The soccer league sets a record withRead More
its latest round of international
broadcasting rights renewals.
The Greek debt crisis could be the best thing that has happened to the E.U.Read More
The dangerous rhetoric of British academic Phillip Blond.Read More
The Russian billionaire is rumoredRead More
to be bidding for several studios.
Britain's Albert Gubay is pledgingRead More
most of his fortune to charity,
fulfilling a decades-old promise.
Mar 23, 2010
|Evening Market Wrap Tue Mar 23 17:01 2010|| |
Mar 23, 2010 Stocks Post Strong Gains Following Late-Session Rally - U.S. Commentary Stocks rose by significant margins on Tuesday, as the markets digested as a slightly narrower than expected decline in existing home sales and the start of closure on the health care reform front with the signing of the bill. The major averages all closed firmly in positive territory, building on yesterday's solid gains. Full Article
Mar 23, 2010 Existing Home Sales Show Modest Drop In February Amid Winter StormsExisting home sales saw a modest decrease in the month of February, according to a report released by the National Association of Realtors on Tuesday, with modest gains in the Northeast and Midwest offset by softer sales in the South and West. The report showed that existing home sales edged down by 0.6 percent to a seasonally adjusted annual rate of 5.02 million units in February. Full Article
Mar 23, 2010 Fed's Plosser: Monetary Policy Should Be Set On Rule-Based System Philadelphia Federal Reserve President Charles Plosser said Tuesday that a systematic, rule-based system for setting monetary policy will lead to greater economic stability. Speaking at the 2010 European Banking & Financial Forum in Prague, Plosser said that using an interest rate based rule is one way to achieve a stable economy with a simple, systematic monetary policy. Full Article
Mar 23, 2010 Walgreen Q2 Profit Rises On Prescription Sales GrowthDrugstore chain operator Walgreen Co. (WAG) reported Tuesday a year-over-year increase in profit for the second quarter, helped by margin expansion and a 10% growth in prescription sales. Pharmacy sales were impacted by lower incidences of flu, the company noted. Full Article
Mar 23, 2010 Carnival Q1 Profit Declines; Lifts Full-Year ForecastCruise operator Carnival Corp. & plc (CCL, CUK), Tuesday reported a plunge in first quarter profit hurt by higher fuel prices and increased expenses, notwithstanding an 8% growth in quarterly revenues. Looking ahead, Carnival raised its full year 2010 earnings forecast, while providing its second quarter guidance indicated to come in ahead of Street estimates. Full Article
Mar 23, 2010 Perrigo To Buy Privately-held Infant Formula Maker For $808 Mln In CashHealthcare supplier Perrigo Co. (PRGO) said Tuesday that it signed a definitive merger agreement to acquire privately held infant formula manufacturer PBM Holdings, Inc. for about $808 million in cash. The acquisition is expected to close in the company's fiscal 2010 fourth quarter, pending regulatory approval. Full Article
Mar 23, 2010 KB Home Posts Narrower Q1 Loss; Sees Return To Profitability In H2Home builder KB Home (KBH) reported Tuesday a narrower net loss for the first quarter of fiscal 2010, reflecting lower inventory impairment charges and higher housing gross margins. Meanwhile, revenues fell 14% from last year due to fewer homes delivered at lower average selling price. Full Article
Mar 23, 2010 Triumph To Buy Vought Aircraft For $1.44 Bln In Cash, StockAircraft components maker Triumph Group, Inc. (TGI) Tuesday said it reached a definitive deal to buy Vought Aircraft Industries, Inc. from private equity firm Carlyle Group for cash and stock consideration of $1.44 billion including the retirement of Vought debt. The purchase consideration to Vought shareholders includes $525 million of cash and about 7.5 million shares. Full Article
Mar 23, 2010 Google Wins EU Ruling In Ad Keywords CaseThe European Court of Justice on Tuesday ruled in favor of Google Inc. (GOOG) in a court battle with French luxury goods maker LVMH Moët Hennessy Louis Vuitton SA and two other firms over the Internet search giant's AdWords service. The European Union's highest court said that that Google has not infringed trade mark law by allowing advertisers to buy keywords corresponding to their competitors' trade marks. Full Article
Mar 23, 2010 Quadra, FNX Mining To MergeCanadian mining company Quadra Mining Ltd. (QUA.TO) and nickel and copper miner FNX Mining Company Inc. (FNX.TO) announced on Tuesday a definitive agreement to merge the two companies that would create a new intermediate copper producer with Quadra holding the majority stake. The combined company would be named Quadra FNX Mining Ltd. Full Article
Forex Top Story
Mar 23, 2010 Dollar Wobbles With Housing In The Doldrums The dollar continued its recent run of choppy trading on Tuesday amid the release of another round of mixed data from the US housing front. Traders were also focused on developments from Europe, hoping for some resolution on the Greek debt crisis. However, Germany indicated that aid to Greece will not be discussed at this week's European Union meeting in Brussels, fueling concerns that Athens may default on its sovereign debt. Full Article
