Stocks slip on telecoms but energy shares up
NEW YORK (Reuters) – Stocks fell on Monday as investors booked profits after last week’s run-up, while concerns about slowing cell phone sales hit shares of the biggest telecommunications companies.

Congressmen sound off against SEC in Madoff affair
WASHINGTON – Republican and Democratic House members said Monday that the alleged $50 billion fraud involving Wall Street figure Bernard Madoff reflects deep, systemic problems at the Securities and Exchange Commission.

Crisis of confidence grips consumers
Worries over holding down a job and over poor business conditions leave consumers downbeat, and the Conference Board sees little to indicate any optimism in the future.

2008 Job Losses Probably Worst Since 1945: U.S.
The U.S. economy probably lost more jobs in 2008 than in any year since the end of World War II as firings rippled from homebuilders and automakers to banks and retailers, a government report may show this week.

U.S. Economy: Manufacturing Shrinks as Orders Plunge
The decline in U.S. manufacturing deepened in December as demand for such products as cars, appliances and furniture reached the lowest level since at least 1948, signaling further cutbacks in factory jobs and production this year.

Home prices still spiraling lower
While a lagging indicator, S&P’s Case-Shiller data for October still pack a wallop, as home prices return to levels last seen in March 2004.

Fed buys mortgage-backed securities
Central bank on track to start buying up to $500 billion in securities guaranteed by Fannie Mae, Freddie Mac and Ginnie Mae starting early in January.