Europe, US stocks rebound
LONDON (AFP) - European and US stocks rose on Tuesday in a technical rebound after very heavy losses the previous day as concerns mounted that the global economy faces a long and painful recession.

Plunging orders for durable goods
October drop of 6.2% is most pronounced in transportation equipment, but the Commerce Department’s data show broad-based weakness.

November factory activity contracts
Signaling continued recession, manufacturing activity in the United States slows further for the fourth consecutive month, as prices hit an all-time low.

Signs of a thaw in mortgages
Upsurge reported in number of government-insured mortgage applications for October, reflecting Washington’s move to promote greater FHA involvement.

And now, Fed throws in the kitchen sink
Federal Reserve acts to ease borrowing costs, unveiling plan to lend up to $200 billion to support issuance of consumer debt and purchasing $600 billion in debt and mortgage-backed securities.

Fed Extends Three Emergency Loan Programs Until April 30 to Unlock Credit
The Federal Reserve extended the term of three emergency-loan programs to April 30 from January 30, aligning their expiration dates with other central bank efforts to mitigate the credit crisis.

Frugal folks fix what they’ve got
The problems are as tiny as a worn-down heel or a torn seam and as major as a smashed up car. These days, customers pinched by stagnant or falling wages increasingly are choosing to get those things fixed instead of buying a shiny new item.