The Dow ended the day up over 276 points to 11,239.28, thanks to higher-than- estimated profit at mortgage underwriter Wells Fargo. Even Fannie Mae and Freddie Mac rose over 15% today. The bad news: Consumer prices increased "at the fastest pace in 26 years", the FBI is investigating IndyMac for fraud and even usually "recession- proof" chocolate is hit during these harder times.......

The economic downturn is affecting everyone--including the very rich. The Post has some interesting stats and anecdotes about wealthy couples driven to divorce Divorce lawyers at white-shoe firms claim they have many more cases these days, thanks to out-of-work investment bankers and their expensive lifestyles. Lawyer Joshua Forman, who says divorce filings are up 20%, explained, "They have to cancel the country-club membership, no more expensive summer camps, cancel the three-week trip to Europe. It's......

Photograph of model Carolyn Murphy, Estee Lauder chairman Leonard Lauder, model Hilary Rhoda, hidden, actress Elizabeth Hurley, and Estee Lauder president Thia Breen at the New York Stock Exchange by Henny Ray Abrams/AP Even though spokesmodels for Estee Lauder, including Elizabeth Hurley, prettied up the New York Stock Exchange by ringing today's opening bell, the mood has been dark as "frightened money is jumping all over the place." Federal Reserve Chairman Ben Bernanke tried......

With oil prices hitting a new record and GM's stock under $10 (last time it was there was when Ike was president), Wall Street officially went into bear market territory, with the Dow ending the day at 11,215.51. And that's just over 20% below the high of 14, 164.53 last October. An analyst told Bloomberg News, "Investor sentiment is clearly miserable right now."......

Oil prices hit a new high, at close to $143/barrel today (but ended over $140/barrel), and the Dow fell 106 points to close at 11,346.41. The NY Times reported the Dow Jones Industrial Average "flirted with bear market territory" when it fell 120 points--"The bear peeked out of its cave on Friday. And then it retreated." The Dow Jones is close to a bear market, because it's down 20% (the "threshold for a so-called bear......

Forget emailing resumes – if you want to compete in today’s tough job market, you’ve got to be willing to sacrifice a little dignity. Or in Joshua Persky’s case, a lot of dignity: The unemployed financial engineer is trying to land a job by standing on Park Avenue wearing a big sign reading “Experienced MIT Graduate for Hire.” Wait – it gets more depressing; Persky needs a job fast so he can afford an apartment......

Today, it's expected that Citigroup will start firing around 10% of its investment banking group, which has 65,000 employees. It's probably that entire trading desks in New York and other cities will be eliminated. Dealbook explains the bank is moving "aggressively to complete the 2,000 layoffs that it announced last March," and these 2,000 layoffs are "on top of about 4,200 announced in January." The Wall Street Journal offered this fact: "Citigroup, which has more......

If you thought dropping $81 on a hamburger at The Old Homestead was enough to prove you’ve arrived, think again, hayseed – New York’s newest culinary status symbol, the “Richard Nouveau” burger at Wall Street Burger Shoppe, is going to cost you over twice that. They’re charging $175 for the experience, but money’s no object when it comes to showing the other hedge-funders you’ve completely lost touch with reality, right? Momentarily the city’s most......

Photograph of Bear Stearns' headquarters (center) and JP Morgan (right) by Mark Lennihan/AP With JP Morgan now offering $1.2 billion for troubled Bear Stearns, it's expected the deal will close on April 8. JP Morgan needed 50% of Bear Stearns shareholder approval, and the new $10/share price would give them 45% yes votes (5% is expected from bondholders); an analyst told USA Today the revised deal "virtually guarantees a yes vote at $10 per......

Photograph of Bear Stearns by Mark Lennihan/AP The NY Times reports "JPMorgan Chase was in talks on Sunday night for a deal that would quintuple its offer for Bear Stearns...in an effort to pacify angry Bear shareholders." Over a week ago, JP Morgan had agreed to pay $2/share for Bear Stearns stock, for a total payout of $236 million, but the new talks would raise the price to $10/share, making it a billion-dollar deal.......

