Stocks off session lows as Treasury vows to help auto industry
U.S. stocks stage a partial recovery from earlier lows after the
Treasury Department says it would step in to prevent a failure of the
U.S. auto industry amid intensifying worries that more layoffs would
deepen the recession.
WHITE HOUSE BREATHES NEW LIFE INTO AUTO BAILOUT
The Treasury Department says it would step in and lend funds to the
Big Three automakers until Congress has time to consider a long-term
rescue package for the beleaguered U.S. industry.
CURRENCIES: FAILED AUTO BAILOUT SENDS DOLLAR TO 13-YEAR LOW VS. YEN
The dollar tumbles to a 13-year low versus the Japanese yen and falls
against most major currencies after a $14 billion loan package
targeted for the U.S. auto industry collapses.
ECONOMIC REPORT: PRODUCER PRICES FALL SHARPLY AGAIN IN NOVEMBER
U.S. wholesale prices fall sharply for the second straight month as
weak demand pulls down prices for energy supplies and other raw
materials.
BANK OF AMERICA TO CUT UP TO 35,000 JOBS OVER THREE YEARS
Bank of America plans to cut up to 35,000 jobs over the next three
years as the financial giant adjusts to a recession and completes the
pending acquisition of brokerage firm Merrill Lynch.
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