U.S. stocks recover gains as investors mull Fed action

Date: Wed, 12 Dec 2007

U.S. stocks recover gains as investors mull Fed action

U.S. stocks shook off earlier gains late Wednesday, lapsing into
negative territory as investors considered moves by the Federal Reserve
and four other central banks to ease the global credit crunch.

The Fed: Fed, top central banks to flood markets with cash

WASHINGTON
The Federal Reserve and other top central banks will flood the financial
system with as much as $64 billion in extra cash in the next few weeks
in an effort to unblock the jammed credit markets, the Fed announced
Wednesday.

Futures Movers: Oil rallies 5% on U.S. inventories, central-bank
actions

SAN FRANCISCO
Crude-oil futures rallied more than $4 Wednesday to close above $94 a
barrel after data showed U.S. crude inventories dropped for a fourth
straight week and five of the world's top central banks said they were
ready to inject cash into the money markets.

Classmates IPO canceled as appetite for tech issues weakens

SAN FRANCISCO
The parent company of Classmates Media Corp., which runs the popular
Classmates.com site, has pulled the plug on the company's planned IPO,
which had been expected to price as early as this week.