TOP NEWS: Economy: June 7, 2012
Excerpts and more top stories
Markets Love the Walker Landslide - Larry Kudlow, Investor’s Business Daily
Stocks loved Gov. Scott Walker’s spanking of public-sector unions and Democrats in Wisconsin. The Dow jumped about 165 points right at the opening on Wednesday and was up over 200 points later in the day.
A Little Optimism for the Federal Reserve - Binyamin Appelbaum, NY Times
Three members of the Federal Reserve’s policy-making committee indicated in separate speeches Wednesday that recent economic data, while troubling, does not yet justify an expansion of the Fed’s economic aid campaign.
Bank of America, Morgan Stanley Shares Skyrocket on Hopes of More Fed Easing - Halah Touryalai, Forbes
Shares of Bank of America shot up today on news that the Fed may step in to boost the economy once again.
US Stock Futures Rise After China Cuts Interest Rates - Rita Nazareth, Bloomberg
U.S. stock futures rose, following the biggest gain in the Standard & Poor’s 500 Index this year, as China cut interest rates for the first time since 2008 to bolster growth in the world’s second-largest economy.
NASDAQ Bid to Atone for Facebook Flub Draws Ire of NYSE, Knight Capital - Steve Schaefer, Forbes
Facebook‘s stock has been a dud for investors to date, and has been scrutinized since day one when its May 18 debut was delayed 30 minutes by technical problems at the Nasdaq.
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Bill Pushes For Increase in Wages - Rebecca Berg, NY Times
Representative Jesse L. Jackson Jr. tried to give new vitality to the issue of the federal minimum wage on Wednesday, coming at the debate with a fresh angle: that raising it might encourage Americans to spend more and, thus, help stimulate the nation’s struggling economy.
Congressional Budget Office Defends Stimulus - Lori Montgomery, Washington Post
Did the stimulus work? Certainly not according to Republicans, who regularly blast President Obama’s “failed” economic policies on the campaign trail.
RBC June Consumer Outlook Index Falls 1.5 Points to 46.1 – Kathleen Madigan, WSJ
U.S. consumers in June turned more pessimistic about the economy, according to a survey released Thursday. Yet the sentiment on jobs barely moved, and fewer respondents were directly experiencing a job loss.
Finnish Leader Says US Worried About Europe Banks - Meera Louis, Bloomberg
U.S. Treasury Secretary Timothy F. Geithner and Federal Reserve Chairman Ben S. Bernanke are concerned about the European banking industry, Finnish Prime Minister Jyrki Katainen said after meeting the two U.S. officials.
Don’t Think College Is Worth It? Ask the People Who Haven’t Gone - Catherine Rampell, NY Times
Last month the Heldrich Center for Workforce Development released data showing that college graduates generally do not regret going to college, despite lots of criticism of the value of higher education.