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Apr 8, 2011

MarketWatch Bulletin: Last-minute budget deal reached to avoid shutdown

By Robert Schroeder , MarketWatch 

WASHINGTON (MarketWatch) — With only slightly more than a hour left before the first shutdown in 15 years, Congressional leaders and the White House on Friday reached a deal to keep the federal government running.
The deal, first announced by House Speaker John Boehner, will feature a short-term agreement to keep the government open next week, and then a longer deal for the rest of the fiscal year to keep the government running through the end of September.
Multiple press reports suggest the deal will reduce spending by $39 billion compared to the original spending plan.
Controversial riders to deny funding to Planned Parenthood and the Environmental Protection Agency would be dropped, according to the outlines of the deal.
Robert Schroeder is a reporter for MarketWatch in Washington.

Financial & Forex Info | Reuters - Daily Investor Update: Wall Street falls as oil climbs

Wall Street falls as oil climbs
NEW YORK (Reuters) - Stocks fell late on Friday as a spike in oil prices revived worries that inflation would derail the recovery, jolting a market that had been treading water ahead of earnings. | Full Article

Google, ITA deal approved with conditions
April 08, 2011 02:46 PM ET
WASHINGTON (Reuters) - The Justice Department approved Google Inc's purchase of ticketing software company ITA Software as long as ITA's products remain available to Google's rivals, among other conditions. | Full Article
With no budget deal, government shutdown looms
April 08, 2011 04:22 PM ET
WASHINGTON (Reuters) - With a midnight deadline looming, the White House and Congress struggled on Friday to break a budget impasse that threatens to shut down the U.S. government and idle hundreds of thousands of federal workers. | Full Article
Fed's policy divide seen in views of two officials
April 08, 2011 11:50 AM ET
DALLAS/KNOXVILLE, Tennessee (Reuters) - Dueling views on the outlook for inflation and U.S. monetary policy by two top Federal Reserve officials on Friday underscored divisions at the central bank as it nears the end of a controversial stimulus program. | Full Article
Insider trading handbook, Rule 1: Keep it quiet
April 08, 2011 03:15 PM ET
NEW YORK (Reuters) - Here's some advice for anyone hoping not to get caught in an insider trading web: Shut up. | Full Article

Prospects fade for military overthrow of Gaddafi
April 08, 2011 03:48 PM ET
TRIPOLI (Reuters) - Libyan rebels said on Friday they had repulsed a government assault on the besieged western city of Misrata but prospects faded that Muammar Gaddafi would be ousted by the armed revolt. | Full Article
U.N. finds 118 bodies in western Ivory Coast
April 08, 2011 04:13 PM ET
DAKAR/GENEVA (Reuters) - United Nations staff in western Ivory Coast have found more than 100 bodies in the past 24 hours, some burned alive and others thrown down a well, the latest evidence of ethnic bloodshed gripping the country. | Full Article
Japan to stop pumping radioactive water into sea
April 08, 2011 01:42 PM ET
TOKYO (Reuters) - Japan expects to stop pumping radioactive water into the sea from a crippled nuclear plant on Saturday, a day after China expressed concern at the action, reflecting growing international unease at the month-long nuclear crisis. | Full Article
Pro-democracy protests sweep Syria, 22 killed
April 08, 2011 04:16 PM ET
AMMAN (Reuters) - Protests erupted across Syria against the rule of President Bashar al-Assad on Friday and sources said 22 people were killed in the southern city of Deraa, the cradle of the unrest. | Full Article
Witness: In an Ivory Coast hotel, "bunker down and hope"
April 08, 2011 10:55 AM ET
ABIDJAN (Reuters) - The first time Laurent Gbagbo's gunmen stormed our Abidjan hotel in a hail of bullets, I didn't quite believe it was happening. | Full Article

Financial & Forex Info | Reuters - Technology Report

NewsApple co-founder Steve Wozniak told Reuters he would consider returning to take an active role at the consumer electronics giant. Wozniak, a lifelong hands-on engineer, said he liked technology to be relatively open so that he could add his own touches. "My thinking is that Apple could be more open and not lose sales," said Wozniak, but added: "I'm sure they're making the right decisions for the right reasons for Apple."

The Federal Security Service, Russia's domestic spy agency, called for access to encrypted communication providers like Gmail, Hotmail and Skype, saying the uncontrolled use of such services could threaten national security. The proposal provoked a wave of negative comments in the Russian language online, with many saying the country could follow China's attempts to limit the Internet.

Startup Fusion-io, backed by Steve Wozniak and Michael Dell, said it can outwit computer-storage incumbents like EMC by putting a solid-state flash memory drive directly into the computer server rather than in the traditional storage area, which is further away and takes longer to reach, effectively speeding up data processing by a factor of 10.

