Nov 3, 2010

MarketWatch: Personal Finance Daily

Personal Finance Daily

NOVEMBER 03, 2010

Wednesday's Personal Finance stories

By MarketWatch

Don't miss these top stories:

The election uncertainty is over, for the most part (notwithstanding the Alaska Senate race). We know that come January, Republicans will control the House and Democrats the Senate. What is still entirely unclear is what will happen next with regard to tax law.

Still awaiting lawmakers' attention: the alternative minimum tax, the estate tax and a slew of so-called extenders' provisions. But what investors are probably watching most closely is the Bush-era income, capital-gains and dividend tax breaks, set to expire at the end of this year.

Read our stories today looking at what it all means for investors, plus read the details on the Fed's plan to buy $600 billion worth of Treasury bonds.

Some of my sources are telling me Congress may not even start dealing with the expiring Bush tax breaks until next year. Talk about uncertainty.

—Andrea Coombes , Personal Finance editor

TAXES

Investor anxiety lingers on taxes after election

Investors will know the new shape of the political and economic landscape by Wednesday afternoon. But one needling question looming over the market: Will the Bush era-tax cuts set to expire at year's end be extended?
Read how investor anxiety lingers on taxes after election.

Investors: Bet on growth over tax policy

Voters made a choice on Tuesday, now investors have to make one, too.
Read why investors should bet on growth over tax policy.

HEALTH CARE

Wireless armbands make weight control easier

It's that time of year when many people realize anew that losing weight or even maintaining it can be frightfully hard.
Read more on wireless armbands make weight control easier.

INVESTING

A retrospective on the Greek debt crisis

Ho, hum.Yet another sovereign-debt crisis passes into the history books, and the stock market rallies.
See more: A retrospective on the Greek debt crisis.

Everything you need to know about QE2

With market expectations universally pricing in some degree of quantitative easing by the Federal Reserve when they meet this week, the only remaining question is: How much?
Read more on everything you need to know about QE2.

THE JOB MARKET

Oct. private-sector employment up 43,000, ADP says

Private-sector employment rose 43,000 in October, a climb that nonetheless is not strong enough to lower the unemployment rate, according to a report released Wednesday by ADP.
Read more on ADP's private-sector employment report.

ECONOMY & POLITICS

Federal Reserve to buy $600 billion in bonds

The Federal Reserve pledged on Wednesday to start a controversial new $600 billion bond-buying spree to rescue the economy from its current doldrums.
Read more about the Federal Reserve's plan to buy $600 billion in bonds.

Commentary: Unprecedented action, limited impact

The Federal Reserve agrees with the voting public: The economic recovery is "disappointingly slow."
Read more on Federal Reserve's unprecedented action — and its limited impact.

Conciliatory Obama vows to work with GOP

President Barack Obama said Wednesday that he'll work with newly empowered congressional Republicans a day after they won control of the House of Representatives as he also defended some of his actions on the economy.
Read how a conciliatory Obama vows to work with GOP.

Republicans to challenge Obama after victory

A day after Democrats suffered deep losses in U.S. elections, President Barack Obama and Republican leaders vowed to work together on ways to create jobs and improve a weak economy.
Read more: Republicans to challenge Obama after victory.

Republicans also score big in state elections

Republicans are better positioned for long-term success in Congress after winning the governorship in 10 states as well as dozens of state legislature chambers.
Read more: Republicans also score big in state elections.

Top Republican pledges financial reform scrutiny

Following the GOP takeover of the House in Tuesday's midterm election, a key Republican said Wednesday that the top priority for Republicans is to provide "vigorous" oversight of the Obama administration's efforts to reform banking and housing.
Read more: Top Republican pledges financial reform scrutiny.

Commentary: Time for tea party to balance the budget

Thank God the midterm election is over. Now we can kick back and watch Kentucky's new senator, Rand Paul, balance the budget. Good luck with that.
Read more: Time for tea party to balance the budget.

