Stocks try to shrug off earlier declines
U.S. stocks on Wednesday try to brush off early declines, pulling
mildly higher as President-elect Barack Obama details plans for an
economic advisory board.
RETAILERS PULL OUT ALL STOPS TO STIR BLACK FRIDAY BUYING
Retailers are making a historic Black Friday push, laying bets that
aggressive discounting and other incentives will set a more upbeat
tone than expected for the holiday shopping season.
ECONOMIC REPORT: OCTOBER DURABLE ORDERS DOWN 6.2%, TRANSPORTATION ORDERS FALL
Orders for U.S.-made durable goods fall 6.2% in October, the largest
decline in two years, the Commerce Department estimated, as orders for
transportation goods fell 11.1%.
CHINA SLASHES RATES TO KICK-START SLOWING ECONOMY
The People's Bank of China Wednesday slashes its lending and borrowing
rates by more than 1%, in addition to cutting banks' reserve
requirements sharply, to deliver its strongest response yet to a
recent slowdown in the mainland's economic growth.
EUROPEAN UNION PROPOSES $260 BILLION STIMULUS
The European Union proposes a 200 billion euro ($260 billion) effort
that would see member states coordinate attempts to provide a fiscal
jolt to the region's stagnating and shrinking economies.
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