Business Markets - Boston.com

Asian stocks down as Fed sees slower bond buys

Thu, 20 Jun 2013 03:38:34 GMT

MANILA, Philippines (AP) — Most Asian markets slid Thursday after the U.S. Federal Reserve said it could start scaling back its huge economic stimulus program later this year.

Stocks slide as Fed says bond purchases could slow

Thu, 20 Jun 2013 03:10:18 GMT

NEW YORK (AP) — Financial markets shuddered Wednesday after the Federal Reserve said it could start scaling back its huge economic stimulus program later this year and end it by the middle of next.

Atlantic Power stock falls

Thu, 20 Jun 2013 00:07:41 GMT

Boston-based Atlantic Power Corp., which owns and operates power-generation and infrastructure assets in the United States and Canada, fell nearly 4 percent. A Canadian Press report said utilities are taking a hit amid uncertainty about how much the Federal Reserve will cut back its stimulus program. And Bloomberg News said wholesale electricity prices fell a second day as below-normal temperatures in the Northeast, mid-Atlantic, and Midwest cut use of air conditioners.

Swiss Parliament snubs US offer on bank secrecy

Thu, 20 Jun 2013 00:05:52 GMT

NEW YORK — Switzerland’s Parliament on Wednesday scuttled an information-sharing agreement with the United States that the Swiss government had hailed just weeks ago as a breakthrough in a dispute over banking secrecy, but left open the possibility for another solution.

How Fed policymakers affect the economy

Wed, 19 Jun 2013 23:23:31 GMT

The Federal Reserve's chief policymaking group, the Federal Open Market Committee, has vast power over the economy through its ability to set monetary policy.

Fed's moves to aid economy since financial crisis

Wed, 19 Jun 2013 23:18:01 GMT

WASHINGTON (AP) — The Federal Reserve has taken many unprecedented steps in the past four years to try to boost the U.S. economy and counter the effects of a financial crisis that triggered a painful recession. It has kept the short-term interest rate it controls at a record low near zero since December 2008.

Banks fall short in helping struggling homeowners

Wed, 19 Jun 2013 22:57:27 GMT

WASHINGTON — Homeowners trying to avoid foreclosure must wait too long for their loan modification applications to be reviewed by some of the nation’s top mortgage servicers, according to a report released Wednesday. Such delays can plunge borrowers deeper in debt.

Stocks slide as Fed says bond purchases could slow

Wed, 19 Jun 2013 22:29:05 GMT

The stock market shuddered as the Fed said it may start scaling back its $85 billion a month in bond purchases this year and end them by mid-2014. They have stimulated the economy, keeping interest rates low and lifting stocks. Bond and currency markets reacted even more sharply. The 10-year Treasury note’s yield jumped to 2.31%, highest since March 2012. The dollar surged against the yen, euro, and other currencies as traders anticipated higher interest rates. For weeks investors have been trying to figure out when the Fed will start to taper off its purchases. The Fed ‘is really trying to walk a tightrope,’ said George Rusnak, at Wells Fargo.

Sovereign Bank donates $100k to Wheelock

Wed, 19 Jun 2013 21:42:20 GMT

Sovereign Bank donated $100,000 to Wheelock College Wednesday to support school’s financial literacy, college readiness, and career awareness programs in Mattapan.

Top UK court overturns sanctions on Iranian bank

Wed, 19 Jun 2013 21:33:47 GMT

LONDON (AP) — Britain's Supreme Court quashed sanctions against an Iranian bank penalized over its alleged links to Iran's nuclear weapons program, saying Wednesday that Bank Mellat had been arbitrarily singled out.

La-Z-Boy, Adobe, Tetra Tech are big movers

Wed, 19 Jun 2013 21:23:17 GMT

NEW YORK (AP) — Stocks that moved substantially or traded heavily Wednesday on the New York Stock Exchange and the Nasdaq Stock Market:

Gold and grain futures higher

Wed, 19 Jun 2013 20:53:41 GMT

Gold ended higher and grain contracts climbed in Wednesday trading.

