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Stocks rise after consumer confidence data and news of Bernanke’s reappointment as Fed chair

NEW YORK — A rebound in consumer confidence and more healing in the housing industry have put stocks back on an upward path.

Consumer sentiment up more than expected in Aug., expectations at highest level since Dec. ‘07

WASHINGTON — Consumer sentiment rose more than expected in August and expectations hit the highest level since the recession began, indications that Americans’ pessimism about the economy may be lifting.

Citing worse than expected economy, White House and Congress offer bleak budget outlooks

WASHINGTON — In a chilling forecast, the White House is predicting a 10-year federal deficit of $9 trillion — more than the sum of all previous deficits since America’s founding. And it says by the next decade’s end the national debt will equal three-quarters of the entire U.S. economy.

Obama announces plan to keep Bernanke as chairman of Fed to continue economic recovery

OAK BLUFFS, Mass. — President Barack Obama announced Tuesday he wants to keep Ben Bernanke on as Fed chairman, saying he shepherded America through the worst economic crisis since the Great Depression.

GDP report likely to show recession eased from April though June, shrinking at 1.5 pct pace

WASHINGTON — The recession likely eased in the spring, with the U.S. economy no longer in free-fall.

European stocks slip as Wall Street heads for drop after 7 day rally

LONDON — European stock markets dipped Wednesday ahead of an expected retreat on Wall Street as investors paused for breath following a seven-day rally that has sent indexes to their highest levels this year.

Bernanke to update Congress on economy, expected to face tough questions on bailouts, recovery

WASHINGTON — Federal Reserve Chairman Ben Bernanke likely will face tough questions this week from lawmakers about taxpayer bailouts of financial companies, slow-moving government efforts to curb home foreclosures and the possibility that the Fed’s unprecedented steps to stimulate the economy could spur inflation later on.

Dollar slides as more big companies turn in strong quarterly results, triggering risk appetite

NEW YORK — The dollar hit its lowest level against the euro in nearly seven months as prospects of a deal to rescue U.S. lender CIT and optimism about corporate earnings increased investors’ appetite for risk — driving them from the safety of the American currency.

CIT rescue hopes give world markets another boost as earnings take center stage once again

LONDON — World stock markets rose strongly Minday as already upbeat investors welcomed reports that U.S. commercial lender CIT Group Inc. is close to securing enough funding to avoid filing for bankruptcy protection from creditors.

CIT rescue reports give world markets another boost as earnings take center stage once again

LONDON — World stock markets advanced again Monday as already upbeat investors welcomed reports that U.S. commercial lender CIT Group Inc. is close to securing enough funding to avoid filing for bankruptcy protection from creditors.

Bernanke faces heat from Republicans on BofA-Merrill deal; disputes threatening CEO’s job

WASHINGTON — Facing an unusual political trial, Federal Reserve Chairman Ben Bernanke disputed accusations Thursday that he pressured Bank of America to acquire Merrill Lynch in a deal that cost taxpayers $20 billion.

Obama says Bernanke is doing good but does not comment on reappointment

WASHINGTON — President Barack Obama says Federal Reserve Chairman Ben Bernanke is doing a fine job under difficult circumstances but he declines to say whether he will reappoint the chairman in January.

House subpoenas documents that could shed new light on Fed’s role in Bank of America merger

WASHINGTON — A House panel has subpoenaed documents that lawmakers say could shed new light on Federal Reserve Chairman Ben Bernanke’s role in Bank of America’s acquisition of Merrill Lynch.

Congressional investigators say documents prove the Fed threatened to oust bank CEO

WASHINGTON — The Federal Reserve threatened to force the ouster of Bank of America CEO Kenneth Lewis if he didn’t follow through with plans to buy Merrill Lynch & Co., Republicans said Wednesday after reviewing internal documents.

Fed lost $5.3 billion on Bear Stearns, AIG holdings in first quarter; $16.5 billion so far

WASHINGTON — The Federal Reserve lost $5.25 billion in the first quarter on the securities it acquired with last year’s bailouts of Bear Stearns and insurer American International Group Inc., according to a report issued Wednesday.

Obama sees US economy moving from recession to recovery

WASHINGTON - President Barack Obama Tuesday said efforts to take the economy from ‘recession to recovery’ are ’starting to work’, although there was more work to be done to restore growth.