Stocks rise on GMAC lifeline as retail sales fall
Wall Street posted a modest gain after GMAC Financial Services received a government lifeline enabling it to become a bank holding company. Retail sales readings showed a sharp holiday drop, with SpendingPulse reporting a 5.5 to 8 percent year over year decline, excluding autos and gas. The week closed with declines in major indexes as tax selling loomed and investors weighed a weak consumer amid mixed 2009 outlooks.
MENTIONED IN THIS ARTICLE
New York
Wall Street
General Motors
MasterCard Advisors
U.S
Federal Reserve
Gmac Financial Services
Detroit
General Motors Corp
GMAC
Hugh Johnson
Johnson
Islington Advisors
Standard & Poor
Gas prices hit a 58-month low as demand weakens
Retail gasoline prices fell to their lowest in nearly four years amid a slowing economy. Analysts see it as a temporary pause in a broader downtrend, with crude futures rallying slightly on concern over OPEC cuts and a weaker dollar.
MENTIONED IN THIS ARTICLE
Tom Kloza
Oil Price Information Service
Mary Peters
Jim Ritterbusch
Ritterbusch and Associates
OPEC
New York Mercantile Exchange
Amazon calls 2008 holiday season best ever
Amazon reports 2008 holiday season as its best ever with over 6.3 million items ordered and 5.6 million units shipped on its peak day December 15. The company contrasts with broader retailer gloom as SpendingPulse notes a 5.5 to 8 percent drop in holiday sales versus 2007.
MENTIONED IN THIS ARTICLE
Seattle
Amazon.com Inc
Amazon
SpendingPulse
MasterCard Advisors
West Virginia hunters ignore economy and bag season
West Virginia hunters show resilience amid recession with strong deer, turkey, and grouse seasons. Retailers report record outdoor gear sales as shoppers shift to clothing and accessories and forego big-ticket items like guns. DNR says hunters may cut travel and spend, but continue to pursue hunting locally.
MENTIONED IN THIS ARTICLE
Harleston
West Virginia
Mountain State
David Welch
Charleston
Curtis Taylor
State Division of Natural Resources
West
Kessel
Spring Hill Rod & Gun
South Charleston
Wyoming
Dave Bradshaw
Cross Lanes
Brandon Blake
Summersville
Blake
Logan County
Jamie Linville
Alkiol
Linville
Welch
DNR
Taylor
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