December 27, 2013 |
Wall Street had plenty of reasons to think 2013 would go miserably for the stock market - what with a lackluster global economy, the U.S. government shutdown, Syria's civil war, the Obamacare fiasco and Miley Cyrus. Instead, we're on track for a 29% gain in the Standard & Poor's 500 index, which would be its best annual showing since 1997. So the highlight of the year for many Americans will be the repair job on their retirement savings accounts. But taking a broader view, here are six 2013 market memories that should endure: • Ma and Pa come back to stocks.
December 16, 2013 |
WASHINGTON -- As Ben S. Bernanke nears the end of his term as Federal Reserve chairman, he is talking more about what may be one of the enduring legacies of his eight-year tenure: the Fed's dramatically expanded communications with the public. These have included instituting quarterly news conferences by the chairman, among other regular public appearances, and providing an explicit target on inflation and thresholds for Fed policy actions. On Monday, in remarks at a gathering to mark the 100th anniversary of the law that established the Fed, Bernanke described these changes as an "ongoing revolution in communication and transparency" at the central bank, which over most of its history has operated in great secrecy.
July 19, 2013 |
NEW YORK - Investors pushed major U.S. indexes to a fresh round of all-time highs this week after strong profit reports from Wall Street banks were seen as another sign that the economy is improving. Citigroup Inc., Goldman Sachs and Morgan Stanley all reported that their investment banking business did big business during the second quarter. Analysts viewed that as a sign companies are turning to major financial firms to raise money and expand. Bulls hope that stronger corporate profits will help the underlying value of stocks and keep this year's rally going.
May 28, 2013 |
WASHINGTON -- With the Federal Reserve playing an over-sized role in the U.S. economy, Wall Street investors are keenly interested in who will be the central bank's next chairman when Ben S. Bernanke's term expires in January. The Fed's No. 2 official, Janet L. Yellen, long seen as Bernanke's heir apparent, is considered the favorite to succeed him. But an even better-known economist could get the nod from President Obama: Lawrence Summers . Despite a "deep bench" of candidates, Financial Times columnist Edward Luce is betting on Summers, a former Treasury secretary who served as Obama's top economic aide from in 2009 and 2010.
November 21, 2012 |
WASHINGTON - Federal Reserve Chairman Ben S. Bernanke urged President Obama and Congress to shield the fragile economy from the full brunt of the so-called fiscal cliff or risk another recession just as the recovery is taking hold. Speaking Tuesday at the New York Economic Club, Bernanke warned that the Fed doesn't have the tools left to offset the one-two punch of significantly higher taxes and sharply reduced government spending set to begin in January. "Coming together to find fiscal solutions will not be easy, but the stakes are high," Bernanke said.
September 12, 2012 |
WASHINGTON — Federal Reserve Chairman Ben S. Bernanke is poised to roll out another stimulus program — and risk the wrath of conservative critics. Bernanke and his central bank colleagues gather Wednesday for a pivotal two-day session fresh off last week's disappointing jobs report, the latest in a string of signs that the economic recovery is faltering. And with Europe, China and other nations taking steps to bolster their struggling economies in the face of a global slowdown, Washington and Wall Street expect the Fed to unveil plans for a third round of its controversial bond-buying program when the meeting ends Thursday.