WASHINGTON (Reuters) - U.S. retail sales fell unexpectedly in December to close out the weakest year at the cash register since 2002, data showed on Tuesday, the strongest signal yet that the economy may be sliding into recession under the weight of a housing and credit crisis.
SAN FRANCISCO (Reuters) - Intel on Tuesday posted quarterly results and an outlook behind Wall Street targets, sending its shares down 15 percent, further stoking concerns the U.S. economy may be entering a recession.
NEW YORK (Reuters) - Citigroup Inc and Merrill Lynch & Co Inc said they raised another $20 billion of capital from investors in Asia, the Middle East, and elsewhere, as the subprime mortgage crisis forced additional massive asset write-downs and devoured more of banks' capital.
NEW YORK (Reuters) - All three major U.S. stock indexes plunged more than 2 percent on Tuesday after a record loss at Citigroup Inc and the worst showing for retailers in five years fueled fears that the economy was heading into a recession.
NEW YORK (Reuters) - IndyMac Bancorp Inc , one of the largest U.S. mortgage lenders, said on Tuesday it is eliminating 2,403 jobs, or 24 percent of its workforce, to cope with deteriorating housing and capital markets.
SAN FRANCISCO (Reuters) - Apple Inc unveiled a lightweight laptop about three-quarters of an inch thick on Tuesday and said it would rent movies over the Web, moving the iPod maker into a very competitive market.
WASHINGTON (Reuters) - The head of the Federal Communications Commission expressed concern on Tuesday that the credit crunch could hinder bidders in an upcoming government auction of wireless airwaves.
DETROIT (Reuters) - U.S. auto sales will likely fall again in 2008 due to economic stress on consumers, raising pressure on struggling Detroit automakers to cut prices or use sales incentives, economists and officials said on Tuesday.
NEW YORK (Reuters) - Bank of America Corp said on Tuesday it would eliminate 650 corporate and investment banking jobs and sell its prime brokerage unit, as the second-largest U.S. bank retrenches in the face of difficult credit market conditions.
CHICAGO (Reuters) - U.S. airline stocks rallied on Tuesday on falling oil prices and a Wall Street Journal report that Delta Air Lines Inc was in merger talks with Northwest Airlines Corp and United Airlines parent UAL Corp .