There’s an app for:

Wealth management on tablets: Orion Advisor Services' MobileAdvisor app displays portfolios, performance information and contact information and allows advisers using Orion's platform to rebrand the app, so clients download it, log in, track their portfolios, and view videos that the adviser provides. LogMeIn connects Apple iPad users to their office desktop computers, giving wealth managers information wherever their clients need it.

Students seeking financial aid: Student Devin Valencia's application uses demographic and personal data on Facebook to direct users to scholarships and aid that match their background and interests. Her app could be launched by the end of the year.

Fighting malaria: A team of graduate students says its smartphone application will allow healthcare workers in remote locations to diagnose malaria cases on the spot. The app works by taking a picture of a blood sample, processing the data to detect malaria parasites, quantifying how much malaria is in the sample and pointing the parasites out to the phone user. The team is working toward patenting and marketing the app.

The Economist Selected New Articles : United States | Portugal | Language | Britain | Europe | Music | The digital Economy | Video graphics | Online Debate |

United States: Why Republicans are more comfortable taking extreme measures to get their way than Democrats

Portugal: A bail-out foretold

Language: Is it literally too late to stop the drift?

Britain: Radicalism v popularity

Europe: Hungary's plan for the Roma

Music: Fred Cornag, songwriter and onetime inhabitant of Hoboken train station

The digital economy: Jobs of the future

Videographic: Pensions

Online debate: Is the world better off without nuclear power?

MarketWatch | Personal Finance Daily No delay for tax filers


Personal Finance Daily
APRIL 08, 2011

Friday's Personal Finance Stories

By MarketWatch

Don't miss these top stories:

Just two weekends left to get your taxes done — because even if a government shutdown forces some refunds to be delayed, that doesn't mean taxpayers get any extra time to file. The tax deadline is April 18.

Read our stories today for some useful tax strategies, including your April tax to-do list and seven tips on how to talk so the IRS will listen. Plus, find out exactly what the budget impasse and government shutdown will mean for taxpayers.

Also, read Lew Sichelman's Realty Q&A today to find out whether it's a good idea — or not — to drain your 401(k) to buy a house for its rental income.

Andrea Coombes , Personal Finance editor


Some taxpayers to get hit by government shutdown

A government shutdown appears to be imminent, and that's bad news for some taxpayers.
Read Taxing Times: Some taxpayers to get hit by government shutdown.

April tax to-do checklist

From the strange estate-tax law this year, to a possible government shutdown, there's plenty of tax confusion to go around. With just two weekends to go before the filing deadline, MarketWatch's Eva Rosenberg offers tax tips and strategies.
Read more: April tax to-do

7 ways to persuade the IRS you're right

If you need to sit down with the IRS for an audit or to work out a payment plan on a big, unpaid tax bill, heed these tips to keep your tax pain to a minimum.
Read more: 7 ways to persuade the IRS you're right.

IRS goes after HSBC customers with money offshore

In their latest salvo against taxpayers who stash money offshore, the U.S. Justice Department and Internal Revenue Service asked a federal court on Thursday to force HSBC USA to reveal the names of U.S. customers with offshore accounts in India.
Read more: IRS goes after HSBC customers with money offshore.


Emptying the 401(k) to buy a home with cash

A couple considers draining their retirement fund to buy a rental home, but Lew Sichelman reminds them why being a landlord isn't always easy.
Read more: Emptying the 401(k) to buy a home with cash.


Masters 2011 pits Tiger against the young guns

Superstar Tiger Woods' struggles take center stage at the 2011 Masters while golf's youth movement is poised to make some noise starting Thursday.
Read more:


Government shutdown looms at midnight

The federal government is on the verge of shutting down at midnight if Republicans and Democrats don't reach a deal to fund operations for the rest of the fiscal year.
Read more: Government shutdown looms at midnight.

Shutdown effects on economy seen limited

The U.S. economy is unlikely to suffer if the federal government shuts down as long as the budget standoff in Congress ends quickly, analysts say.
Read more: Shutdown effects on economy seen limited.

SEC, CFTC would have skeleton staffs in shutdown

The Securities and Exchange Commission and the Commodity Futures Trading Commission draw up contingency plans, characterized by narrower oversight and reduced staffing, in the event Congress and the White House can't agree on providing continuing funding for the federal government.
Read more: SEC, CFTC would have skeleton staffs in shutdown.

Commentary: Use the market to improve public services

Social-impact bonds might help us figure out how to deliver public services successfully.
Read more: Use the market to improve public services

Small paychecks hurting the working class

The financial squeeze on working families is intensifying, as prices march higher while paychecks grow only sluggishly, writes Rex Nutting.
Read more: Small paychecks hurting the working class.

