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Industry news

Retail Weakness Hampers Stocks
Stocks fell amid further unsettling signals on employment and spending. A slide in Wal-Mart shares weighed on the Dow industrials. Read

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BOE Cuts Rates to 1.5%
The Bank of England cut its key rate by half a percentage point to 1.5%, taking it to the lowest level since the central bank was founded in 1694. Read

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High Inventories Sap Oil Prices
Crude-oil futures fell as high U.S. inventory levels, especially at the contract's delivery point, put a spotlight on weak demand. Read

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Treasurys Gains as Stocks Slide
Treasurys maturing in at least five years eked out some gains Thursday morning as worries about economic growth pressured global stocks. Read

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Europe Stocks Track Overseas Losses
European stocks fell, tracking a steep drop on Wall Street overnight and losses in Asia. The French CAC-40 shed 1.4%. Read

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Tech and Energy Shares Slide in Asia
Asian technology, energy and financial shares led regional markets lower as concerns about the U.S. economy and corporate earnings were reignited. The Nikkei fell 3.9%. Read

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SEC Reopens Probe of Trading at Pequot
The SEC has reopened a probe into possible insider trading of Microsoft shares by Pequot Capital. Read

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Kuwait Bank Defaults on Debt
Top Kuwaiti bank Global Investment House said it defaulted on most of its $3 billion debt obligations, raising concerns that other Arab Gulf financial firms may follow as the world financial crisis is spreading to the region. Read

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Prosecutors: Madoff Is a 'Danger'
Bernard Madoff poses a "danger," argued federal prosecutors, who said the Ponzi-scheme figure should go to jail after he mailed valuables to friends and family. Read

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RBS Mulls BOC Stake Sale
Royal Bank of Scotland said it is considering selling its 4.3% stake in Bank of China. Read

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Satyam Scrambles to Assess Finances
Satyam revealed it was strapped for cash and scrambled to assess its finances and ensure continuity of operations even as its chief financial officer resigned. Read

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Merckle Family to Sell Ratiopharm
Adolf Merckle's family plans to sell generic drug maker Ratiopharm after securing a bridge loan to prop up the teetering business empire. Read

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TD Ameritrade to Buy Thinkorswim
TD Ameritrade agreed to acquire thinkorswim for $606 million in cash and stock, in a move to push further into the fast-growing options market and build up its investor education programs. Read

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OECD: Cleanse Banks of Bad Loans
The failure of the U.S. and European governments to remove bad loans from banks before they are recapitalized may prolong the financial crisis, the OECD said. Read

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SEC Nominee to Face Tough Questions
Mary Schapiro, Obama's pick for SEC chair, is likely to face some tough questions from senators next week on how she intends to reform the battered securities regulator. Read

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GMAC Sees Progress in Reshaping ResCap
GMAC reiterated its support for mortgage unit Residential Capital, saying it has made "significant progress" in reshaping ResCap to better align it with current market conditions. Read

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Industry news provided by WSJ Online.

News

Stocks trade mixed as jitters about retail return (AP)
Wall Street's worries about weak consumer spending revived Thursday, sending stocks lower as bad news from Wal-Mart Stores Inc. signaled that even the stronger U.S. retailers struggled during the holiday shopping season. Read

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Walgreen will cut 1,000 management jobs in 2009 (AP)
Drugstore operator Walgreen Co. said Thursday it will cut 1,000 jobs by mid-year, or about 9 percent of corporate management, through a combination of voluntary buyouts and layoffs. Read

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Mortgage giants extend suspensions of foreclosures (AP)
Mortgage giants Fannie Mae and Freddie Mac said Thursday they will extend the suspension of foreclosure sales and evictions from single-family homes through the end of January. Read

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Obama warns of dire consequences without stimulus (AP)
President-elect Barack Obama warned of dire and lasting consequences if Congress doesn't pump unprecedented dollars into the national economy, making an urgent pitch Thursday for his mammoth spending proposal in his first speech since his election. Read

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Continuing jobless claims rise more than expected (AP)
The number of people continuing to seek unemployment benefits has risen sharply, according to government data released Thursday, indicating that laid-off workers are having a harder time finding new jobs as the recession enters its second year. Read

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News provided by Yahoo! Finance.