A top Federal Reserve official yesterday acknowledged that a downturn in financial markets over the past months has increased the chances of a serious economic slump -- and the stock market soared, as investors took his words to mean that the central bank will cut a key interest rate further.
Wall Street is betting on a recession. Investors in stocks and bonds are paying prices that indicate they believe a snowballing housing crisis and worsening credit crunch will soon tip the U.S. economy into a recession, analysts said. Many economists, including leaders of the Federal Reserve, don't...
NEW YORK, Nov. 26 -- Wall Street sold off sharply Monday as concerns about a weakening credit market wiped out investors' enthusiasm about strong retail sales over the holiday weekend.
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