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The reality of rising losses at Citigroup Inc. and Bank of America Corp. sank in on Wall Street today, making investors increasingly pessimistic about the struggling financial industry and forcing them to give back a big early gain. At 11:15 a.m. MST, the Dow was down about 56 points.
The University of Colorado and Colorado State University foundations fared much better than the stock market in 2008 but couldn't avoid sharp losses in the worst year for the Standard & Poor's 500 since 1937.
Wall Street pulled off a big turnaround Thursday, rebounding from a steep early drop to finish modestly higher. Investors who began the day worrying about a revival of the banking crisis grew optimistic during the session that the government will again help the financial industry.
The U.S. economy started the new year on weaker footing as recession-shocked Americans retrenched further, forcing retailers to ring up fewer sales and factories to cut back production.
It's a bad week to have the brand name Icon.
Businesses slashed inventories in November by the largest amount in seven years as they scrambled to cope with a record plunge in sales.
Volatility is reasserting itself in the stock market. A darkening outlook for companies from banks to retailers to energy producers pummeled Wall Street on Wednesday, sending the Dow Jones industrials down nearly 250 points, or 2.94 percent, and giving the other major indexes a loss of 3 percent.
Stock prices shot up 24 percent from late November to January, fell 7 percent in the first week of the new year - then stood still.
Auto consulting company CSM Worldwide said Monday it expects global vehicle sales to continue falling in 2009, but predicted a recovery in 2010 as credit frees up and skittish consumers re-enter the market.
So much for the Santa Claus rally.
It's fitting that the man overseeing Colorado's unemployment insurance division is a former U.S. Army artillery officer.
The nation's unemployment rate bolted to 7.2 percent in December, the highest level in 16 years, as nervous employers slashed 524,000 jobs, capping one of the worst years in modern history for American workers.
Colorado merger activity dropped sharply in 2008 as the economy cratered and the leveraged-buyout boom of prior years came to a close.
The first full week of 2009 didn't bring Wall Street any huge shocks, but it didn't bring much for investors to be happy about, either.
NEW YORK - A deal to help head off more mortgage foreclosures pulled Wall Street out of a slump Thursday, giving stocks a mostly higher close. Democratic lawmakers reached an agreement with Citigroup Inc. on a plan to let bankruptcy judges alter loans in an effort to prevent homes from going into foreclosure. Other lenders are expected to follow suit.
Full coverage of Frontier's bankruptcy filing.
David Milstead reveals hidden stories from the world of finance.
Insights gleaned from John Rebchook's 24 years of reporting on Denver's residential and commercial real estate.
Download a pdf of the Rocky's DIA pocket guide along with instructions on how to fold it.
A series exploring the impact of the oil and gas drilling boom in Colorado.
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