Apr 25, 2013
The New York Times Breaking News April 25, 2013.: Senate Approves Bill to Address Air Traffic Delays
|| BREAKING NEWS ALERT||NYTimes.com | Video|
BREAKING NEWS Thursday, April 25, 2013 9:01 PM EDT
|Driven by bipartisan concerns over mounting airport delays, the Senate reached agreement Thursday night to give the secretary of transportation enough flexibility to bring the nation’s air traffic control system back up to full strength.|
|The legislation, which passed unanimously before the Senate left town for the next week, would allow as much as $253 million to be moved from other parts of the Transportation Department to the Federal Aviation Administration. Advocates said that should be enough to stop further furloughs and keep the air traffic control system operating at a normal pace through Sept. 30, the end of the current fiscal year.|
|But the impact of $85 billion in across-the-board spending cuts, which went into effect March 1, continues to ripple through other parts of the government, with a broader intervention nowhere in sight.|
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High and Low Finance From the Fed, a New Chill Toward Foreign Banks I BUSINESS I The New York Times Global Update April 25, 2013
April 25, 2013
Compiled 20:45 GMT
Compiled 20:45 GMT
By MARK LANDLER
In letters released to Congressional leaders, the White House said United States intelligence agencies now assess, with "varying degrees of confidence," that the Syrian government has used chemical weapons.
By ANNE BARNARD
As Islamists increasingly fill the ranks of Syrian rebels, President Bashar al-Assad is waging an energized campaign to persuade the United States that it is on the wrong side of the war.
By TIM ARANGO
Prime Minister Nuri Kamal al-Maliki warned on Thursday that the growing sectarian conflict in Iraq could lead to a civil war like the one raging in Syria.
Op-Ed Guest Columnist
By YU HUA
Skeptics wonder if a new scholarship is really about doing business.
By HWAIDA SAAD and ALAN COWELL
The government in Damascus claimed to have overrun a bitterly contested town east of Damascus, but rebels disputed these assertions.
By JULFIKAR ALI MANIK and JIM YARDLEY
Hundreds of people were believed trapped in the wreckage of the building, where several factories made clothes for European and American markets.
By DAVID M. HERSZENHORN
At an emotional news conference, Anzor and Zubeidat Tsarnaev made accusations of a conspiracy theory and refused to accept the possibility that their children committed such an act.
MarketWatch I Wall Street at Close Report April 25, 2013: U.S. stocks rise after upbeat jobs data, earnings
SAN FRANCISCO (MarketWatch) — U.S. stocks ended up on Thursday, buoyed by corporate-earnings reports and data showing a sharp drop in weekly jobless claims.
The S&P 500 index SPX +0.40% a broad measure of the stock market, closed up 6.37 points, or 0.4%, at 1,585.16, after hitting an intraday high of 1,592.64.
Stocks, which had been trading near session highs for much of the day, pared gains in the afternoon following a report in the German daily Handelsblatt that Bundesbank President Jens Weidmann sent a letter to Germany’s constitutional court criticizing the European Central Bank’s Outright Money Transactions, or OMT. Weidmann, in his comments, said the OMT can affect the independence of central banks and devalues the sovereign debt of countries in the program.
The OMT bond-buying program allows the ECB to step in to buy the debt of governments that apply for help from Europe’s rescue fund.
U.S. stocks had maintained positive momentum for most of the day after the Labor Department reported the number of people who applied for new unemployment benefits last week fell by 16,000 to 339,000. However, the decline probably reflected some seasonal distortions tied to the Easter holiday.
While the improved employment numbers certainly did not hurt stocks, Mark Luschini, chief investment strategist at Janney Montgomery Scott, thinks earnings reports are doing more to support stocks.
“We’re really getting into earnings season in earnest,” Luschini said. “Better-than-expected numbers are coming in to a lowered bar even though some of the economic news over the past few weeks hasn’t been that good.”
Many of the people who are buying stocks now are the same ones who were selling them a week ago on bad news, said Brian Belski, chief investment strategist at BMO Capital Markets, who compared the behavior to that of an old-fashioned bull market. “Unfortunately, for many investors, they haven’t seen this in over a decade,” Belski said.
Nine out of 10 S&P 500 sectors were in positive territory with materials and telecoms leading the way and energy registering a slight loss on the day.
Spain to ease austerity
As unemployment rises to 27.2% of the workforce, the Spanish government is about to introduce a budget that eases austerity measures.
Akamai Technologies Inc. AKAM +17.71% was the top gainer in the S&P 500, with shares closing up nearly 18% after the company’s quarterly earnings rose 65%.
Cliffs Natural Resources Inc. CLF +0.24% was close behind with a 15% gain after reporting better-than-expected quarterly results late Wednesday.
S&P 500 options were affected Thursday after the Chicago Board Options Exchange halted trading after experiencing system problems. Trading resumed at 1 p.m. Eastern.
The Dow Jones Industrial Average DJIA +0.17% finished up 24.50 points, or 0.2%, at 14,700.80, with 11 of its 30 components in negative territory. Earlier, the index traded as high as 92 points for an intraday high of 14,768.05.
Verizon Communications Inc. VZ +2.74% was the best performer on the index with a 2.7% gain. Reuters reported the telecom major plans to bid $100 billion in cash and stock to buy out Verizon Wireless, which it jointly owns with Vodafone Group PLC VOD +2.82% UK:VOD +1.66% . A spokesperson for Verizon declined to comment on the Reuters report.
American Express Co. AXP +1.05% shares gained 1.1%.
Reuters Enlarge Image
3M Co. MMM -2.77% was the top decliner in the Dow. Its shares dropped nearly 3% after the industrial conglomerate lowered its full-year earnings estimate.
Exxon Mobil Corp. XOM -1.52% also weighed on the Dow, with its shares down 1.5% after the oil major reported that its first-quarter earnings rose 0.5%, but revenue fell short of Wall Street estimates.
The Nasdaq Composite Index COMP +0.62% gained 20.33 points, or 0.6%, to close at 3,289.99. The index had reached an intraday high of 3,301.28 earlier.
Gainers outnumbered advancers by about two to one on the New York Stock Exchange and Nasdaq. NYSE volume topped 746 million shares, while Nasdaq volume topped 470 million shares. NYSE composite volume was above 3.8 billion shares while Nasdaq Composite volume was above 1.9 billion shares by the close.
Among individual stock movers, Dow Chemical DOW +5.60% shares closed up 5.6% after the company posted a first-quarter profit rise.
Shares of Zynga ZNGA -6.54% dropped 6.5% after the social-games company swung to a profit but offered a weak forecast.
The Dow industrials fell on Wednesday, while the S&P 500 erased gains during the last few minutes to close largely flat at 1,578.79.
The U.S. dollar fell against other major currencies, with the ICE dollar index DXY -0.21% down 0.3% to 82.796. The British pound rallied 1% to $1.5432 after data showed that the U.K. avoided a triple-dip recession.
Gold futures GCM3 +3.08% rallied to settle up $38.30, or 2.7%, at $1,462.00 an ounce on the New York Mercantile Exchange.
Wallace Witkowski is a MarketWatch news editor in San Francisco. Follow him on Twitter @wmwitkowski. Polya Lesova is MarketWatch's New York deputy bureau chief. Follow her on Twitter @PolyaLesova.
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