Archive for July 17th, 2008

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Stocks continued to rally Thursday on the back of plummeting oil prices and encouraging financial sector news.

The residents of this windswept basin 100 miles from anywhere know that if they want something done, they have to do it themselves. Whether it's repairing a tractor or rejuvenating Main Street, the people here fix their own problems. So when the town's last clothing shop shuttered, forcing them to make an hourlong roundtrip for a pair of socks, they decided to fix that too.

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Wall Street added impressive gains Thursday, as investors focused on falling oil prices and strong financial sector earnings rather than several weak economic measures.

Fannie and Freddie chiefs Daniel Mudd and Richard Syron join a roundup of the parties that brought us to this unhappy point.

JPMorgan Chase's profits plunged more than 50%. Continental Airlines reported a loss.

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When FDIC Chairwoman Sheila Bair swooped in on Friday and took over IndyMac bank, she became steward to billions of dollars in customer savings deposits. She also inherited $200 billion worth of home mortgages - a sizable number of which are in trouble.