Financial Headline News for Tuesday 6/7

Wall Street shed early gains after Fed Reserve Chairman Ben Bernanke gave a gloomy economic outlook to continue its losing streak. The Dow was down 19 and the S&P and NASDAQ were down slightly at around 1 each.

NBC retains the Winter and Summer Olympics until 2020 beating out ESPN/Disney and Fox.

Consumers borrowed more in April for the 7th consecutive month but thankfully credit card borrowing fell.

The top financial stories today were:

1)Bernanke's Talk Kills Stock Rally-From The Wall Street Journal
A gloomy economic assessment from Federal Reserve Chairman Ben Bernanke erased an earlier stock rally, sending major indexes in the final minutes of Tuesday's session to their fifth consecutive drop.

The Dow Jones Industrial Average closed down 19.15 points, or 0.2%, to 12070.81. The blue-chip index has dropped 4% during its five-day skid, its longest losing streak since August. The Dow rose as much as 89 points Tuesday afternoon prior to Mr. Bernanke's comments, but turned negative during the remarks and finished at its lowest closing level since March 22.
The Standard & Poor's 500-stock index dropped 1.23 points, or 0.1%, to 1284.94, led lower by the technology and telecom sectors. The index, which has dropped 4.5% during its five-day losing streak, hit its lowest closing level since March 18.

2) NBC retains the Olympics-From The Wall Street Journal
NBCUniversal continued its Olympic sweep, winning the rights to televise the next four Olympic Games through 2020, according to people familiar with the matter.

The International Olympic Committee is scheduled to announce the deal later on Tuesday.

The media company offered more than $4 billion for the rights to four consecutive Olympic Games beginning in 2014, according to one of the people familiar with the matter, beating out News Corp.'s Fox, which also bid for four games, and ESPN.

3) Consumers borrowed more in April for the 7th consecutive month-From AP
Americans borrowed more money in April for the seventh straight month, but they cut back on using their credit cards.

Consumer borrowing rose by nearly $7.2 billion, fueled by greater demand for school and auto loans, the Federal Reserve said Tuesday. A category that measures credit card use fell for the second time in three months. It has risen only twice since August 2008, the height of the financial crisis.

The 3.1 percent overall increase pushed consumer borrowing to a seasonally adjusted annual level of $2.43 trillion, just above the nearly four-year low of $2.39 trillion hit in September.

The report includes auto loans, student loans and credit cards, but excludes mortgages and loans tied to real estate. The Fed will give a more complete picture of Americans' debt on Thursday when it issues its quarterly report on household net worth.

Households began borrowing less and saving more to cope with the recession, which ended in June 2009. Credit card use has plummeted nearly 19 percent over the past 20 months and it has dropped 5 percent over the past year.

Inspirational Quotes from Twitter@Inspire_Us .

You never achieve success unless you like what you are doing. -Dale Carnegie