Fed nears tipping point on rate policy: Fisher

The central bank must begin to reverse its accommodative monetary policy in a timely way, says the Dallas Fed president.
Read more: Fed nears tipping point on rate policy: Fisher.

In charts: Global rates, services activity, more

The week's economic indicators — and there weren't many — showed European rates increasing and German industrial production surging, and growth in U.S. services activity slowing.
See charts: Global rates, services activity, more.


Looking forward to Tax Day

The stock market over the week prior to Tax Day does indeed appear to perform better, on average, than it does during other weeks of the calendar.
Read more: Looking forward to Tax Day.

Stocks, bonds and black swans for fund investors

A recap of the past week's investing coverage offers insights about how to position your portfolio for both near-term volatility and long-term needs. Plus, read about how market conditions may affect your stock- and bond mutual-fund positions in the months ahead.
Read more: Stocks, bonds and black swans for fund investors.

Oil spike fuels these 5 overlooked energy stocks

With crude above $110 a barrel due to Libya's civil war and unrest in the oil-rich Middle East, it's more likely that triple-digit oil prices may be around for a while. These five under-the-radar energy stocks stand to benefit.
Read more: Oil spike fuels these 5 overlooked energy stocks.

7 investments that show the BRIC is back

The BRIC nations have fallen out of favor with some investors lately, but there are plenty of smart places to put your money in these countries, writes Jeff Reeves.
Read more: 7 investments that show the BRIC is back.

Commodities, U.S. dollar, Expedia

U.S. stock futures are trading higher as investors shrug off worries over Japan's latest earthquake, helped by a rally for Tokyo stocks. Investors are keeping a close eye on oil and gold prices that continue to surge, while the dollar slumps.
Read more: Commodities, U.S. dollar, Expedia.

The Washington Afternoon Edition: Politics: Leaders disagree over source of disagreement



1) Leaders disagree over source of disagreement
With a government shutdown hours away, it has come to this: Top Democrats and Republicans both said Friday morning that key disagreements are holding up a deal on the budget.
» Read full article

2) A pox on both your houses: The political perils of shutting down the federal government
With less than 12 hours remaining until the federal government is set to close, the two sides seem to be entrenching in expectation of the political blame game that would immediately ensue if the shutdown goes forward.
» Read full article

3) 2chambers: In the back room: Who’s negotiating the budget deal
While Senate Majority Leader Harry Reid (D-Nev.), House Speaker John Boehner (R-Ohio) and President Obama have been the public faces of the budget talks, a group of top White House and congressional staffers has been working behind closed doors on the details of a potential deal.
» Read full article

4) The Fix: Sarah Palin’s tipping point
Former Alaska governor Sarah Palin may have peaked, politically speaking.
» Read full article

5) What the Wisconsin Supreme Court race says about upcoming governor’s races
Democrats will be hard-pressed to play much offense in governor’s races over the next two years.
» Read full article


CBS | Evening News with Kate Couric:

The CBS Evening News with Katie Couric newsletter


Hi everyone,
This is Harry Smith. Katie's on assignment. This one's going right down to the wire. House Republican and Senate Democratic leadership still can't agree on a spending plan. So, the government could partially shut down at midnight. Would you believe the money they're arguing about is less than 0.2 percent of the overall budget? We've got extensive coverage of the negotiations-with Nancy Cordes on Capitol Hill and Chip Reid at the White House. We'll also check in with our Chief Washington Correspondent and anchor of Face the Nation, Bob Schieffer. Allen Pizzey reports tonight on his harrowing trip to the frontline in Libya. The rebels he was with found themselves surrounded by Qaddafi's military. And, as you'll see, things got pretty intense for a while. They were born at the height of the American Dream. But as many baby boomers approach retirement age, many are confronting the reality that they don't have enough money to live a life of leisure. As Ben Tracy reports, this new reality is forcing some to keep working, even in retirement.

Katie Couric

Baseball beating raises flag about fan violence Opening day attack on San Francisco Giants fan after game against Los Angeles Dodgers marks latest incident at sporting event

Rising food costs ruin consumers' appetites Increased global demand, rising fuel costs and reduced supplies in food producing nations mean higher prices at the store

Boxing booms as sports are cut from schools When Toledo public schools eliminated $49 million from the budget, wrestling, golf and track were cut

MarketWatch | Canadian Market: Canadian stocks rebound as gold hits new heights

By Sue Chang , MarketWatch

SAN FRANCISCO (MarketWatch) — Canadian shares rebounded on Friday, fueled by rallying resource stocks, as gold breached new heights and oil prices topped $111 a barrel.
The S&P/TSX Composite Index ISPTX rose 105.48 points, or 0.8%, to 14,213.2.
The S&P/TSX Capped Materials Index /quotes/comstock/11t!i:ittmt (CA:TTMT 457.19, +5.72, +1.27%)  and the S&P/TSX Capped Energy Index /quotes/comstock/11t!i:itten (CA:TTEN 359.55, +5.98, +1.69%)  both added more than 1.3%.

