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The U.S. unemployment rate climbed to 10.2% in October, topping the 10% mark for the first time in 26 years, the Labor Department reported Friday.
Nonfarm payrolls dropped by a seasonally adjusted 190,000 in October, bringing to total number of jobs lost in the recession to 7.3 million. It was the 22nd straight decline in payrolls. Large losses were seen in manufacturing, construction and retail. Health care and temporary-help agencies added jobs.
Warren Buffett's Class B shares could be added to Standard & Poor's 500 Index, reports Barrons.com's Steve Sears.
A new book from Ken Auletta should soothe investor worries about the search giant's immediate prospects. But what comes after that?
Warren Buffett discusses Berkshire Hathaway's decision to buy railroad Burlington Northern Santa Fe Corp. in what he described as an “all-in wager on the economic future of the United States.”
The purchase, the largest ever for Berkshire, will cost the company $26 billion, or $100 a share in cash and stock, for the 77.4 percent of the railroad it doesn’t already own. Including his previous investment and debt assumption, the deal is valued at $44 billion.
Commercial real estate faces a crisis in the coming months that—though not as serious as the residential market collapse—will cause significant problems, investor Wilbur Ross told CNBC.
Assumptions made in the earlier part of the decade about growth for the commercial market have proven untrue, leaving billions of contagion and problems across the economy, according to the famed vulture-fund executive.
"The same reckless lending that characterized the subprime mortgage business in residential was also characterizing what went on in commercial real estate in the mid 2000s," Ross said.
Jospehine Jimenez, portfolio manager for the Victoria 1522 Fund, says an impending energy crisis is pushing Brazilian, Russian, Indian and Chinese stocks higher. Here are her top picks.
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