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NEW YORK (MarketWatch) -- Wall Street scaled back its losses Monday as investors looked beyond Citigroup Inc.'s likely cancel of $11 billion more in credit-related losses to focus on stocks outside the embattled financial sector."As starting to reignite the concerns with that black hole that is the credit derivatives market, calmer minds prevailed -- precisely what does credit have to do with Apple, Google?" said Art Hogan, chief market strategist at Jefferies & Co."Yes, financials are likely to look bad for some time, but that doesn't mean other sectors aren't faring well," Hogan said.Down more than 150 points earlier on, the Dow Jones Industrial Average closed down 51.7 points, or 0.4%, at 13,543.4, with 19 of the 30 components lower.Citigroup led the Dow's declines, its stock slumping 4.9%, after it stirred investor discontent featuring its announcement that Charles Prince would step down as chairman and us president of the largest U.S. bank, which is also looking at writing off around $11 billion more of the $55 billion in subprime-related securities it holds. .Stocks pared their losses following the Institute for Supply Management reported nonmanufacturing sectors of the U.S. economy in October grew a lot more than economists expected, using the ISM index rising to 55.8% from 54.8% in September. The ISM data was "a small bit better than estimates so it helps a little bit," said Owen Fitzpatrick, head from the U.S. equity group at Deutsche Bank. "Industrials bounced essentially the most, and some of the rails are up," said Fitzpatrick, pointing to United Technologies Corp. , which lately was up 0.6%.The S&P 500 was down 7.48 points, or 0.5%, to a single,502.17, while the Nasdaq Composite shed 15.20 points, and a drop of 0.5%, to 2,795.18.Volume on the New York Stock Exchange came to 1.5 billion, and declining stocks outran advancing issues about 3 to at least one. On the Nasdaq, more than 2.1 billion shares exchanged hands, and decliners topped advancers more than 2 to 1.Financials falloutIn the wake of Citigroup's disclosures and top-management shakeup, the shares of rivals Merrill Lynch & Co. , Bear Stearns Cos. , Credit Suisse Group and Barclays were all the subject of brokerage downgrades."What were once just concerns about credit have graduated with a full-blown panic," said Kevin Giddis, md, fixed income, Morgan Keegan & Co.Other developments on the corporate front included Dell Inc.'s disclosure the computer manufacturer had inked a partnership to acquire storage supplier EqualLogic approximately $1.4 billion in cash.Ford Motor Co. and the United Auto Workers reached a tentative contract agreement, such as a memorandum of understanding to put together an independent health-care trust for retired workers. And shares of PetroChina Co. a lot more than doubled in their Shanghai debut, giving the oil giant a $1 trillion market capitalization and easily passing Exxon Mobil Corp. as the world's largest company. In commodities trading around the New York Mercantile Exchange, crude-oil futures fell $1.95 to shut at $93.98 a barrel. .Gold futures gained $2.30 to get rid of at $810.80. .Treasury prices were off, with the benchmark 10-year note off 4/32 to 103 7/32, its yield falling to 4.344%. .European shares traded at a negative balance with credit-market jitters within the news as a private-equity fund withdrew its offer to get the U.K. supermarket chain J Sainsbury. And overnight, Hong Kong stocks skidded after comments by China's premier raised concerns which a plan to let Chinese investors buy Hong Kong stocks could face delays. .By Kate Gibson
A small NASA spacecraft embarks over a two-year mission this weekend to offer scientists their first view of the happenings near the solar system.The Ibex probe, short for Interstellar Boundary Explorer, will study a chaotic region in space where the solar wind from your sun clashes with cold gases from interstellar space.The solar wind, a stream of charged particles spewing in the sun at 1 million miles per hour, carves out a protective bubble throughout the solar system. This bubble known as the heliosphere shields against most dangerous cosmic radiation that would otherwise interfere with human spaceflight.Scientists recently learned that the solar wind pressure are at its weakest level in 50 years, although the exact reason remains mysterious. Ibex could help confirm whether or not the heliosphere is shrinking.Observations from Ibex should help researchers in "unlocking the tips for this important interaction relating to the sun and the galaxy," said David McComas from the Southwest Research Institute in Seattle, washington. He is chief scientist for the $165 million mission.Ibex, the size of a bus tire, will be launched aboard a Pegasus rocket that is to be dropped from an aircraft over a Pacific atoll on Sunday.The rocket will lift Ibex 130 miles above Earth and place it into orbit. The spacecraft will then fire its solid rocket motor to loft itself even higher, eventually to 200,000 miles above Earth.Ibex will expand the discoveries with the long-running twin Voyager spacecraft launched in 1977 look around the outer planets. The deep-space, manmade probes have since sailed past the outer planets and therefore