Republican tidal wave misses California

The Republican wave that swept the nation in Tuesday's midterm elections appeared to steer clear of California, as voters were returning Jerry Brown to the governor's office and fellow Democrat Barbara Boxer was barely keeping her Senate seat, early returns showed.
Read how the Republican tidal wave missed California.

Washington, Alaska races face long delay

Don't blame election officials, blame the system.Figuring out who won a hotly contested Senate race in Washington could take days, and several weeks in Alaska, officials from each state said Wednesday.
Read how Washington and Alaska Senate-race results face long delay.

GOP takes House, Democrats keep Senate

American voters again opted for change in Tuesday's midterm elections, but not too much change.
Read more: GOP takes House, Democrats keep Senate.

GM Sets Terms for $13 Billion IPO, Gives Earnings Forecast: CNBC Evening Brief.-

LATEST STORIES
	GM Sets Terms for $13 Billion IPO, Gives Earnings Forecast Fed to Spend $600 Billion More to Help Boost Economy Obama Sounds Conciliatory, Calls for Common Ground Cramer Praises 'By-Any-Means-Necessary' Bernanke Chesapeake Results Exceed Wall Street Expectations

»click here to see the latest top stories from CNBC.com

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FINANCIAL AND FOREX INFO NEWS: The Australian Capital Circle.- Gillard lashes banks as Hockey crows

FINANCIAL AND FOREX INFO NEWS

FROM:

Gillard lashes banks as Hockey crows

Joe Hockey's call to get tough on banks has paid off in spades.

Julia Gillard has hit out at the major banks on morning television, saying there is really no justification for rate rises above that mandated by the Reserve Bank.
The PM said she is angry with the big four banks and has urged people to vote with their feet and change banks if they aren't happy. Anger with the banks is palpable and is driving the day across the country.
Opposition Treasury spokesman Joe Hockey - the man who began the push for tougher regulation on banks - writes for the Punch this morning.
"Two weeks ago I decided to take a public stand on behalf of ordinary Australians. Home buyers, consumers and small business are sick and tired of being taken for a ride by the banks, who time and time again increase their interest rates above and beyond the official movements of the Reserve Bank. I've had my critics - but if that means I'm standing up to a guy who earns $50,000 a day, while the customers who underwrite his business earn $50,000 a year - then I'll cop it. A strong banking sector is vital, but at the same time banks have an obligation to give something back to the community.''

David Uren reports that Wayne Swan has heard the complaints and will act. Mr Swan "wants to include backing for the mortgage bond market and a new safety net to replace bank deposit guarantees. These will be in the Treasurer's plan to force more competition into the banking sector. Taking an aggressive stance before heading to Beijing, Mr Swan yesterday warned the nation's big four banks that they should not underestimate his determination to push through changes designed to discipline them and assist their competitors.
Scott Murdoch writes that "WESTPAC chief executive Gail Kelly has called for calm in the escalating battle ... Mrs Kelly said there was a "misconception" that there w

FINANCIAL & FOREX INFO NEWS: The Australian Business Briefing

FINANCIAL & FOREX INFO NEWS

FROM :

Fed to spend $US600bn on new stimulus
	Luca Di Leo and Tom Barkley THE Federal Reserve unveiled a controversial new plan to buy $US600 billion in US bonds, hoping to spur growth in a sluggish US economy.

Wall Street closes at a two-year high
	Jonathan Cheng THE Dow lurched to a two-year closing high after volatile trading session, sparked by the elections and the Fed's quantitative easing.

News earnings jump as ads rebound
	Nat Worden NEWS CORPORATION'S earnings climbed 36 per cent in its first quarter after a rebound in advertising markets.

Lawyer clashes with ACCC over Pratt
	Exclusive: Richard Gluyas TENSION between the competition watchdog and law firm Arnold Bloch Leibler over the late billionaire Richard Pratt exploded in a courtroom.

AGL's power price warning
	Exclusive: Matt Chambers AGL Energy chief Michael Fraser has warned the NSW government he will build power stations to compete with state-owned retailers.

Westpac warning as profit soars
	Scott Murdoch WESTPAC warned consumer and business credit growth remains subdued and a margin squeeze is being intensified by pressure on funding costs.

Float ahead as Lowy shakes up Westfield
	Florence Chong WESTFIELD Retail Trust will list next month as part of a radical shake-up of the Lowy family's shopping centre empire.

After the results, a buffeting for banks
	Scott Murdoch THE major Australian banks face intensifying revenue headwinds, despite record earnings being achieved for the past financial year.


Financial Markets

$A hits new post-float high on US move
	Bradley Davis THE Australian dollar reached new post-float highs above $US1 today after the Federal Reserve's decision on a new stimulus plan.

Oil prices climb at six-month highs
Gold to gain from Fed plan: analysts


Financial Markets Coverage


Mining & Energy

Oil prices climb at six-month highs
	Jerry DiColo and Dan Strumpf OIL prices settled higher today, hitting a fresh six-month high after the Federal Reserve's decision to stimulate the economy.

Gold to gain from Fed plan: analysts
Russian rival weighs bid for Potash Corp

Stocks See Modest Gains After Fed Announces $600 Billion In QE2 -U.S. Commentary. RTTNews Evening Market Wrap

Evening Market Wrap Wed Nov 3 17:01 2010

Commentary

Nov 3, 2010 Stocks See Modest Gains After Fed Announces $600 Billion In QE2 -U.S. Commentary After seeing considerable volatility, stocks ended Wednesday's trading modestly higher, as traders reacted to the Federal Reserve's plan to purchase $600 billion in bonds in its second quantitative easing program. The major averages showed big swings following the Fed announcement but eventually closed above the unchanged line. Full Article

Economic News

Nov 3, 2010 U.S. Service Sector Activity Expands At Faster Than Expected Pace Activity in the U.S. service sector expanded for the tenth consecutive month in October, the Institute for Supply Management revealed in a report on Wednesday, with the pace of growth in the sector accelerating by more than economists had been anticipating. The ISM said its non-manufacturing index rose to 54.3 in October from 53.2 in September, with a reading above 50 indicating growth in the service sector. The index had been expected to show a more modest increase to a reading of 53.4. Full Article

Nov 3, 2010 U.S. Factory Orders Increase By 2.1% In September Orders for goods manufactured in the U.S. increased by more than expected in the month of September, according to a report released by the Commerce Department on Wednesday, with the growth largely due to a substantial increase in orders for transportation equipment. The report showed that orders for manufactured goods increased by 2.1 percent in September after coming in nearly unchanged in August. Economists had expected orders to increase by 1.7 percent. Full Article

Nov 3, 2010 U.S. Private Sector Employment Growth Exceeds Estimates With an increase in employment in the service sector offsetting a drop in employment in the goods-producing sector, Automatic Data Processing, Inc. (ADP) released a report on Wednesday showing that private sector employment increased by more than expected in October. ADP said private sector employment increased by 43,000 jobs in October following a revised decrease of 2,000 jobs in September. Economists had expected employment to increase by 23,000 jobs. Full Article

Nov 3, 2010 MBA: Refinancing Down For Third Week Despite Low Interest Rates Attractive interest rates failed to compel homeowners to refinance existing mortgages last week, but demand for new home loans edged slightly higher, housing industry data revealed Wednesday. The Mortgage Bankers Association's (MBA) Market Composite Index, a measure of mortgage loan application volume, decreased 5.0 percent on a seasonally adjusted basis from one week earlier. Full Article

Nov 3, 2010 Fed Expands Asset Purchase Program To Boost Economy In an effort to support the sluggish economic recovery, the U.S. Federal Reserve revealed Wednesday that it intends to expand its asset purchase program by $600 billion. As was widely expected, the Fed also decided to leave interest rates unchanged at a record low. Following a two-day meeting, the Federal Open Market Committee, the policy-setting arm of the Fed, said that it has decided to expand its holdings of securities in order to promote a stronger pace of economic recovery. Full Article

