“Today marks the beginning of a new chapter in the relationship between the United States and Burma,” Obama [...]]]> President Barack Obama announced the long-awaited nomination of Asia policy expert Derek J. Mitchell to be U.S. Ambassador to Burma Thursday, putting the final touches on a series of diplomatic gestures to the country in recent months.

“Today marks the beginning of a new chapter in the relationship between the United States and Burma,” Obama said in a statement.

The major averages saw further downside going into the close, ending the session at or near their lows for the [...]]]> Stocks saw substantial weakness during trading on Thursday, as traders reacted negatively to a disappointing batch of U.S. economic data. Lingering concerns about the financial situation in Europe also continued to weigh on the markets.

The major averages saw further downside going into the close, ending the session at or near their lows for the session. With the losses on the day, the major averages extended the downward move seen throughout the month of May.

The Senate voted 74 to 21 to confirm investment banker Jerome Powell and voted 70-24 to confirm Harvard economist Jeremy Stein.

“It would be preferable to resolve this diplomatically through the use of pressure than to use military force,” Shapiro said Tuesday to the Israel Bar Association.

“But [...]]]> A U.S. military option is not just available but ready to go if Iran does not halt its nuclear program, according to U.S. Ambassador to Israel Daniel Shapiro.

“It would be preferable to resolve this diplomatically through the use of pressure than to use military force,” Shapiro said Tuesday to the Israel Bar Association.

“But that doesn’t mean that option is not fully available. Not just available, but it’s ready,” he added.

The Conference Board said Thursday its leading economic index edged down by 0.1 percent in April following a 0.3 percent increase in March. Economists had expected the index to inch up by [...]]]> After rising for six consecutive months, the Conference Board’s leading economic index unexpectedly showed a modest decrease in the month of April.

The Conference Board said Thursday its leading economic index edged down by 0.1 percent in April following a 0.3 percent increase in March. Economists had expected the index to inch up by 0.1 percent.

The Philly Fed said its diffusion index of current activity tumbled [...]]]> Activity in the Philadelphia-area manufacturing sector unexpectedly contracted in the month of May, according to a report released by the Federal Reserve Bank of Philadelphia on Thursday, with the index of activity in the sector turning negative for the first time in eight months.

The Philly Fed said its diffusion index of current activity tumbled to a negative 5.8 in May from a positive 8.5 in April, with a negative reading indicating a contraction in regional manufacturing activity.