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WASHINGTON (AP) - U.S. consumers slashed spending for an unprecedented sixth straight month in December, feeding the already painful recession as millions of households opted to save rather than buy.
Oil prices held above $40 a barrel Tuesday in Asia after being dragged down overnight by more grim U.S. economic news that pointed to a deepening recession in the world's largest economy.
Wall Street started the new year with a big rally Friday, as investors, brushing aside a disappointing report on manufacturing, sent the Dow Jones industrials up more than 250 points and to their first close above 9,000 in two months.hr noshade size=1 width=50%>
Factories in China, India and Russia slashed output and jobs at a record pace in December in another sign the world's largest emerging markets were wilting under the recession that has gripped most industrialised nations.