Earnings News

Nov 3, 2010 Casey's Terminates Merger Talks With 7-Eleven Convenience store operator Casey's General Stores, Inc. (CASY) announced Wednesday it is no longer in talks to be taken over by 7-Eleven, Inc. Casey's noted the two companies were unable to reach mutually agreeable terms, and are no longer in discussions. Following the announcement, Casey's stock is trading down more than 7%. Full Article

Nov 3, 2010 Time Warner Q3 Profit Declines; Lifts Full-year View - Update Media and entertainment giant Time Warner Inc. (TWX) Wednesday reported a decline in third-quarter profit, reflecting a loss from premiums paid and transaction costs incurred related to the redemption of some of the company's debt securities. However, revenues increased from the prior year, reflecting growth at its networks segment, but missed market expectations. The company also raised its 2010 earnings forecast. Full Article

Nov 3, 2010 Hyatt Hotels Q3 Profit Surges On Improved Demand, Gains - Update Hyatt Hotels Corp. (H) Wednesday reported a surge in third-quarter profit, helped by improved demand and favorable items. Net income attributable to Hyatt Hotels increased to $30 million or $0.17 per share from $5 million or $0.03 per share in the prior year. Full Article

Political News

Nov 3, 2010 Poll Shows Partisan Divide On Top Priority For CongressHighlighting the challenges that will face the split Congress that has emerged from the midterm elections, the results of a USA Today/Gallup poll released on Wednesday showed significant partisan differences regarding what should be the top priority on Capitol Hill. Full Article

Nov 3, 2010 Pence Steps Down From House GOP Leadership Post On the heels of Republicans' successful takeover of the House of Representatives, Rep. Mike Pence, R-Ind., announced Wednesday that he is stepping down as Chairman of the House Republican Conference, the third-ranking position within the House Republican leadership. Full Article

Nov 3, 2010 Obama: Election Was A "Shellacking"President Barack Obama Wednesday took personal responsibility for numerous Democratic defeats in the midterm elections that cost his party control of the House and several Senate seats. Obama, speaking at a press conference in the East Room, said at least part of the problem came because he allowed voters to believe that he was out of touch with their worries and fears. "When you're in this place, it is hard not to seem removed," he said. Full Article

NYT: Afternoon Business News

BUSINESS:

Shift in Washington Stirs Economic Jitters Abroad

By LIZ ALDERMAN

If Bush-era income tax cuts are extended and the deficit grows, the dollar could be further weakened - a prospect that worries U.S. allies and trading partners.

In Asia, Response to Elections Is Muted 43 minutes ago

DealBook

G.M. Confirms Details of Forthcoming I.P.O.

By DEALBOOK

General Motors on Wednesday confirmed several details about its forthcoming initial public offering, including a potential valuation of the stock sale at more than $10 billion.

In Silicon Valley, Andreessen Horowitz Starts a 2nd Fund

By CLAIRE CAIN MILLER

The firm, which has managed to break into the top ranks of venture capitalist firms, has raised $650 million for its second fund.

Delta Flight Attendants Reject Union

By JAD MOUAWAD

The vote was to sort out whether the union would represent flight attendants after the merger of Delta and Northwest.

Bits Blog

Facebook to Begin Offering Local Deals

By JENNA WORTHAM

Facebook will begin allowing local businesses and big retailers alike to offer coupons and deals through its mobile application.

• More Business News »

U.S. Markets At Close Snapshot. Financial And Forex Info News

FINANCIAL AND FOREX INFO NEWS

U.S. Markets At close Snapshot:

Major Stock Indexes

	Last	Change	% Chg
DJIA	11214.98	26.26	0.24
Nasdaq	2539.68	6.75	0.27
S&P 500	1197.82	4.38	0.37

Source: The wall Street Journal

The Washington Post: Afternoon Edition: Most Read Articles .