Although the stock markets didn't tank yesterday (the Dow was up 21 points), it was a volatile day as Wall Street reacted to the bargain basement sale of Bear Stearns to JP Morgan. Naturally, this means the first lawsuit has been filed on behalf of shareholders who claim the investment bank "made false statement about the firm's financial condition." The employees are feeling the brunt of the pain: Besides their Bear Stearns stock plummeting in......

Photograph of newspaper distributor in London by Sang Tan/AP This is going to be a tough morning on Wall Street. World financial markets fell and are falling after yesterday's news that JP Morgan had purchased Bear Stearns for $2 a share, a grand price of $236 million for a company valued at $3.54 billion on Friday. Tokyo's Nikkei 225 index fell 3.7%, and Hong Kong's Hang Seng fell 5.25%. Currnetly, London's FTSE 100 has......

Yesterday Forbes magazine, in their annual ranking of the rich, declared New York City is no longer the billionaire capital of the world. Where have all the dollar signs gone? To Moscow, of course, who beat us out by 3 billionaires (they have 74 to our 71). Most of the big buck city dwellers are familiar names: Mayor Michael Bloomberg ($11.5 billion), publishing powerhouses Samuel Newhouse Jr. and Rupert Murdoch ($8.5 billion and $8.3 billion),......

Howard, Tyler, and Trip begin the final puzzle, by activitystory at flickrToday on the Gothamist Newsmap: a person trapped under an automobile at 9th Ave. and 55th St. in Brooklyn, a missing delivery man at De Kruif Pl. and Dreiser Loop in the Bronx, and a scaffolding incident on 7th Ave. and 25th St. in Manhattan. NYC's Dept. of Health wants pharmacists to be allowed to administer flu shots, citing the death toll of......

Elettaria: Hendrix shredded here once upon a time, when it was a music venue called The 8th Wonder, but now the stage is an open kitchen and South Asian-spiced American dishes are the stars. Decorated by the man behind Allen & Delancey, the seductive 72-seat interior (pictured) features a rustic reclaimed barn-wood ceiling, plush banquettes, old-world paintings and exposed brick walls. Appetizers include a dish of dayboat sea scallops with celery root puree, oxtail, Meyer......

drunkie the snowman, by brainware3000 at flickr Today on the Gothamist Newsmap: an officer shot on Vandalia Ave & Ardlsey Loop in Brooklyn, a gas leak at Dongan Pl. off Broadway in Manhattan, and an aircraft emergency at JFK in Queens. The City's investigating whether its artificial turf fields are poisonous. The Brooklyn Paper finds Obama did get votes in many Brooklyn districts (here's the congressional district breakdown for all of NYC). Blogging by......

In yet another gem from Modern Mechanix, folks from 1932 ponder "How Much Longer Will Our Big Cities Last?" Photos of subway tunnels collapsing and apartment fires in New York set the apocalyptic tone for the piece which claims "scientific prophets" see the mammoth cities becoming obsolete. We're to pictured a cobweb-enshrouded Empire State Building and dandelions overtaking Wall Street after "exhaustive studies" concluded that we're pretty much, well, screwed.According to such writers as......

Today the Times’s Frank Bruni marvels at Manhattan’s new wave of high tone restaurant openings during a recession, and pins the trend not on entrepreneurial bravado but on the fact that it takes years to get a fancy eatery open, and most of these new places were envisioned in flusher economic times. It is true that in 2005, the top fifth of earners in Manhattan made 52 times what the lowest fifth make – $365,826......

Photograph of News Corp.'s Midtown headquarters by Triborough on Flickr Now that Rupert Murdoch owns The Wall Street Journal, he wants all his toys in one toychest properties in one building, namely News Corporation's Sixth Avenue building. The Wall Street Journal newsroom has always been downtown and is currently located at the World Financial Center. What's interesting is it seems like WSJ staffers would welcome a move to Midtown. The World Trade Center attacks......

