British police arrested more than 100 people overnight in London after shops were looted and officers attacked in a second night of violence that followed some of the worst disorder seen in the capital for years.
Bullion roared to record highs above $1,700 an ounce on Monday as an unprecedented downgrade to the U.S. credit rating sent investors scrambling out of riskier assets, hammering equity markets and the dollar.
Treasury Secretary Timothy Geithner, who had considered stepping down after the government borrowing limit was raised, confirmed on Sunday that he will remain at his post at President Barack Obama's request.
Bullion roared to a record on Monday above $1,700 an ounce as an unprecedented downgrade to the U.S. credit rating sent investors scrambling out of riskier assets, hammering equity markets and the dollar.
Treasury Secretary Timothy Geithner will remain in the position at President Barack Obama's request. Geithner considered stepping down after the government borrowing limit was raised.
It wasn't long after Standard & Poor's lowered the United States' credit rating from AAA to AA+, for the blame game to begin.
London braced on Sunday for more violence after some of the worst riots in the British capital for years which politicians and police blamed on criminal thugs but residents attributed to local tensions and anger over hardship.
Federal Reserve Chairman Ben Bernanke, an expert on the Great Depression, once promised that the central bank would never repeat its 1937 mistake of rushing to tighten monetary policy too soon and prolonging an economic slump.
The rioting in Tottenham, north London comes three decades after the deadly summer of 1981 when cities across England witnessed massive civil unrest.
U.S. stocks just had a horrendous week. The S&P 500 Index dropped 92.9 points, or 7.2 percent, which was its worst performance since November, 2008.
London picked itself up on Sunday from some of the worst violence seen in the British capital for years which politicians and police blamed on criminal thugs but residents attributed to local tensions and anger over rising financial hardship.
The U.S. dollar may weaken and Treasury yields rise when Asian markets reopen on Monday, though any selling in response to ratings agency S&P's downgrade of the United States is likely to be tempered by the escalating crisis in the euro zone.
More than 250,000 Israelis have staged protests in Tel Aviv and Jerusalem cities over the rising cost of living, reflecting the middle-class discontent over the country's inability to address the long-pending housing needs.
The S&P cut in the U.S. long-term credit rating to AA-plus is an unprecedented blow. It called the outlook "negative," signaling another downgrade is possible in the next 12 to 18 months. The U.S. dollar may weaken and Treasury yields rise when Asian markets reopen on Monday.
China bluntly criticised the United States on Saturday one day after the superpower's credit rating was downgraded, saying the "good old days" of borrowing were over.
America is broken. Here are five ways to fix the nation's health.
America's credit rating was downgraded for the first time in history. This will likely have dire consequences on mortgage and credit rates, not to mention the unemployment rate, which now stands at 9.1 percent.
President Barack Obama urged lawmakers on Saturday to set aside partisan politics after a fierce debt battle, saying they must work to put America's fiscal house in order and refocus on stimulating its stagnant economy.
China bluntly criticized the United States on Saturday one day after the superpower's credit rating was downgraded, saying the "good old days" of borrowing were over.
In a stunning development, Standard & Poor?s Friday downgraded the U.S. Government's credit rating from AAA to AA+, arguing Washington has made inadequate progress cutting the budget deficit. The U.S. Treasury disagrees with S&P?s analysis and conclusion, but interest rates on U.S. home mortgages and car loans are likely to rise.
Consider the case of Canada, which lost its top-notch rating in April 1993 ? it took the country nine long, hard years to regain the coveted rating after enacting serious debt and deficit reductions.
Stocks closed out their worst week in more than two years on Friday in a volatile session that saw the major indexes whip back and forth before the S&P 500 ended down less than a point.
