State Street Corp. said Tuesday that it will buy the securities services business of Italian banking group Intesa Sanpaolo for about $1.87 billion in cash.
Two former Bear Stearns hedge fund managers charged with lying to investors always were honest about the risks of investing in securities linked to the volatile subprime mortgage market, a defense lawyer told a jury on Friday.
The unemployment rate has surpassed 10 percent for the first time since 1983. Nearly 16 million people can't find jobs and employers cut a net total of 190,000 jobs last month, the Labor Department says.
President Barack Obama signed a $24 billion economic stimulus bill into law Friday, giving tax incentives to prospective homebuyers and additional jobless benefits to those idled by the business slump.
Stocks rose early Friday as investors shrugged off news that more jobs were lost in October than expected, pushing the unemployment rate above 10 percent for the first time since 1983.
President Barack Obama says new figures showing national unemployment has hit the double-digit mark are regretful and says he's working hard to restore the struggling economy.
Encouraging news on jobs and workers' productivity gave investors new reason to be optimistic about the economy and send stocks to big gains.
The number of newly laid-off workers filing claims for unemployment benefits last week fell to the lowest level in 10 months, evidence that job cuts are easing as the economy slowly heals.
The federal courts should resolve the question of whether mutual funds are charging too much in fees, the Supreme Court says.
