Today’s top news

Here are the top 10 news stories today from Reuters Business News as of 4:55 PM ET.  Notice a pattern?

  • Wall St pulled lower by banks, S&P below 700 – 14 minutes agoStocks fell in volatile trading on Tuesday, with the S&P ending below 700 for the first time since October 1996 as persistent uncertainty about the amount of money needed to shore up the financial sys…
  • U.S. auto sales plunge as recession deepens – 57 minutes agoU.S. auto sales dropped by more than 40 percent in February to the lowest level in almost three decades as Americans pulled back from taking on more debt.
  • Bernanke defends AIG rescue, says U.S. had no choice – 3 hours agoU.S. Federal Reserve Chairman Ben Bernanke on Tuesday defended the government’s latest bailout of embattled insurer AIG, telling irate lawmakers that he was also angry, but that the failure to act cou…
  • Blockbuster hires advisers for debt overhaul – 11 minutes agoTop U.S. movie rental chain Blockbuster (BBI.N) said on Tuesday it has enlisted lawyers to help it raise capital and refinance debt, but stressed it has no plans to file for bankruptcy.
  • Ford February sales plunge 48 percent – 2 hours agoFord Motor Co (F.N) reported a 48 percent drop in February sales on Tuesday and outlined sharply lower production targets for the second quarter compared with a year ago in the face of a deep slump in…
  • Geithner: will work with Congress on bailout costs – 1 hour agoAcknowledging that U.S. financial bailout costs may rise, Treasury Secretary Timothy Geithner on Tuesday said the Obama administration will work with Congress to determine the size and shape of future…
  • U.S. home sales plumb record low in January – 4 hours agoSales of previously owned U.S. homes tumbled to a record low in January, reversing the prior month’s gains, according to a report on Tuesday that indicated the economy’s downward spiral was gathering …
  • Oil rises nearly 4 percent on OPEC – 51 minutes agoOil prices rose nearly 4 percent on Tuesday on expectations producer group OPEC will cut output again and as stock markets traded higher.
  • Bank of NY, Russia to discuss legal settlement – 3 hours agoThe Bank of New York Mellon (BK.N) said on Tuesday it will meet with the Russian government to discuss settlement of a $22.5 billion lawsuit Russia has leveled against it.
  • Treasury, Fed launch loan program, eye expansion – 5 hours agoThe U.S. Federal Reserve and Treasury on Tuesday extended a new securities loan program to include equipment and vehicle fleet leases and said a future expansion to $1 trillion may also include some o…

There’s not a single bit of good news.  Everyone is ready to call a bottom to the recession, housing, financial crisis, and stock markets, but why?  There have to be at least a few positive signs that things are going to get better at some point, and I don’t see any signs of that.

Eventually, things will pick back up, but I don’t see it happening yet.  And I’m not buying stocks yet either.

gk

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