Events Calendar
In This Section
U.N. says greenhouse gases reach record high in 2008
Strickland to veto casino rule if local control not protected
Akron Children's Hospital CEO, wife announce $1 million gift to support research
Canadian woman loses benefits over Facebook photo
Mauer near-unanimous pick for American League MVP
Man pleads not guilty in ESPN reporter videos case
Mom says son in coma heard everything for 23 years
2 men shot during party in Fairlawn
Burglars going to the dogs; reports from Akron police - Nov. 23
Most Read Stories
Police accuse bank robbery suspect of gobbling up note (with dashcam video)
Victim of beating in Kent last week is declared dead at Akron hospital
Akron man killed in crash on his street
Can DNA tests free ex-Akron captain?
Browns find another way to lose
After 30 years at the helm of Akron Children's, Considine still looks to future
Dad accused of forcing son into field, killing him
Akron Circle K store robbed for second time this month
Man found dead in North Akron home is identified
Kangaroo tries to drown dog, attacks owner
Browns lose game they never should have lost
City, county may ban bias based on sexual orientation
Blogs:
Pets:
Cat-loving chihuahua suckles seven abandoned kittens
The Heldenfiles:
Sunday Notebook
Patrick McManamon:
Browns sick after sick loss in Detroit
Akron Zips:
No. 1 Akron to play Stanford next
Tribe Matters:
Seven players added to Tribe’s 40-man roster
Cleveland Browns:
Post-game defensive quotes
Kent State Sports:
Kent State defeats Rochester College, 63-44
Cleveland Cavaliers:
Gameblog: Cavs vs. Philadelphia 76ers
Buckeye Blogging:
OSU – Michigan college football rivals meet in Baghdad
Varsity Letters:
Four area football teams play tonight
All Da King's Men:
The Onion, By Any Other Name…
Blog of Mass Destruction:
Will Health Care Reform Pass?
Akron Law Café:
Health Care Financing Reform: (70) Savings in Medicare Advantage
See Jane Style:
Vintage Chic
Car Chase:
TIME TO GET YOUR COLLECTOR CARS WINTERIZED
Let's Talk Real Estate:
Faye Dunaway to be Evicted?
Ohio Travels with Betty:
Monique asks how to get tickets for the Polar Express.
Sound Check:
Steely Dan Plays "The Royal Scam" at E.J. Thomas Hall
HRLite House:
Personal Rant – You are All Wrong About Jobs, or the Lack of Jobs, Being the Reason People Do Not Live in NEO
Akron Gamer:
Nintendo's Mario endures even as games come and go
By Tim Paradis
Associated Press
POSTED: 10:52 a.m. EDT, Oct 02, 2008
NEW YORK: Stocks tumbled and credit markets remained tight today after an unexpected rise in unemployment claims and a drop in factory orders underscored the troubles facing the economy even if lawmakers are able to sew together a financial rescue aimed at resuscitating the ailing credit markets.
The Dow Jones industrials fell by more than 200 points, their fourth straight triple-digit move, after the government reported that the number of people seeking unemployment benefits rose last week to a seven-year high and that demand at the nation's factories has fallen by the largest amount in nearly two years.
The market is interpreting the Commerce Department report on orders at factories as a sign that tight credit conditions are hitting manufacturers.
The readings came as Wall Street tried to determine what might come of the government's rescue package, which is supported by President Bush and leaders of both parties. A House vote could come as soon as Friday. A version of the bill that the Senate passed in a 74-25 vote late Wednesday added $100 billion in tax breaks for businesses and the middle class. It also raised the limit on federal deposit insurance to $250,000 from $100,000.
Supporters are hoping that the sweetened bill will be more palatable to some of the 133 House Republicans who rejected the measure in a vote Monday that took Wall Street, and many on Capitol Hill, by surprise.
Those in favor of the plan to let the government buy billions of dollars in bad mortgage debt and other now-toxic assets say it will help unclog the world's ailing credit markets. Banks are fearful of making loans, even to each other, because of worries they won't recoup their money. That, in turn, is weighing on the economy, making borrowing more difficult and expensive for businesses and consumers alike.
Following the economic reports, the credit markets showed some increased strain and stocks declined. The yield on the 3-month T-bill, the safest type of investment, fell to 0.78 percent from 0.79 percent late Wednesday. The historically low yields indicate investors are willing to accept the smallest of returns to safeguard their money.
The yield on the benchmark 10-year Treasury note, which moves opposite its price, fell to 3.68 percent from 3.74 percent late Wednesday.
The Dow fell 208.36, or 1.92 percent, to 10,622.71.
Broader stock indicators also fell. The Standard & Poor's 500 index fell 25.01, or 2.15 percent, to 1,136.05, and the Nasdaq composite index fell 47.57, or 2.30 percent, to 2,021.83.
NEW YORK: Stocks tumbled and credit markets remained tight today after an unexpected rise in unemployment claims and a drop in factory orders underscored the troubles facing the economy even if lawmakers are able to sew together a financial rescue aimed at resuscitating the ailing credit markets.
The Dow Jones industrials fell by more than 200 points, their fourth straight triple-digit move, after the government reported that the number of people seeking unemployment benefits rose last week to a seven-year high and that demand at the nation's factories has fallen by the largest amount in nearly two years.
The market is interpreting the Commerce Department report on orders at factories as a sign that tight credit conditions are hitting manufacturers.
The readings came as Wall Street tried to determine what might come of the government's rescue package, which is supported by President Bush and leaders of both parties. A House vote could come as soon as Friday. A version of the bill that the Senate passed in a 74-25 vote late Wednesday added $100 billion in tax breaks for businesses and the middle class. It also raised the limit on federal deposit insurance to $250,000 from $100,000.
Supporters are hoping that the sweetened bill will be more palatable to some of the 133 House Republicans who rejected the measure in a vote Monday that took Wall Street, and many on Capitol Hill, by surprise.
Those in favor of the plan to let the government buy billions of dollars in bad mortgage debt and other now-toxic assets say it will help unclog the world's ailing credit markets. Banks are fearful of making loans, even to each other, because of worries they won't recoup their money. That, in turn, is weighing on the economy, making borrowing more difficult and expensive for businesses and consumers alike.
Following the economic reports, the credit markets showed some increased strain and stocks declined. The yield on the 3-month T-bill, the safest type of investment, fell to 0.78 percent from 0.79 percent late Wednesday. The historically low yields indicate investors are willing to accept the smallest of returns to safeguard their money.
The yield on the benchmark 10-year Treasury note, which moves opposite its price, fell to 3.68 percent from 3.74 percent late Wednesday.
The Dow fell 208.36, or 1.92 percent, to 10,622.71.
Broader stock indicators also fell. The Standard & Poor's 500 index fell 25.01, or 2.15 percent, to 1,136.05, and the Nasdaq composite index fell 47.57, or 2.30 percent, to 2,021.83.
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