Warren Buffett Is Still Buying Stocks: Hot Trends
The White House's top economic adviser, Gene Sperling, said on NBC's "Meet the Press" on Sunday that effects of the cuts will be felt over time, not necessarily all at once.
"Nobody ever suggested that this... was going to have all its impact in the first few days," he said. "It is a slow grind."
A total of $85 billion in federal spending cuts, otherwise known as the "sequester," went into effect on Friday when lawmakers could not come to terms on how to avoid them. Obama has warned that sequestration could have a damaging effect on an already fragile economy. The spending cuts must be carried out by Sept. 30 if no other solution is found. Congress agreed to the sequester in 2011 after disagreeing on reductions to domestic and defense spending.
The chatter on Main Street (a.k.a. Google, Yahoo! and other search sites) is always of interest to investors on Wall Street. Thus, each day, TheStreet compiles the stories that are trending on the Web, and highlights the news that could make stocks move. -- Written by Brittany Umar.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV