The Dow Jones Industrial Average briefly edged above 11,000 Friday, but finished just below the mark, as promising economic data and waning Greece debt fears helped power the assent, while investors began looking to company earnings next week.
The Dow, which finished the day after adding 70 points, or 0.6%, to 10,997, crossed the 11,000-point threshold near the closing bell for the first time since September 2008. The S&P 500 improved 8 points, or 0.7%, to 1194, while the Nasdaq went ahead by 17 points, or 0.7%, at 2454.
The tech-heavy Nasdaq also led the other major averages for the week, adding 2.1%. The S&P gained 1.4% since last Thursday’s close, while the Dow picked up 0.6%.
If you are asking that question you may find this article a bit disconcerting.
IEA slashes forecast for oil demand – again
Agency sees global demand declining by 2.4 million barrels per day in 2009 amid recession.
Continue reading “Is it a good time to invest in oil?”
NEW YORK (CNNMoney.com) — Oil ended just shy of $50 a barrel Thursday as investors weighed a glut in supply amid dour sentiment about the economy. Crude oil for June delivery added 77 cents to finish the day at $49.62 a barrel.
Continue reading “Still thinking of investing in oil?”
Bank of America CEO Ken Lewis heads to Capitol Hill on Thursday, and he’s likely to be grilled by lawmakers about the government’s role in ensuring that the bank complete its controversial merger with Merrill Lynch.
According to emails released Wednesday that pull back the curtain on heated negotiations, Federal Reserve Chairman Ben Bernanke had suggested to another Fed official that “management is gone,” if BofA managers tried to flee the deal and later on needed further government assistance.
Continue reading “BofA CEO Ken Lewis pressured by Fed”
NEW YORK (CNNMoney.com) — A federal judge sentenced Bernard Madoff, the convicted mastermind of the largest and most sweeping Ponzi scheme ever, to the maximum sentence of 150 years in federal court Monday.
Judge Denny Chin of U.S. District Court in New York announced the sentence just moments after Madoff apologized to his victims.
“I live in a tormented state for all the pain and suffering I created,” Madoff said. “I left a legacy of shame. It is something I will live with for the rest of my life.”
Turning to face some of his victims, he addressed them directly: “Saying I’m sorry is not enough. I turn to face you. I know it will not help. I’m sorry.”
Madoff said he was not asking for forgiveness and not offering any excuses for his behavior.
“How can you excuse betraying thousands of investors?” he asked. “How can you excuse deceiving hundreds of employees? How can you excuse lying to and deceiving your wife who still stands by you?”
Victims urged a judge to hand down the maximum life sentence against Bernard Madoff, the mastermind of the largest and most sweeping Ponzi scheme ever.
Michael Jackson was pronounced dead at a Los Angeles hospital Thursday after the 50-year-old pop star was found not breathing at his home earlier in the day.
His death was caused by cardiac arrest, according to his brother Jermaine. But Jermaine Jackson cautioned that the cause of the singer’s death won’t be known until an autopsy is performed. He says the singer’s personal doctor and paramedics had tried to resuscitate him at his home.
Continue reading “Michael Jackson dead at 50”
The bankrupt U.S. automaker plans to eliminate more than 6,000 salaried jobs in total this year, the Wall Street Journal reports.
The accelerated plan to cut jobs will be made through a combination of layoffs and job-buyout incentives, GM spokesman Tom Wilkinson said, the Journal reports. Employees on Tuesday received letters notifying them of their options.
Continue reading “General Motors to cut 4,000 jobs by October”
On June 11, 2009, BlackRock announced it has agreed to acquire Barclays Global Investors (“BGI”), including its market-leading iShares ETF platform, from Barclays PLC. The combination of BlackRock and BGI would result in two market leaders in active and index strategies, forming one fully-integrated and independent asset management firm that will operate under the name BlackRock Global Investors (“BlackRock”). The transaction is expected to be completed in the fourth quarter of 2009, subject to necessary shareholder and regulatory approvals and other customary closing conditions, with the initial integration of both firms’ operations shortly thereafter.
Continue reading “BlackRock Agrees to Purchase BGI”
Nearly three months after American International Group (AIG Quote) bonuses provoked an angry reaction in Congress, the Obama administration is ready to issue broad new principles on how to compensate top financial sector executives.
Continue reading “Obama to set new compensation guidelines for TARP Funds”