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New hope for the economy just gave the stock market its best July in 20 years. Investors placed big bets over the last month that the profit machine at U.S. companies will continue to rev higher and that the longest recession since World War II is finally easing its grip.
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In a triumph for President Barack Obama, Democrats narrowly pushed sweeping health care legislation through a key congressional committee Friday night and cleared the way for a September showdown in the House.
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Oil prices posted their first monthly decline since January with summer driving season petering out and petroleum stockpiles piling up.
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The economy sank at a pace of just 1 percent in the second quarter of the year, a new government report shows. It was a better-than-expected showing that provided the strongest signal yet that the longest recession since World War II is finally winding down.
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The White House says it is reviewing what has turned out to be a wildly popular “cash for clunkers” program amid concerns the $1 billion budget for rebates for new auto purchases may have been exhausted in only a week.
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