NEW YORK (AP) -- Investors will be looking to see what can spur the stock market today. Yesterday, stocks gained as investors were upbeat about Larry Summers' withdrawal as a candidate to head the Federal Reserve. Summers was seen as the most likely of the candidates to rein in the Treasury's stimulus strategy for the economy. The Dow Jones average rose 118.72, or 0.8 percent.
BANGKOK (AP) -- International stock markets fell today as investors braced for a possible first step by the U.S. Federal Reserve to reduce its massive stimulus. The Fed could announce as soon as tomorrow that it is has decided to scale back its monetary stimulus. Benchmark crude oil fell below $106 per barrel. The dollar fell slightly against the euro and rose against the yen.
WASHINGTON (AP) -- An Associated Press survey of economists concludes the world will take a while longer to achieve healthy growth. The economists say that will make it harder to resolve major challenges. They include historically high unemployment in Europe, sluggish spending by consumers and businesses in the United States, heavy government debts in Europe and Japan and unstable economies in some emerging nations.
WASHINGTON (AP) -- President Barack Obama is voicing concern about the possibility of more political gridlock in Washington when it comes time to make decisions about spending and the debt limit. As a White House event yesterday to discuss the economy five years after the deep recession, he said conservative Republicans determined to defund his health care program are going to have to be willing to compromise to allow Democrats and Republicans to reach an agreement on the various fiscal issues.
SEATTLE (AP) -- Music streaming service Rhapsody has laid off 15 percent of its staff and said its president, Jon Irwin, is stepping down. The company also announced investment firm Columbus Nova Technology Partners has become a major shareholder. The company also said it had hired Ethan Rudin, a former Starbucks strategy executive, as Rhapsody's chief financial officer.
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