are headed out of the solar system.Unlike the Voyager craft, Ibex will not barrel through space, but alternatively will do its job from high-Earth orbit. The probe carries two sensors that will collect information about the solar wind's mass as well as from all directions.NASA sees no quick solution for broken Hubble telescopeNASA's efforts to have the ailing Hubble Space Telescope working again have hit a snag, and engineers making the effort to figure out their alternative.Officials had hoped to get the 18-year-old observatory back in business Friday, after it stopped sending pictures 21 days ago. But a pair of problems cropped up Thursday, now recovery operations are stored on hold.It's unclear how much time the telescope will be prevented from transmitting its stunning photos with the cosmos.The soonest it could be operating fully again is late next week, said Art Whipple, a Hubble manager. At worst, the observatory might remain inactive until astronauts arrive which has a replacement part next year."We're still optimistic," he told reporters Friday.Flight controllers at Goddard Space Flight Center in Greenbelt, Md., began the lengthy process of restoring data transmission on Wednesday. Everything was going well, until late Thursday afternoon.First, a low-voltage power problem prevented certainly one of Hubble's cameras from being rebooted properly, and then computer trouble struck and all sorts of efforts ceased.It's prematurily . to know whether the two problems are related, said Whipple."We're in the early stage of experiencing a mountain of information that has been downloaded over the past 24 hours," he stated at a news conference.Hubble's command and data-handling system for science instruments failed late recently and prevented the telescope from capturing and beaming down data used to create the pictures in which Hubble is known.Because of the breakdown, NASA delayed its final Hubble repair mission by shuttle astronauts which was set for October. The mission won't happen until a minimum of February, possibly later.The most recent setback is not expected to further delay the shuttle mission, Whipple said.The recovery efforts involved switching with a backup channel for that command and data-handling system that had been dormant since the telescope was launched in 1990. That part, at least, seemed to go well, Whipple said.Up to now, this isn't the longest that Hubble continues to be inactive since NASA's 1993 pursuit to correct its blurred vision. In 1999, science operations were halted six or seven weeks because of gyroscope failures that were remedied by astronauts whose flight quickly followed the breakdown.
Wall Street plunged anew Friday, hurtling the Dow Jones industrial average down more than 280 points after comments from the Bear Stearns executive reinvigorated the market's fears of an widening credit crunch.The drop of greater than 2 percent in major stock market indexes would be a fitting end two volatile weeks on Wall Street and followed back-to-back late-day triple digit gains in the Dow. This time, the catalyst for a sharp skid was Bear Stearns Cos. Chief Financial Officer Sam Molinaro, who described turmoil from the credit market because worst he'd noticed in 22 years.According to preliminary calculations, the Dow fell 281.42, or 2.09 percent, to 13,181.91.Broader stock indicators also fell. The typical & Poor's 500 index dropped 39.14, or 2.66 percent, one,433.06, and the Nasdaq composite index fell 64.73, or 2.51 percent, to two,111.25.Small-capitalization stocks were hit hard again Friday, partly since the global economy keeps growing faster than that of the United States. Investors often contend profits at larger information mill more likely to hold up amid a U.S. slowdown because most of their business is used by overseas. The Russell 2000 index of small-capitalization stocks fell 28.58, or 3.65 %, to 755.41.The session also saw a notable increase in the bond market, as investors fled towards the relative safety of fixed-income investments. The yield on benchmark 10-year Treasury note fell to 4.70 percent from 4.77 percent late Thursday. Bond prices move opposite yields.Stocks started the day with a decline as soon as the government said jobs growth was not as strong not surprisingly last month and a trade group reported the nation's service sector grew with a slower pace than expected in July. Then, credit concerns, which have dogged investors for months and have roiled markets since yesterday, weighed on investor sentiment again; Standard & Poor's Ratings Services lowered its credit outlook on Bear Stearns Cos. to negative from stable due to investment bank's experience of the distressed mortgage and company buyout markets. The stock fell $7.28, or 6.3 %, to $108.35."I think you will find there's tremendous amount of uncertainty pertaining to the credit markets and the way the situation will ultimately settle," said Mike Malone, trading analyst at Cowen & Co.Investors remain worried that problems in subprime mortgages — those created to borrowers with poor credit histories — will force lenders to generate credit less available. When we and companies can't take a loan as easily, the economy is likely to slow down."There is not going to be wedding party clear signal that means everything