U.S. stocks drop on bleak Bernanke testimony

11:46 am ET Nov 8, 2007

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U.S. stocks drop on bleak Bernanke testimony

NEW YORK
U.S. stocks were mostly lower Thursday as Federal Reserve Chairman Ben
Bernanke painted a picture of an economy in a perilous position, fueling
more credit concerns as retailers, including blue chip Wal-Mart Inc.,
reported disappointing sales.

The Fed: Economy faces dual risks of downturn and inflation: Bernanke

WASHINGTON
The U.S. economy not only faces the risk of a sharp slowdown from the
housing market's contraction but also of an inflationary surge from
sharply higher crude-oil prices and the weaker dollar, Federal Reserve
Chairman Ben Bernanke said Thursday.

Retailers post disappointing October sales

NEW YORK
U.S. retailers reported disappointing sales for a second straight month
in October, hurt by unseasonably warm weather, record high oil prices,
and consumer worries about the housing and credit markets.

Rio Tinto rebuffs $110 bln approach from top miner BHP

LONDON
Rio Tinto rebuffed a $110 billion approach on Thursday from top global
miner BHP Billiton, spurning the initial overtures on a deal that would
be the second-largest takeover of a listed company in history.

Wal-Mart's October sales miss Street view

NEW YORK
Wal-Mart Stores Inc., the world's largest retailer, on Thursday posted a
slight increase in October sales at stores open at least a year, missing
Wall Street estimates, but said its inventory position was healthy going
into the holiday season.