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Stocks advance ahead of Fed rate decision
(AP:NEW YORK) Wall Street jockeyed for position Tuesday ahead of the Federal Reserve’s decision on interest rates, which some investors believe will bring the key U.S. rate to the lowest level on record. Stocks rose more than 1 percent, while yields on some U.S. government debt fell to record lows.
Investors uneasy about the economy continued to funnel money into the Treasury market, sending the yield on the 30-year long bond below 3 percent.
Against the fear that has gripped Wall Street since the mid-September bankruptcy of Lehamn Brothers Holdings Inc. and the subsequent freezing of the credit markets most economists are…
16Dec2008 | INO | 0 comments | ContinuedGovernment provides record aid package to AIG
By JEANNINE AVERSA
AP Economics Writer
(AP:WASHINGTON) In a record bailout of a private company, the government on Monday provided a new $150 billion financial-rescue package to troubled insurance giant American International Group, including $40 billion for partial ownership.
The action, announced by the Federal Reserve and the Treasury Department, was taken as it became increasingly clear that an original financial lifeline thrown to AIG in September would be insufficient to stabilize the teetering company. All told, the moves boost aid to the company to more than $150 billion. Fed officials, however, expressed confidence that the money would be repaid to taxpayers.
The $40…
10Nov2008 | INO | Comments Off | Continued
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