Mar 23, 2010 Obama Signs Health Care Reform Bill Into Law President Barack Obama Tuesday signed what he called a historic reform of the nation's health insurance system. Obama, who was greeted with chants of "fired up" and "ready to go" by lawmakers in the White House East Room for the signing ceremony, said the signing would mark a new season in America. Full Article
Mar 23, 2010 Despite High Approval, Most Voters Would Not Give Bloomberg A Fourth TermA new Quinnipiac University poll released Tuesday showed that most New York City voters would not vote to re-elect Mayor Michael Bloomberg for a fourth term despite the fact that he has a high approval rating. According to the poll, which surveyed 819 New York City voters March 15 - 21, 58% of New Yorkers would not vote for a fourth Bloomberg term. Full Article
Mar 23, 2010 Senate Banking Committee Passes Financial Regulation Reform By a 13-10 vote, the Senate Banking Committee voted Monday evening to approve a package of reforms of the country's financial regulation, clearing the way for a vote in the full Senate. The vote went completely along party lines, with all 13 Democrats voting for the Restoring American Financial Stability Act of 2010 and all 10 Republicans opposing it. Full Article
Mar 23, 2010 Hatch And Gillibrand Unveil New Cybercrime LegislationSenators Orrin Hatch, R-Utah, and Kirsten Gillibrand, D-N.Y., unveiled legislation Tuesday to enhance U.S. cooperation with other countries to confront the issue of cybercrime. The International Cybercrime Reporting and Cooperation Act would require the President to annually report to Congress on the assessment of the state of countries' use of information and communications technologies in critical infrastructure. Full Article
Mar 23, 2010 DeMint Introduces Legislation To Repeal Health Care Reform BillSenator Jim DeMint, R-S.C., unveiled legislation Tuesday to repeal the health care reform bill signed into law by President Barack Obama earlier in the day. "This fight isn't over yet, Republicans are standing with the American people who are demanding we repeal this intolerable act," DeMint said. "We must repeal this bill and start over." Full Article
Mar 23, 2010 Poll Shows Ellsworth Trails Three Top GOP Candidates In Illinois Senate RaceA new Rasmussen Reports survey released Tuesday showed that Representative Brad Ellsworth, D-Ind., trails all of the top three Republican candidates in Indiana's U.S. Senate race. According to the survey, former Congressman John Hostettler holds a 50% to 32% lead over Ellsworth. Full Article
Mar 23, 2010 13 States File Suit To Declare Health Care Reform UnconstitutionalMinutes after President Barack Obama signed a monumental reform of the nation's health insurance system into law, Attorneys General from 13 states filed a lawsuit seeking to have it overturned. Florida Attorney General Bill McCollum was joined by the Attorneys General from 13 states, which seek to have the health reform bill overturned. Full Article
Chinese users will be redirected to Google's servers in Hong Kong.Read More
Only 14 women in the world have earned their own 10-figure fortunes, and half of them struck it rich in China.Read More
Prime Minister Najib Razak extols the virtues of his economic policies.Read More
CEO Magnus Bocker lays out his goals for the Singapore Exchange.Read More
Governments are using capitalism and free markets to advance their own power and interests.Read More
Personal Finance Daily
MARCH 23, 2010
Tuesday's Personal Finance stories
- Making the most of your back yard
- If you've got kids, you need a will
- Lose less money under new gift-card rules
- What student-loan reform might mean for you
It's not a new trend, but as more people huddle at home to protect themselves from the bad economic weather -- going out to eat less, enjoying their "staycation" -- it's only becoming more popular to make the most of any available outdoor space at home, whether for a vegetable garden or an area for entertaining. Read Hoak's story today for more on the types of improvements homeowners are making.
Certainly, if you're going to make any changes to your living situation, renovating your current home is a lot likelier these days than moving to a new one. Existing-home sales fell in February for the third straight month, according to the National Association of Realtors today. Given that we made our home purchase in January, I guess this is one way my family does not fit into the norm.
-- Andrea Coombes , Personal Finance editor
Money may be tight, but homeowners are still investing in their great outdoors
Homeowners love their yards. They plant gardens, create cozy areas for entertaining, and install decorative elements that they're as happy to look at from the kitchen window as they are from their chaise lounge. And despite the weak economy, that love affair is expected to continue.
See Real Estate.
You'll lose less money under new gift-card rules
Consumers who forget about their holiday gift cards until they pop up during spring cleaning can take comfort in a trio of regulations the Federal Reserve announced Tuesday.
See story on new gift-card rules.
Online checking: Are lower fees worth the hassle?
"Free" checking is often anything but. The majority of Americans have checking accounts at traditional banks with branches. But as concerns over new fees rise and brand loyalty sours, many are finding that the best deals for checking accounts can be found at other places, such as online banks or brokerages.
