June 7, 2013 |
NEW YORK - A series of weak economic reports sent the stock market plunging Wednesday to its lowest level in a month. Mining companies, banks, and chemical makers, whose fortunes are most closely tied to the prospects for growth, led the market lower, a sign that investors are becoming less confident in the U.S. economy. The troubling data included weak hiring at companies, a plunge in mortgage applications, and sluggish orders to factories. The Dow Jones industrial average fell 216.95 points, finishing at 14,960.59, a drop of 1.4 percent.
May 27, 2013 |
Michael K. Powell - son of former Secretary of State Colin Powell and the cable industry's front man in Washington - arrived early for a recent Senate hearing and worked the room with the ease and confidence of a consummate Washington insider. He laughed. He greeted an acquaintance with a hearty clasp of his shoulder. A former Republican chairman of the Federal Communications Commission, Powell has smoothly transitioned into the private sector and now heads the National Cable and Telecommunications Association, representing the cable-TV companies he once regulated.
May 13, 2013 |
Is it just me, or does it feel a little, I don't know, gross that, while we're awash in headlines about a "Doomsday Budget" for our public schools, a cadre of well-coiffed businessmen are sharing grandiose plans for yet another Philadelphia casino? How'd we get here? Seems as if, over the last decade, gaming has become a type of crack cocaine for a whole generation of politicians: With their budgets squeezed by economic downturn and an electorate all too willing to vote out of office anyone who considers a tax hike, our so-called leaders - rather than make the hard choices and right-size their governments - have opted for the quick-fix high of casinos, long-term consequences be damned.
May 9, 2013 |
NEW YORK - Two months after recovering the last of its losses from the financial crisis, the Dow Jones industrial average charged higher Tuesday, closing above 15,000 for the first time. It was another milestone in the market's epic ascent of 2013. Good economic reports, strong corporate earnings, and fresh support from central banks have eased investors' concerns about another economic slowdown. Many had been on the lookout for signs that a spring swoon would derail the rally, as in each of the last three years.
May 6, 2013 |
Since the Marcellus Shale boom began in 2008, there has been much debate and disagreement over the effect natural gas development would have on Pennsylvania's economy. Gov. Corbett, who found himself in the hot seat last week over his comments on the state's lagging employment rate, has promoted Pennsylvania as a rival to Texas as a regional energy hub. In his budget address this year, he talked about the energy sector creating "hundreds of thousands of new jobs. " Most economists credit the Marcellus Shale development with creating jobs and having a profound economic effect in the rural areas where drilling is taking place.
April 25, 2013 |
JAROMIR JAGR is a scholar. At Tuesday's morning skate, Jagr twirled around the Wells Fargo Center ice for the first time since leaving Philadelphia last summer and took up his familiar post at the Bruins' white board. There, he diagrammed plays for linemates Chris Kelly and Carl Soderberg, something that was a welcomed staple during his 1-year stint with the Flyers. "Everything in his life revolves around hockey," Bruins coach Claude Julien said. Jaromir Jagr is also an economist.
April 21, 2013 |
WASHINGTON - For the third year in a row, the nation's economic recovery has hit a springtime soft spot. Reflecting that weakness, only one in four Americans now expects his or her own financial situation to improve over the next year, a new Associated Press-GfK poll shows. The sour mood is undermining support for President Obama's economic stewardship and government in general. The poll shows that just 46 percent of Americans approve of Obama's handling of the economy while 52 percent disapprove.
April 12, 2013 |
NEW YORK - So much for new spring shorts and T-shirts. As cold weather lingered across most of the country, Americans shopped modestly in March. U.S. retailers reported that a key revenue figure rose slightly during the month, as shoppers held back on spending because of the cold weather across the nation, particularly the Midwest and East Coast, and continued fears about the economy. Consumer spending accounts for more than 70 percent of economic activity. According to a preliminary tally of 15 retailers by the International Council of Shopping Centers, revenue in stores open at least a year rose 1.6 percent, or 2.5 percent excluding drugstores.
April 5, 2013 |
NEW YORK - Weak reports on hiring and service industries sent the stock market sharply lower Wednesday. The Dow Jones industrial average fell 111.66 points, or 0.76 percent, to close at 14,550.35, its worst decline since Feb. 25. The Standard & Poor's 500 index dropped 16.56 points, or 1.05 percent, to 1,553.69. Both indexes had closed at record highs the day before. The Nasdaq composite fell 36.26 points, or 1.11 percent, to 3,218.60. The market started 2013 with a rally as investors became more optimistic about the U.S. economy, especially housing and jobs.
April 5, 2013 |
FEDERAL PROSECUTORS want details about how the Delaware River Port Authority spent millions of public dollars in the past five years on projects that had nothing to do with the agency's mission of operating bridges and a rail line over the Delaware River. The chief of the U.S. Attorney's Office's public-corruption unit in Philadelphia sent the DRPA a subpoena two weeks ago for all records about that spending, dating to January 2008. The DRPA has until Tuesday morning to turn over "board minutes, financial records, grant/loan application packages, correspondence and all electronic communications . . . sent or received by DRPA employees and/or board of commissioners," according to the subpoena, which was obtained Wednesday by the Daily News . DRPA spokesman Tim Ireland confirmed Wednesday that his agency had received the subpoena at its Camden headquarters and is "cooperating fully" to turn over the relevant records.