is OK," Malone said, speaking about the subprime worries. "I think it requires time and the equity finance industry is going to experience heightened volatility."Investors could possibly be in for more volatility from the coming week, which not simply includes economic figures on productivity and credit score, but also brings a meeting with the Federal Reserve's Open Market Committee, containing left short-term interest rates unchanged within the last year. Investors might be looking to its statement following its meeting for any word on the mortgage and credit markets.The unease within the mortgage market and tightening credit Friday again dragged down financial stocks, which has been hard hit in recent weeks. Lehman Brothers Holdings Inc. fell $4.67, or 7.7 percent, to $55.78; its previous 52-week low was $58.85. Merrill Lynch & Co. fell $2.50, or 3.5 percent, to $70.05. During the session the stock fell below its previous 52-week low of $69.14. no previous page next 1/2
Israel's Cabinet on Tuesday overwhelmingly approved an emotionally charged deal to trade a Lebanese militant convicted of killing three people for two main Israeli soldiers captured by Hezbollah guerrillas and believed to be dead.The swap is because of take place on Wednesday under U.N. supervision with a seaside border crossing.Hezbollah has provided no evidence that Ehud Goldwasser and Eldad Regev are alive, and possesses not allowed the Red Cross to find out them since they were captured in the July 2006 cross-border raid. Israeli Pm Ehud Olmert told his Cabinet last month that Israel believes the lads did not survive.The deal, approved in a 22-3 vote, reflects the country's commitment to its soldiers that they may never be left behind in the field. It also will close an excruciating chapter from Israel's inconclusive war against Hezbollah, which has been sparked by the soldiers' capture.Zvi Regev, Eldad's father, said he was longing hope his son may still be alive."I really hope this nightmare can easily tomorrow," he told Israel Radio. "We need whatever will be. We need to be strong and accept it for better and for worse."Critics have declared that by trading bodies for prisoners, Israel is giving militants little incentive to maintain captured soldiers alive. Even though polls suggest a large most of Israelis support the exchange, many Israelis were anguished with the prospect that Samir Kantar would go free.Kantar is serving multiple life terms to the 1979 killing associated with an Israeli policeman, a civilian and the 4-year-old daughter in Israel. The child's terrified mother accidentally smothered her 2-year-old daughter inside a desperate effort to hold her from crying out while they hid within a crawl space within their apartment.CBS News correspondent Robert Berger reported that Israel had decided to release a total of five Lebanese prisoners, including Kantar, inside the deal.On Tuesday evening, Israeli President Shimon Peres is expected to sign a document pardoning Kantar."It's not only a happy choice," Peres said prior to the Cabinet vote. "On one hand, we've got the most terrible murderer. Alternatively, we have our persistence for our boys who were sent to fight for their country. It is our moral duty and our heartfelt would like to see them come back." Construction Minister Zeev Boim was one of many three Cabinet members to oppose the deal. He said he was afraid the swap will make it harder for Israel to win the release of a third Israeli soldier, held by Gaza militants and believed to be alive.Palestinian gunmen affiliated with Gaza's ruling Hamas group seized Sgt. Gilad Schalit 3 weeks before Hezbollah captured both soldiers from Israel's northern border."No one should be surprised if Hamas will raise the price for freeing him," Boim said. "There is a basis to assessments that there are no need to keep Israeli soldiers alive in captivity because Israel will probably pay a high price even for bodies."A U.N.-appointed German official mediated the agreement, that this Cabinet tentatively approved June 29.Final authorization was delay until Israel received a written report from Hezbollah on what became of an Israeli airman who disappeared in Lebanon 22 years back.On Monday, Pm Ehud Olmert accused Hezbollah of having submitted an "absolutely unsatisfactory" report, but government officials had said that the report wouldn't be a deal-breaker.Over the weekend, Hezbollah transferred photographs, diary excerpts as well as an 80-page report that claimed Ron Arad died, but would not give a full account of his fate.In October 1986, Arad, then 28, parachuted out of his malfunctioning fighter jet on a mission over Lebanon. A Lebanese militant group captured him, but reports that they was later utilized in Hezbollah and then to Iran haven't been confirmed.Together with handing over Kantar, Israel had also consented to release four other Lebanese prisoners as well as the bodies of 199 Lebanese and Palestinian fighters killed in clashes over time.The Lebanese prisoners will not be handed over until the soldiers are positively identified, either with the crossing or in Jerusalem, if Paternity testing is deemed necessary. Red Cross officials met with Kantar as well as the other Lebanese prisoners , and received their approval to send back home.
