- Chrysler to cut up to 10,000 factory jobs
DETROIT (Reuters) - Chrysler LLC said on Thursday it would cut up to 10,000 hourly jobs over the next 14 months as it slashes production in North America and eliminates four slow-selling vehicles.
- Credit concerns fuel market drop
NEW YORK (Reuters) - The financial sector led a sharp drop on Wall Street on Thursday, wiping out the previous session's Fed-fueled gains, after brokerages downgraded the two biggest U.S. banks, sparking fears of more credit crisis fallout.
- Exxon Mobil earnings fall with gasoline profits
NEW YORK (Reuters) - Exxon Mobil Corp. said on Thursday its third-quarter earnings declined 10 percent, missing expectations on sharply dropping profits from the production of gasoline and lower natural gas prices.
- Citigroup shares fall after broker downgrades
Citigroup Inc shares fell as much as 9 percent on Thursday after Credit Suisse and CIBC World Markets downgraded the largest U.S. bank, with CIBC citing concern Citi might have to cut its dividend.
- Foreclosures almost doubled from '06: report
NEW YORK (Reuters) - Residential foreclosure filings nearly doubled last quarter from a year earlier, and appear set to increase into 2008, a report said on Thursday.
- Manufacturing growth almost stalled in October
NEW YORK (Reuters) - Factory activity nearly ground to a halt in October as tighter credit conditions and a housing downturn proved a drag on production, according to an industry report on Thursday.
Wall Street plunges on credit worries
NEW YORK (Reuters) - Financial stocks dragged Wall Street sharply lower on Thursday, wiping out the previous day's Fed-fueled gains, after brokerages downgraded Citigroup and Bank of America, sparking fears of more fallout from the credit crisis.
The Standard & Poor's 500 Index (.SPX) dropped 40.94 points, or 2.64 percent, to 1,508.44 -- the index's biggest percentage point drop since August 9, the day French bank BNP Paribas spooked global markets by freezing three funds that had invested in U.S. subprime mortgages.
The Dow Jones industrial average (.DJI) sank 362.14 points, or 2.60 percent, to end at 13,567.87. The Nasdaq Composite Index (.IXIC) fell 64.29 points, or 2.25 percent, to 2,794.83.
The Nasdaq's and the Dow's declines were the worst since October 19, the 20th anniversary of the 1987 stock market crash.
The S&P financials index (.GSPF) fell the most in five years. The index ended the session down 4.6 percent.