A dour report on job losses in June sent stocks sharply lower Thursday.Major stock indexes were down about 2 percent after the U.S. unemployment rate hit a 26-year high.
Oil prices climbed above $70 a barrel Wednesday.
A report on manufacturing activity shows the sector contracted less than expected in June.
U.S. car giants General Motors and Ford suspended operations on their production lines in Russia Wednesday.
The housing bubble, lax regulatory oversight and an influx of shady loan professionals have made lawmakers uneasy about the safety and soundness of the popular government-backed reverse-mortgage program.
Commodity prices tumbled across the board Tuesday amid a flood of bearish economic data, including an unexpected drop in consumer confidence.
A look at Obama's proposal to create a Consumer Financial Protection Agency:
Layoffs tied to the troubled housing and autos industries clobbered the West and Midwest in May and helped raise unemployment rates in all the largest metropolitan areas for the fifth straight month.