The research also identifies the 'best of the best' -- the elite of the UK's boardrooms: Sir Dominic Cadbury, former chairman, Cadbury Schweppes plc Jon Foulds, former chairman, Huntsworth Plc Ronnie Frost, former chairman, Hays Plc Ian Irvine, former chairman, Reed Elsevier Plc Eric Kinder, former chairman, Smith & Nephew Plc Sir Allan Leighton, chairman, Royal Mail Sir Rob Margetts CBE, chairman, Legal & General Group Plc Lord Marshall of Knightsbridge, former chairman, British Airways Plc Sir Peter Thompson, chairman, Phoenix Asset Management
NEW YORK (MarketWatch) -- U.S. stocks were higher on Monday, like a slew of merger news -- including Alcoa Inc.'s $33 billion bid for rival Alcan Inc. -- lifted spirits. Though the market's momentum remained contained in front of the Federal Reserve's meeting on interest rates later this week.The market is getting "pushed forward" by merger news, falling oil prices and falling yields on long-term Treasury bonds, said Marc Pado, market strategist at Cantor Fitzgerald."But I'm sure that we're going to use up all your steam here, potentially following your [Fed] meeting, and see the market finally settling in for a little consolidation," he tells MarketWatch The Dow Jones Industrial Average was up 40 points at 13,305, as 19 of the company's 30 components advanced, led by gains just like Boeing Co. , AIG , and United Technologies Corp. .The blue-chip average is approaching an 80-year record for that longest streak of gains with only three down days involving. If the Dow ends higher Monday, it will match the previous record, set in 1927, when the average rose 24 away from 27 sessions."The continued surge in stocks is flying facing a decidedly weakening economy," said Paul Nolte, director of investments at Hinsdale Associates, referring to Friday's news of a weak April employment report."The flipside on the economic numbers has become the huge amount of merger news," he explained.Leading the gains among blue chips Monday, Alcoa rose 6.2%. The aluminum giant has offered $73.25 a share, or $33 billion, in cash and stock for Canada's Alcan . The offer represents a 32% premium to Alcan's average closing price over the past 30 days.Alcan's stock jumped 32%.The S&P 500 index advanced 3.3 points to 1,508, while the Nasdaq Composite advanced 0.8 points to 2,572.Among technology shares around the Nasdaq, Yahoo Inc. was probably the most heavily traded stock, losing 2.1%. An investigation late Friday said Microsoft Corp. was no longer holding talks about a possible merger with Yahoo. Though the move was outweighed by Dell Inc. , which rose 1% in heavy volume after the computer maker stated it would support Microsoft's and Novel Inc.'s effort to integrate their respective systems -- Windows and Linux.Trading volumes showed 773 million shares exchanging hands on the New York Stock trading game and 999 million on the Nasdaq stock market. Advancing issues outpaced decliners by 17 to 14 about the NYSE, while decliners outpaced gainers by 15 to 13 for the Nasdaq.By sector, gold , airlines , and insurance led increases in size. Internet , broker/dealers and oil fell.The broad market received little support from falling oil prices, because the shares of oil companies also fell.Crude slipped 74 cents to $61.20 a barrel, continuing a five-session losing streak, because the market re-evaluated supply. Monday mergersElsewhere, BAE Systems offers $88 a share, or $4.1 billion, for defense contractor Armor Holdings , which gained 5.4%.Rio Tinto rose 2.6% after analysts said BHP Billiton could afford to buy the company. Increases extended a rise in the miner's shares after Merrill Lynch said that a private-equity consortium meet the expense of to buy BHP Billiton .Merger activity and share buybacks have remained key drivers in the market's advance as cash-rich companies put their money to use. An inferior pool of overall stock, along with speculation about more mergers, helps lift the broad market.Still, investors will also be now faced with the reality of a slowing economy, as shown in last week's below-par employment report for April. Attention will be turning toward the Federal Reserve, which meets Wednesday to decide on interest rates.While the Fed is widely expected to leave rates unchanged, investors hope it's going to acknowledge signs of a slowing economy, which may open the door for rate cuts later this coming year.Other markets Later in the week, the European Central Bank is expected to leave interest rates unchanged -- but also to signal a June rate rise. Gold futures rose 70 cents to $690.40 an oz .. Corporate newsElsewhere, Motorola shares dropped 1.3% as Carl Icahn is caused by push for a seat on its board at the meeting in Chicago.ABN Amro fell 1.8%. The Dutch bank refused a $24.5 billion offer for its LaSalle operation from banks led by the Royal Bank of Scotland, saying lots of conditions are attached. Instead it prefers a $21 billion offer from Bank of the usa .News Corp., which is bidding $5 billion for Dow Jones, sold a stake in Australia's Fairfax Media for 380 million Australian dollars. Dow Jones has the Journal and MarketWatch, the publisher of this report.Warren Buffett's Berkshire Hathaway said first-quarter earnings rose 12% on insurance gains. He warned over the weekend that global warming could increase hurricane losses at its catastrophe reinsurance unit.By Nick Godt