See story on whether online checking is worth the hassle.
The end of branded credit cards
Some branded credit cards, such as the Starbucks Duetto card, have not made enough money to remain sustainable, Robin Sidel reports.
Watch Video Report.
In the health-care reconciliation bill now in the Senate, there is a provision to make major changes to the federal government's student-loan program. Andrea Coombes takes a look at what this all would mean for borrowers.
Watch Personal Finance Minute.
Geithner: Guarantees for housing can limit crises
Explicit government guarantees for Fannie Mae and Freddie Mac can form the foundation for promoting good mortgage underwriting standards and ease the adverse effects of stress in the financial system on the broader economy, Treasury Secretary Timothy Geithner said Tuesday.
See story on guarantees for housing can limit crises.
Existing-home sales fall for third straight month
Resales of U.S. homes and condominiums fell 0.6% in February to a seasonally adjusted annual rate of 5.02 million, the lowest level in eight months, raising doubts about the durability of the housing recovery, the National Association of Realtors reported Tuesday.
See Economic Report.
Commentary: Housing's dead-cat bounce is deflated again
Looks like there is not enough you-do in that voodoo that Uncle Sam is practicing with housing. The extension and expansion of the home-buyer tax credit that Congress enacted in late November in hopes of spurring sales has only placed a hex on the market.
See MarketWatch First Take.
Commentary: Where have all the buyers gone?
It's the best time in decades to buy a house, and yet, buyers for the most part are nowhere to be found. Interest rates on home mortgages are the lowest they have been in more than 50 years. What is more, the Federal Reserve is committed to keeping rates down.
See Irwin Kellner.
If you've got kids, it's time to make a will
With a new baby in the house, thinking about death isn't fun. But my husband and I have been planning for our demise because we want to make sure that if such an awful event occurs our six-month-old daughter, Eve, will be well provided for. As unpleasant as estate planning can be -- I really dislike reading the words "my last will and testament" -- it's better than leaving important decisions to a judge.
See Diary of a Recession Baby.
Men filing more harassment claims
While there's usually a spike in employment litigation during economic downturns, claims filed by men are on the rise. David McManus, a partner at Morgan Lewis's labor and employment practice, speaks with WSJ reporter Dana Mattioli.
Watch Video Report.
ECONOMY & POLITICS
Fed's Yellen sees tame inflation, years of high unemployment
Janet Yellen, president of the Federal Reserve Bank of San Francisco, said Tuesday she doesn't foresee an "outbreak" of inflation as a result of government efforts to stimulate the economy and that unemployment is likely to remain "painfully" high in coming years.
See story on Yellen's take on inflation, unemployment.
Obama signs historic health-care bill into law
President Barack Obama signed a sweeping overhaul of the U.S. health-care system into law on Tuesday, promising that Americans will see some immediate benefits and invoking the names of leaders who fought for health reform.
See story on health-care overhaul.
Giving more to both kids and charities
Tax advisers are pushing new maneuvers that allow taxpayers to get more money to their children and to their favorite cause--at the same time.
See story on charitable giving.
Are muni bonds the next bubble to pop?
America's states and cities may be going bankrupt, but investors shouldn't worry. Dow Jones Adviser columnist James Altucher explains.
Watch Video Report.
Riding the investment life cycle
The manager of Smead Value Fund prefers large companies that have built high barriers to competition. Moreover, he wants to own shares of companies that can be held 10 years, and which meet an economic need and generate strong free cash flow.
See The Stockpickers.
Ten things we can learn from Michael Lewis
Michael Lewis' new book about the subprime scandal, "The Big Short," is a fascinating, edge-of-the-seat read. But for everyone trying to manage their own finances these days, it's also a gold mine of valuable insights about how the modern economy really functions -- and what you need to watch out for.
See Brett Arends.
Commentary: Market's rise on health reform was no surprise
The stock market on Monday threw investors what looked like a curve ball. Following weekend passage of President Obama's health-care reform bill -- legislation that the advisers I monitor fairly universally thought would be bad for the health-care sector in particular and for the economy in general -- the stock market rose rather than fell.
See Mark Hulbert.
Commentary: Capitalist anarchy and lobbyist bubble
Anarchy? Yes, America is descending into anarchy. No leadership in anarchy, just endless battles, warring fiefdoms competing for power -- shifting power.
See Paul B. Farrell.
Page last updated at 22:27 GMT, Tuesday, 23 March 2010
The French government signals that it is dropping a plan for a tax on domestic carbon dioxide emissions.
Pay cuts for US bailed-out bosses
White House pay tsar tells bosses at five bailed-out firms to take a 15% drop in pay after calling AIG's recent bonuses 'outrageous'.
City traders arrested in FSA raid
Three firms named in FSA insider dealing probe - Deutsche Bank, Moore Capital and BNP Paribas - as six people are arrested.
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