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Mortgage giant Fannie Mae has filed a lawsuit against nine banks for allegedly manipulating the London interbank offered rate (Libor) that is used to set global interest rates on such financial products as mortgages and credit cards.
The number of Americans seeking unemployment benefits dropped 9,000 last week to a seasonally adjusted 323,000, near the lowest level since June 2008. The figure shows employers are laying off fewer and fewer workers, an encouraging sign one day before the government will issue its August jobs report.
A majority of Federal Reserve policymakers want to continue extraordinary bond purchases to help boost the economy at least through the middle of the year, according to minutes from the Fed's last meeting, which were released Wednesday.
When it was added to the calendar nine years ago, the Chinese Grand Prix was supposed to give Formula One a path to a vibrant new market that offered access to millions of racing fans and big name sponsors.
Surging stock prices and steady home-price increases finally have allowed Americans to regain the $16 trillion in wealth they lost to the Great Recession. The gains are helping support the economy and could lead to further spending and growth.
The second half of December tends to generate a fair amount of reflection on the events of the previous 12 months. That is true for investors as well and often gives rise to a number of questions about the market. Did the economy grow as fast as was expected? Did job growth measure up to economists' forecasts? Will those industries that have been a drag on the economy in 2011, such as housing, start to turn the corner? Did the politicians in Washington come together and tackle the big issues that the country and the economy face? And so on.
HSBC avoided a legal battle that could further savage its reputation and undermine confidence in the global banking system by agreeing Tuesday to pay $1.9 billion to settle a U.S. money-laundering probe.