Streams

Charlie Herman

Business and Economics Editor

Charlie Herman appears in the following:

Is There Hope for the Housing Market?

Friday, May 28, 2010

Home sales beat expectations in April, in part due to a now-expired homebuyer tax credit and low mortgage rates. Sales of previously owned homes rose 7.6 percent to a seasonally adjusted annual rate of 5.77 million, according to a report out this week by the National Association of Realtors. And mortgage rates have dropped to their lowest point so far this year, according to loan giant Freddie Mac. So is the housing market finally recovering?

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The Day in Business: This Week's Seesawing Markets

Thursday, May 27, 2010

Let’s see. Yesterday, stock markets traded in positive territory throughout the day. But then, suddenly in the last hour, markets dropped sharply, and the Dow closed below the 10,000 mark for the first time since this February. The Dow has lost 11 percent since April 26, when it hit a high of 11,205. Now, the Dow is definitely in “correction” territory.

But this morning, the markets completely reversed course and shot up at the start of the trading. We’ll have to wait to see if the better mood holds throughout the day.

All this activity begs the question: What’s moving the markets? Before getting to the specifics of the day on Wall Street, check out this report from WNYC’s Lisa Chow, which examines why the markets have been on such a wild ride recently. One reason, she suggests, is that it’s all in your head.

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A Word on this Week's Seesawing Markets

Thursday, May 27, 2010

Let’s see. Yesterday, stock markets traded in positive territory throughout the day. But then, suddenly in the last hour, markets dropped sharply, and the Dow closed below the 10,000 mark for the first time since this February. The Dow has lost 11 percent since April 26, when it hit a ...

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Wednesday Business Report

Wednesday, May 26, 2010

Stocks

Stock markets rallied in morning trading after reports that new home sales and durable goods orders rose more than expected.

Thanks Europe! Low Mortgage Rates Lead to Surge in Refinancing

Interest rates on Treasury bonds have fallen to the lowest levels this year as investors around the globe seek out safe investments ...

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Existing Home Sales and Prices Rise Nationwide

Monday, May 24, 2010

Thanks to a generous tax credit aimed at first-time homebuyers, sales of existing homes in April rose significantly above expectations. But with that same credit expiring at the end of April, analysts worry about a drop in sales in the months ahead.

“The government incentives to buy homes worked,” said Joel Naroff, chief economist with Naroff Economic Advisors, “but who knows where we go from here.”

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This Week's Agenda: US Officials Head to China

Monday, May 24, 2010

It's Monday, which means it's time to take a look at the week ahead. Marcus Mabry, associate national editor for The New York Times, and Charles Herman, The Takeaway and WNYC's economics editor look at what almost 200 American officials headed to China for meetings today and tomorrow, can expect.  On the docket will be topics ranging from trade to Iran and North Korea.

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New York Home Sales Rise in April

Monday, May 24, 2010

Thanks to a generous tax credit aimed at first-time homebuyers, April sales of existing homes rose significantly above expectations. But that same credit expired at the end of April, so analysts worry about a drop in sales in the months ahead.

“The government incentives to buy homes worked,” said Joel Naroff, ...

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Pfizer to Cut 6,000 Jobs

Tuesday, May 18, 2010

New York-based drugmaker Pfizer says it will reduce its global workforce by 6,000 employees over the next several years.

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Pfizer to Cut 6,000 Jobs

Tuesday, May 18, 2010

New York-based drugmaker Pfizer says it will reduce its global workforce by 6,000 employees over the next several years. The move is part of the company’s acquisition of Wyeth. Pfizer plans to end operations at eight manufacturing sites and reduce operations at another six facilities. "These decisions are ...

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SEC Proposes New Stock-Trading 'Circuit Breaker'

Tuesday, May 18, 2010

After the near 1,000 point drop of the Dow Jones earlier this month, the Securities and Exchange Commission has announced a plan for an across-the-board "circuit breaker."

The new proposal would pause trading for all U.S. stock markets for five minutes when a specific stock rises or falls more than 10 ...

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April Foreclosure Rates Down 9 Percent

Thursday, May 13, 2010

But even as foreclosure rates dipped, bank repossessions of properties rose last month.

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Hope for the Housing Market? Foreclosure Filings Fell in April

Thursday, May 13, 2010

Could it be, just maybe, that after months of record foreclosure filings, the pace is slowing?

According to the online foreclosure tracking firm RealtyTrac, the number of foreclosure filings fell 9 percent in April compared to the previous month and dropped 2 percent from a year ago.

“April was the first month ...

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April Foreclosure Filings Fall Slightly

Thursday, May 13, 2010

Could it be that after months of record foreclosure filings that just maybe the pace is slowing?

According to the online foreclosure tracking firm RealtyTrac, the number of foreclosure filings fell nine percent in April compared to the previous month and dropped two percent from a year ago.

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Financial 411: Morgan Stanley Under Investigation?

Wednesday, May 12, 2010

Today on the Financial 411, Amy Eddings spoke with Wall Street Journal reporter Amir Efrati about that paper’s report that Morgan Stanley is under investigation for misleading investors about multimillion-dollar investments based on mortgage securities. The reported investigation by the Securities and Exchange Commission follows a recent filing by the ...

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Pfizer Plans NYC Layoffs

Tuesday, May 11, 2010

Drugmaker Pfizer confirmed Tuesday that it will relocate or lay off workers in its New York City office. While a company spokesman would not confirm the number of employees affected, Pfizer stressed it will keep its headquarters on 42nd street near Grand Central Station, even as it plans to sell ...

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Stock Markets Volatile, After Turbulent Day

Friday, May 07, 2010

Markets fell sharply today following a huge sell-off on Wall Street yesterday.

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Goldman Sachs to Conduct Comprehensive Review

Friday, May 07, 2010

At the bank’s annual meeting, Lloyd Blankfein told Goldman Sachs shareholders that the firm, under fire from critics on all sides, will undertake a comprehensive review of its business practices.

“Questions have been raised that have gone to the heart of our most fundamental value, how we treat our clients,” ...

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Markets Plunge Before Bouncing Back

Thursday, May 06, 2010

Reminiscent of the chaotic last days of 2008, fear once again gripped Wall Street on Thursday as investors worried that Greece's debt crisis could spread throughout Europe.

At one point, the Dow Jones Industrial Average was down more than 992 points, the biggest intraday drop on record. Depending on the time, ...

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Senator Carl Levin on the Wall Street Crisis, Junk Bonds and Michigan Foreclosures

Friday, April 30, 2010

We speak with United States Senator Carl Levin (D-Mich.) on how the actions of bankers on Wall Street directly affected the lives of homeowners living on Main Street. Credit default swaps, collateralized debt obligations and the mechanics of the murky mortgage markets are contributing to the media buzz surrounding the President’s call for Wall Street reform legislation. But it's easy for some of the truly important parts of the debate to lost in a sea of accusations.

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