WASHINGTON/NEW YORK (Reuters) - The U.S. Senate will vote on Wednesday night on a new version of the $700 billion bailout package for Wall Street, rekindling hopes that the credit crisis can be stemmed before claiming yet more banks and causing further damage to a weakening global economy.

Original post by Reuters: Business News

WASHINGTON (Reuters) - President George W. Bush on Tuesday signed into law a mammoth spending bill to keep the government running until early March 2009 that includes a $25 billion loan package for troubled automakers.

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PERTH (Reuters) - Oil extended its rally and rose over $1 on Wednesday to hover around $102 a barrel, buoyed by hopes that Washington would find a way to pass a rescue plan to head off a deep recession in the United States and abroad.

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NEW YORK (Reuters) - Maurice Greenberg, former chief executive of American International Group , has asked the company’s current chief executive Edward Liddy for the chance to bid on AIG assets as the company seeks to repay an emergency loan from the federal government.

Original post by Reuters: Business News

WASHINGTON/NEW YORK (Reuters) - The U.S. Senate agreed to vote on Wednesday night on a new version of the $700 billion bailout package for Wall Street that will include a big increase in the amount of bank deposits protected by the government’s insurance program, a Senate aide said on Tuesday.

Original post by Reuters: Business News

WASHINGTON (Reuters) - U.S. securities regulators on Tuesday gave the financial industry a reprieve from marking hard-to-value assets down to fire sale prices, throwing a lifeline to an industry beset by strained credit markets and the latest round of bank failures.

Original post by Reuters: Business News

NEW YORK/WASHINGTON (Reuters) - U.S. lawmakers and President George W. Bush eased pressure on financial markets on Tuesday by starting work to revive a $700 billion bailout plan to stem a credit crisis that has spread beyond Wall Street to claim more European banks.

Original post by Reuters: Business News

NEW YORK (Reuters) - The Nasdaq Stock Market said it will cancel some of the late trades in Google Inc , whose shares appeared to plunge as low as 1 cent at the close of North American markets on Tuesday.

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NEW YORK (Reuters) - Wall Street roared back on Tuesday, a day after its worst sell-off in 21 years as investors bet Washington would revive a plan to stabilize the U.S. financial sector following its surprising defeat on Monday on Capitol Hill.

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NEW YORK (Reuters) - Wells Fargo & Co Chairman Richard Kovacevich says he feels like a kid in a candy store. But he’s taking his time to decide what to buy.

Original post by Reuters: Business News