathering the credit crisis well. The nation's fourth-largest bank by assets said it lost $8.86 billion. (AP Photo/Mark Lennihan)Reuters - The Dow turned negative on Wednesday, while the S&P 500 and the Nasdaq pared early gains, as oil prices sharply trimmed their decline and shares of financial services companies reversed an initial rise.



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