Market impact of D.C. shutdown

MarketWatch's Mark Hulbert discusses how a federal government shutdown would likely impact financial markets and reminds us how stocks reacted to past shutdowns.
PC Gold /quotes/comstock/11t!e:pkl (CA:PKL 1.06, +0.09, +9.28%)  jumped 8.3%, Cline Mining /quotes/comstock/11t!e:cmk (CA:CMK 4.02, +0.14, +3.61%)   soared 3.9% and Goldcorp /quotes/comstock/11t!e:g (CA:G 51.81, +0.88, +1.73%)  added 2.2%.
Gold futures traded at record levels on safe-haven demand. Gold for June delivery /quotes/comstock/21e!f:gc\m11 (GCM11 1,473, +13.50, +0.93%)  rose $11.40, or 0.8%, to $1,470.70 an ounce on the New York Mercantile Exchange. Read MarketWatch’s gold report
Energy companies also got a boost as crude-oil futures advanced to a 30-month high in response to a weak dollar and political uncertainties in the Middle East.
Light crude for May delivery /quotes/comstock/21n!f:cl\k11 (CLK11 111.86, +1.56, +1.41%) rose $1.07 to $111.36 a barrel on the Nymex. Read more on crude oil’s rally
Investors were also cheered by positive jobs data. Statistics Canada said earlier Friday that full-time employment rose by 91,000 in March, offsetting a drop of 92,000 in part-time jobs.
However, losses in S&P/TSX Capped Industrials Index /quotes/comstock/11t!i:ittin (CA:TTIN 117.37, -0.03, -0.03%)  and S&P/TSX Capped Information Technology Index /quotes/comstock/11t!i:itttk (CA:TTTK 33.81, -0.02, -0.06%)  capped the market’s upside.
Research In Motion /quotes/comstock/15*!rimm/quotes/nls/rimm (RIMM 54.83, -0.30, -0.54%)   /quotes/comstock/11t!e:rim (CA:RIM 52.50, -0.39, -0.74%)  shares shed another 1.1% following a 1.2% retreat on Thursday. Bank of Nova Scotia /quotes/comstock/11t!e:bns (CA:BNS 58.30, -0.15, -0.26%) also fell 0.2% and Potash Corp. /quotes/comstock/11t!e:pot (CA:POT 56.09, -0.36, -0.64%)   lost 0.5%.
The Canadian dollar firmed with the U.S. dollar /quotes/comstock/21o!x:susdcad (USDCAD 0.9561, -0.0025, -0.2608%)  buying 95.64, slightly down from 95.87 late Thursday.
/quotes/comstock/11t!e:pkl PC Gold Inc. (PKL)
/marketstate/country/CA The market is open12:27:34 pm The market is closed12:27:34 pm
$ 1.06 Change +0.09 +9.28%
Volume 638,490 Real time quotes
/quotes/comstock/11t!e:cmk Cline Mining Corporation (CMK)
/marketstate/country/CA The market is open12:27:34 pm The market is closed12:27:34 pm
$ 4.01 Change +0.13 +3.35%
Volume 1.24m Real time quotes
/quotes/comstock/11t!e:g Goldcorp Inc. (G)
/marketstate/country/CA The market is open12:27:34 pm The market is closed12:27:34 pm
$ 51.87 Change +0.94 +1.85%
Volume 1.82m Real time quotes
/quotes/comstock/21e!f:gc\m11 Gold - 100 Oz (Comex) (GCM11)
/marketstate/country/US The market is open12:27:34 pm The market is closed12:27:34 pm
$ 1,473 Change +13.80 +0.95%
Volume 87,407 Real time quotes
/quotes/comstock/15*!rimm/quotes/nls/rimm Research in Motion Limited (RIMM)
/marketstate/country/US The market is open12:29:10 pm The market is closed12:29:10 pm
$ 54.83 Change -0.30 -0.54%
Volume 4.01m Real time quotes
/quotes/comstock/11t!e:bns Bank of Nova Scotia (The) (BNS)
/marketstate/country/CA The market is open12:27:34 pm The market is closed12:27:34 pm
$ 58.30 Change -0.15 -0.26%
Volume 442,308 Real time quotes
/quotes/comstock/11t!e:pot Potash Corporation of... (POT)
/marketstate/country/CA The market is open12:27:34 pm The market is closed12:27:34 pm
$ 56.07 Change -0.38 -0.67%
Volume 906,842 Real time quotes
Sue Chang is a MarketWatch reporter in San Francisco.