Wall Street sinks after election as "fiscal cliff" eyed

NEW YORK (Reuters) - The Dow industrials lost more than 300 points in a sell-off on Wednesday that drove all major stock indexes down over 2 percent in the wake of the presidential election as investors' focus shifted to the looming "fiscal cliff" debate and Europe's economic troubles. The Standard & Poor's 500 Index posted its biggest daily percentage drop since June, with all 10 S&P sectors...

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Coal company announces layoffs in response to Obama win

A coal company headed by a prominent Mitt Romney donor has laid off more than 160 workers in response to President Obama's election victory. Murray Energy said Friday that it had been "forced" to make the layoffs in response to the bleak prospects for the coal industry during Obama's second term. In a prayer circulated by the company, CEO Robert Murray said Americans had voted "in favor of redistribution,...

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U.S. to Pass Saudi Arabia in Energy Production, IEA Says: Huge Foreign Policy, Economic Implications

A new report by the International Energy Association says the U.S. will become the world's largest oil producer by 2017, overtaking current leaders Saudi Arabia and Russia. U.S. energy policies initiated by the George W. Bush administration and implemented by President Barack Obama have moved the U.S. toward energy independence and away from Middle East energy sources. U.S. oil production has risen...

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Eurozone back in recession in Q3

LONDON (AP) -- The 17-country eurozone has bowed to the inevitable and fallen back into recession for the first time in three years as a sprawling debt crisis took its toll on the region's stronger economies. And with surveys pointing to increasingly depressed conditions across the eurozone at a time of high unemployment in many countries, there are fears that the recession will deepen, and make the...

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Are We Regulating Ourselves Back Into Recession?

Let us put an end to self-inflicted wounds," President Gerald Ford told Congress in 1975. "And let us remember that our national unity is a most priceless asset." While Ford was talking about the scars from the Vietnam War, his words seem relevant today. Our nation grapples with not one divisive issue, but a basket of them, each pulling and undermining our already battered confidence, while testing...

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What It's Like as a Rival NFL Fan Living in the Bay Area

Football fans stay fans for life, but occasionally in life, people move. Despite relocation, fans stay true to their hometown team. It must be difficult for a fan to remain loyal when living in rival or enemy territory. But with the San Francisco Bay Area home to both the San Francisco 49ers and the Oakland Raiders, there are plenty of rival fans around. Here's what a few of them had to say about...

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Indy hoping to make most of 2nd chance at playoffs

INDIANAPOLIS (AP) — Indianapolis allowed one postseason-clinching chance to slip away at Houston.It doesn't intend to let the same thing happen again at Kansas City."It's the playoffs. This is the playoffs," interim coach Bruce Arians said before Wednesday's practice began.For the Colts (9-5), this is a rare second chance in a league where players and teams risk being left behind any time they miss...

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NFL-Giants' Cruz calls Newtown visit a revelation

EAST RUTHERFORD, N.J., Dec 19 (Reuters) - A visit with the grief-stricken family of a six-year-old victim from last week's Connecticut elementary school massacre has left New York Giants receiver Victor Cruz looking at life through a different lens.The National Football League player said on Wednesday the 75-minute visit to the home of six-year-old Giants fan Jack Pinto, who was a buried in a replica...

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Giants' Cruz calls Newtown visit a revelation

EAST RUTHERFORD, New Jersey (Reuters) - A visit with the grief-stricken family of a six-year-old victim from last week's Connecticut elementary school massacre has left New York Giants receiver Victor Cruz looking at life through a different lens.The National Football League player said on Wednesday the 75-minute visit to the home of six-year-old Giants fan Jack Pinto, who was a buried in a replica...

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NFL-Giants, Ravens feel the urgency of Sunday's showdown

EAST RUTHERFORD, New Jersey, Dec 19 (Reuters) - The New York Giants and Baltimore Ravens, both coming off one-sided losses, are looking forward to Sunday's playoff-calibre showdown with a sense of urgency running through both teams.The Super Bowl champion Giants need to win their last two games, including a regular season finale against Philadelphia, to ensure a place in the playoffs, while the Ravens,...

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Are We Regulating Ourselves Back Into Recession?

Let us put an end to self-inflicted wounds," President Gerald Ford told Congress in 1975. "And let us remember that our national unity is a most priceless asset." While Ford was talking about the scars from the Vietnam War, his words seem relevant today. Our nation grapples with not one divisive issue, but a basket of them, each pulling and undermining our already battered confidence, while testing...

Read More..

Judge asks Hostess to mediate with union

WHITE PLAINS, N.Y. (AP) -- Twinkies won't die that easily after all. Hostess Brands Inc. and its second largest union will go into mediation to try and resolve their differences, meaning the company won't go out of business just yet. The news came Monday after Hostess moved to liquidate and sell off its assets in bankruptcy court citing a crippling strike last week. ...

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Just Explain It: What is the Strategic Petroleum Reserve?

Eliminating America's dependency on foreign oil has been a policy goal for at least the last two U.S. Presidents.  According to the International Energy Agency, by 2020,  the U.S. will overtake Saudi Arabia as the world's number one oil producer.However, there's still some work to do.  The United States Energy Information Administration reported that 45% of the petroleum consumed by...

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Apple to produce line of Macs in the US next year

NEW YORK (AP) -- Apple CEO Tim Cook says the company will move production of one of its existing lines of Mac computers from China to the United States next year.Industry watchers said the announcement is both a cunning public-relations move and a harbinger of more manufacturing jobs moving back to the U.S. as wages rise in China.Cook made the comments in part of an interview taped for NBC's "Rock...

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US economy adds 146K jobs, rate falls to 7.7 pct.

WASHINGTON (AP) -- The pace of U.S. hiring remained steady in November despite disruptions from Superstorm Sandy and employers' concerns about impending tax increases from the year-end "fiscal cliff."Companies added 146,000 jobs, and the unemployment rate fell to 7.7 percent — the lowest in nearly four years — from 7.9 percent in October. The rate declined mainly because more people stopped looking...

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