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AP Business News
10/07/2008 13:16:58
| Stocks fluctuate after Fed corporate debt plan
NEW YORK (AP) - Stocks fluctuated in quiet trading Tuesday as investors appeared to adopt a wait-and-see approach to the range of options the Federal Reserve has laid out to inject the sluggish credit markets with a dose of much-needed confidence. Trading remained fractious, and the major indexes alternated between gains and losses a day after the market suffered another huge drop. Investors appeared heartened if still cautious following the Federal Reserve's announcement that it plans to buy massive amounts of corporate debt in order to jump-start lending in the markets where many companies turn for short-term loans. The evaporation of faith the loans will be repaid has lenders weary and made it more difficult and expensive for businesses and consumers alike to borrow money. More » | Oil prices rebound after falling to 8-month low
NEW YORK (AP) - Oil prices rebounded slightly Tuesday, briefly rising back above $90 a barrel after some stability returned to the shaky financial system and prodded investors to put money back into the market. It was crude's first positive session in five days. Some recovery was to be expected a day after prices skidded to an eight-month low on fears that a spreading financial crisis will undercut demand for crude. However, trading was volatile as investors remained uneasy, and analysts said oil would likely continue its downward trend given the ongoing stresses battering the global economy. More » | Credit markets ease a bit on Fed move to buy paper
NEW YORK (AP) - The credit markets saw some slight easing Tuesday after the Federal Reserve said it would buy commercial paper, the unsecured short-term debt that companies sell for their short-term cash needs. In the eyes of many market participants, the move to grease the commercial paper market could do more to get people lending again than the $700 billion bailout plan passed by Congress. More » | Eli Lilly settles Zyprexa inquiries in 32 states
INDIANAPOLIS (AP) - Drugmaker Eli Lilly & Co. cleared another legal cloud hanging over its top-selling drug Zyprexa when it announced a $62 million settlement Tuesday, but several other storms are still brewing for the antipsychotic medication. Lilly agreed to pay 32 states and Washington, D.C., to resolve an investigation into the company's marketing practices. More » | Fed move boosts European stocks
LONDON (AP) - World stock markets on Tuesday recovered some of their hefty losses from the previous day, helped by a steady opening on Wall Street after the U.S. Federal Reserve announced that it would buy massive amounts of short-term debts in an attempt to ease tight credit markets. The Fed said it is invoking a Depression-era power to buy commercial paper, a short-term financing mechanism that many companies rely on to finance their day-to-day operations, such as purchasing supplies or making payrolls. The $99.4 billion daily market for this crucial financing, which relies on investors rather than banks, has virtually dried up as most investors have become too worried to buy paper for longer than a couple days. More » |
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