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Business News

Wall Street falls as Wal-Mart eclipses Obama (Reuters)

Traders work on the floor of the New York Stock Exchange January 8, 2009. (Brendan McDermid/Reuters)Reuters - Stocks fell for a second straight day on Thursday as Wal-Mart's disappointing December sales and lowered earnings outlook fueled concern the recession may be worsening, pinching consumers' wallets further.


Wal-Mart and other retailers warn after weak December (Reuters)

A customer shops at a Wal-Mart Supercenter in Rogers, Arkansas, June 5, 2008. (Jessica Rinaldi/Reuters)Reuters - Wal-Mart Stores Inc and other top U.S. retailers delivered disappointing December same-store sales and profit warnings on Thursday, sparking fresh recession concerns that hit stock and currency markets.


U.S. says Madoff had checks ready, seeks jail (Reuters)

Bernard Madoff is escorted from Federal Court in New York January 5, 2009. (Lucas Jackson/Reuters)Reuters - A search of accused swindler Bernard Madoff's office desk revealed he had signed checks totaling more than $173 million ready to be sent, U.S. prosecutors said in court papers on Thursday asking a judge to jail him.


Treasury sees signs financial rescues working (Reuters)

Interim Assistant Treasury Secretary Neel Kashkari testifies before the U.S. House Financial Services Committee hearing on oversight concerns regarding Treasury Department conduct of the troubled assets relief program in the Rayburn Building on Capitol Hill in Washington, December 10, 2008. (Larry Downing/Reuters)Reuters - Spreads on key debt and other financial indicators point to the effectiveness of the Treasury Department's $700 billion financial rescue program, the official in charge of the program said on Thursday.


Jobless rolls at 26-year high (Reuters)

A recruiter holds an application form at a job fair organized by the New Hampshire Employment Security agency in Salem, New Hampshire December 17, 2008. (Brian Snyder/Reuters)Reuters - Unemployment benefit rolls swelled to a 26-year high in the last week of December, data showed on Thursday, while retailers, including market leader Wal-Mart, reported poor sales as the year-long economic slump deepened.