AP - The economy remained "generally weak" heading into summer as rising costs for energy and food pounded consumers and forced some companies to push their own prices higher.
Reuters - Wall Street mostly sagged on Tuesday
as concern that interest rates will climb hurt technology
shares, but the Dow managed to close on the positive side after
an upgrade of Coca-Cola Co shares.
AFP - The United States and China will tackle rising inflation and the thorny issue of the undervalued Chinese currency at bilateral economic talks next week, US Treasury Secretary Henry Paulson said Tuesday.
AP - Heirs of famed Texas wildcatter H.L. Hunt, once among the richest men in America, are selling one of the last remaining pieces of his legacy, the Hunt Petroleum Corp., for $4.19 billion. -- read full article
Reuters - American consumers' confidence was
unchanged in the latest week, near its record low as U.S.
gasoline prices rose above $4 per gallon for the first time
ever and unemployment registered the biggest monthly rise in
more than two decades, a report showed on Tuesday.
AP - The trade deficit soared to the highest level in more than a year as an improvement in exports was swamped by record-high levels of imported crude oil. The deficit with China also rose sharply.
AFP - The dollar gained ground on world currency markets Tuesday after Federal Reserve chairman Ben Bernanke warned about inflationary risks, causing traders to raise the odds of potential US interest rate hikes.
Reuters - Retail sales excluding cars improved
in May, as consumers shelled out more money for gasoline at the
expense of other purchases, according to a private report
released on Wednesday.
Reuters - The U.S. trade deficit widened more
than expected in April as the average price for imported oil
jumped to a record $96.81 per barrel and U.S. exports and
imports also set records, a Commerce Department report showed
on Tuesday. -- read full article
Reuters - U.S. consumer confidence sank to a
record low in June as a surge in gasoline prices to more than
$4 a gallon and a jump in the unemployment rate helped torpedo
a modest rebound in Americans' outlook seen the previous month,
according to a survey released on Tuesday. -- read full article
AP - Treasury Secretary Henry Paulson says the administration intends to keep pursuing a policy of "robust engagement" with China that will include filing unfair trade cases as needed and pressuring the Chinese to move more quickly to revalue their currency. -- read full article
Reuters - U.S. stocks shifted gears and climbed
at midday on Tuesday as investors bought Dow industrials like
Coca-Cola and other companies with steady earnings, while a
drop in oil prices helped ease concerns about inflation.
AFP - The United States and China will tackle rising inflation and the thorny issue of the undervalued Chinese currency at bilateral economic talks next week, US Treasury Secretary Henry Paulson said Tuesday.
AP - XTO Energy Inc. said Tuesday it is acquiring privately held Hunt Petroleum Corp. for $4.19 billion in cash and stock in a deal made more attractive by high oil and gas prices. -- read full article