Mayor Bloomberg presented the preliminary 2008-2009 fiscal year budget which inclued cuts to almost every city agency, saying, "Everyone is going to have to tighten their belts." One big reason is the slowing economy and its effects on the city; for instance, the city had previously thought Wall Street profits would be $16.8 billion last year but they are more likely to be $2.8 billion. The Daily Politics noticed the presentation had three pages......

Photo of the still open Gray's Papaya by Wallyg Crain’s takes notes of a sharp spike in restaurant closings, with real estate brokers reporting many more closures than usual and a surge in restaurant auctions; the city's leading restaurant auctioneer tells Crain’s he’s been handling “20 liquidations a month for the past year, twice as many as the year before.” Especially telling is that many of the auctions involve seasoned operators rather than neophytes who......

Photograph of Federal Reserve Chairman Ben Bernanke pausing during testimony last week by Dennis Cook/AP After an ugly Monday in global financial markets while the U.S. markets were closed and Asian stock markets plunging today, the Federal Reserve lowered the interest rate by 0.75% in an "emergency move for the first time since 2001." From the Fed's press release:The Committee took this action in view of a weakening of the economic outlook and increasing......

The U.S. financial markets may have been closed due to the Martin Luther King Jr. Day observance, but stock markets around the world tumbled as worries over the U.S. economy took hold. Johan Stein, who manages about $14 billion at an asset management firm in Stockholm told Bloomberg, "It's the worst I've ever seen. The financial system is in terrible shape, and no one knows where this will end.'' Many investors are doubtful that President......

Photograph of Mayor Bloomberg and Lance Armstrong by Harry Cabluck/AP The day after giving his State of the City address, Mayor Bloomberg headed out of town and to capital of the Lone Star State. Sure, Bloomberg did have a press conference with Lance Armstrong and former Surgeon General Richard Carmona, but more interesting was his meeting with Ross Perot's former campaign manager! The billionaire mayor had a "private" meeting with Clay Mulford, who is......

Some of the really reassuring quotes about today's bad Thursday on Wall Street: "The problems seem to be intensifying. I can't remember a worse start to a year. We're in for some rough months.'' - John Carey, who helps oversee about $13 billion at Pioneer Investment Management in Boston, to Bloomberg “Basically every day now, you have more and more investors leaning toward the camp that yes, this is going to be a recession, and......

Photograph of the World Trade Center site by New York Daily Photo We got a NotifyNYC alert this morning:The Port Authority will be doing construction blasting at the World Trade Center site today beginning at 8 a.m. There will be a total of 7 controlled blasts during the day. This is a routine construction operation and there is no cause for concern.The only cause of concern is how the Port Authority has incurred millions......

As Gothamist recently noted, New Year's and the following week or so are a particularly festive occasion for the Japanese. Which is no doubt why Haru decided to celebrate the grand opening of its newest location on Wall Street last Wednesday. Hordes of sushi-crazed suits crowded the restaurant located in the historic Beaver Building for the gala event, which was also a benefit for the Downtown Alliance. Although the sushi bar teemed with platters......

Mayor Bloomberg may be finding that coy flirtation can be cute at first, but quickly becomes old and aggravating if carried on for too long. The New York Times has a story today describing a growing backlash against a Mayor who seems preoccupied with something big, but it's something big that he won't discuss, or even acknowledge. With the City on the verge of a fiscal meltdown and several controversial proposals like congestion pricing in......

Former Mayor Rudy Giuliani is busy trying to rally support in Florida, one of many big states with primaries in the coming weeks. He didn't really focus on the Iowa caucus (where he placed fifth - after Ron Paul) or New Hampshire (so he claims; he managed to place 4th, ahead of Ron Paul) and flew out of the Granite State before the polls were closed. His poor showing in the first two political showdowns......

The Independent Budget Office of the City of New York released a five page report [pdf] yesterday projecting that beginning next year, the City will face a serious fiscal crisis when it runs a deficit of $3.1 billion. By 2011, that budget shortfall could more than double, to $6.3 billion. The projections merely take into account current trends in New York City and don't factor in the possibility of a widespread national recession. The title......