Most Viewed Articles on washingtonpost.com

1) Once again, the electorate demanded a new start

There is no blunter way for voters to send a message. For the third election in a row, Americans kicked a political party out of power.

2) Murkowski appears to make history in Alaska

Alaska Sen. Lisa Murkowski appears to be winning a write-in campaign to keep her seat, according to unofficial election returns posted Wednesday morning. If victorious, she would be the first U.S. senator elected by write-in vote in more than half a century.

3) O'Donnell says state GOP should have united

WASHINGTON -- Delaware's defeated Republican Senate candidate Christine O'Donnell says she believes the outcome of her race would have been different if Republicans had united after her upset primary win.

4) 2010 election results show Republicans winning the House, not the Senate

Republican leaders, buoyed by recapturing the House and gaining seats in the Senate in Tuesday's midterm elections, vowed Wednesday to pursue their plans to downsize the federal government and said voters had vindicated their efforts to block President Obama's agenda.

5) And now for the next battle

Obama and progressives need to redefine the terms of the debate.

6) On Fox News, Election 2010 is cause for cheer

The network that birthed and nurtured the Tea Party movement celebrated a job well done.

7) Rand Paul: Divided government isn't a bad thing

WASHINGTON -- Senator-elect Rand Paul of Kentucky says government gridlock isn't necessarily a bad thing, signaling that cooperation with Democrats isn't high on his agenda.

8) In memoir, Bush says he considered dropping Cheney from 2004 ticket

In his book "Decision Points," former president George W. Bush writes that he briefly considered dropping his vice president, Richard B. Cheney, from his 2004 reelection ticket but said he still considers Cheney a steady adviser who helped him achieve his goals.

9) Obama's message for the day after

A proposed script for Obama's news conference today.

10) California election results: Concessions appear more uncertain than election outcome

LOS ANGELES -- As soon as the polls closed here, several news organizations declared Democrat Jerry Brown as California's new governor and Democrat Barbara Boxer its reelected senator. And yet they were among the last politicians in the country to receive concession calls from their opponents.

AOL How To Report Growth With out Growth.- MarketWatch Special Financial Services.

SPECIAL FINANCIAL SERVICES

MarketWatch First Take: AOL: How to report growth without growth

By MarketWatch

AOL’s quarterly revenue tumbled 26% over the past three months — but the company’s hopeful executives are still promising growth.

See full story

New Orders of Manufactured news Increased 2.1 in Sepetember F & F I N .

FINANCIAL & FOREX INFO NEWS

New Orders of manufactured goods increased by 2.1 percent in September to $420.0 billion. Shipments increased 0.4 percent to $418.2 billion, while Unfilled Orders increased by 0.1 percent and Inventories increased by 0.7 percent in September

Caution Likely As Traders Look Ahead To The Fed Meet . RTTNews Daily Market Update

Daily Market Analysis

Wed Nov 3 09:36 2010

Nov 3, 2010 Caution Likely As Traders Look Ahead To The Fed Meet The major U.S. index futures are pointing to a modestly higher opening on Wednesday. An employment report released earlier in the day showed that the private sector added more jobs than had been anticipated- an encouraging sign for Friday's non-farm payroll report. Trading ahead of the FOMC decision is likely to be marked by nervousness, as traders express indecision about the likely outcome of the monetary policy meeting. Given the fact that the markets are at overbought levels, there is likely to be some pullback as markets have already discounted some radical monetary policy measures from the central bank Full Article

Movers & Shakers: Wednesday Biggest Gaining and Declining Stocks. MarketWatch Special Financial Services.

SPECIAL FINANCIAL SERVICES

Movers & Shakers: Wednesday’s biggest gaining and declining stocks

By Kate Gibson MarketWatch

Stocks expected to move significantly include OpenTable, Pride International and Sonus Networks.

See full story