How the Dow Jones industrial average fared

Wed, 19 Jun 2013 20:40:29 GMT

Stocks fell sharply Wednesday after Federal Reserve Chairman Ben Bernanke said the central bank could slow its massive bond purchases this year and end them by mid-2014 if the economy improves enough. High-dividend stocks like telecommunications and utilities fell the most. Markets have been making big swings in recent weeks as traders try to anticipate when the Fed will ease back on the bond-buying program. The Dow Jones industrial average had its seventh straight move of 100 points or more.

UK banking commission urges better standards

Wed, 19 Jun 2013 20:26:41 GMT

LONDON (AP) — British bankers could soon be facing harsher penalties for behaving badly.

Stocks slide as Fed says bond purchases could slow

Wed, 19 Jun 2013 20:26:14 GMT

NEW YORK (AP) — Financial markets shuddered Wednesday after the Federal Reserve said it could start scaling back its huge bond-buying program later this year and end it by the middle of 2014.

Ruling throws into uncertainty RI foreclosures

Wed, 19 Jun 2013 20:23:38 GMT

PROVIDENCE, R.I. (AP) — A federal appeals court threw more than 700 Rhode Island foreclosure cases into uncertainty by concluding that there are problems with how a judge set up a program designed to force homeowners and banks into mediation.

Oil down slightly as Fed signal easing of stimulus

Wed, 19 Jun 2013 20:17:20 GMT

NEW YORK (AP) — The price of oil fell slightly Wednesday as the Federal Reserve indicated it's closer to easing up on economy boosting measures that have been a boon for commodities.

Stocks slide as Fed says bond purchases could slow

Wed, 19 Jun 2013 20:10:09 GMT

NEW YORK (AP) — Stocks are closing sharply lower and bond yields are rising after Fed Chairman Ben Bernanke said the central bank could slow its massive bond purchases this year.

Banks fall short in helping struggling homeowners

Wed, 19 Jun 2013 19:42:23 GMT

WASHINGTON (AP) — Homeowners trying to avoid foreclosure must wait too long for their loan modification applications to be reviewed by some of the nation's top mortgage servicers, according to a report released Wednesday. Such delays can plunge borrowers deeper in debt.

World Bank highlights climate-poverty link

Wed, 19 Jun 2013 19:38:12 GMT

STOCKHOLM (AP) — The World Bank says it will increasingly view its efforts to help developing countries fight poverty through a "climate lens."

IMF calls for urgent steps on Spain unemployment

Wed, 19 Jun 2013 18:47:08 GMT

MADRID (AP) — Spain faces the prospect of high unemployment and sluggish growth lasting years unless the country and Europe take "urgent action" to slash the nation's crippling 27 percent unemployment rate and free frozen credit to businesses so they can expand, the International Monetary Fund said Wednesday.

Fed says it will maintain pace of bond purchases

Wed, 19 Jun 2013 18:42:09 GMT

WASHINGTON (AP) — The Federal Reserve offered a hint Wednesday that it's moving closer to slowing its bond-buying program, which is intended to keep long-term interest rates at record lows.

Stock market falls as traders fear stimulus cuts

Wed, 19 Jun 2013 18:40:21 GMT

NEW YORK (AP) — Stocks are falling after the Federal Reserve gave a slightly more optimistic outlook for the U.S. economy, which investors took as a hint that the bank was nearer to a decision to reduce its economic stimulus program.

Banks fall short in helping struggling homeowners

Wed, 19 Jun 2013 18:08:15 GMT

WASHINGTON (AP) — Homeowners trying to avoid foreclosure must wait too long for their loan modification applications to be reviewed by some of the nation's top mortgage servicers, a report said Wednesday. Such delays can plunge borrowers deeper in debt.

Stocks edge lower as investors wait on Fed

Wed, 19 Jun 2013 17:34:23 GMT

NEW YORK (AP) — The stock market is waiting on the Fed.