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Dow sheds 160 as stocks fall for third straight day (Finance, 18 articles)
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Worries about jobs, terrorism and overvalued stocks are taking the steam out of a powerful yearlong market rally, and analysts say investors are likely to find this year less satisfying than the last. Weakened by worries about high share prices and the stagnating job market, Wall Street gave up all its 2004 gains in just two days as terror fears shook even the most intrepid bargain hunters. The large stocks of the Dow Jones industrial average dropped 1.6 percent, or 168.51 points, to 10,128.38, and the Standard & Poor's 500 index fell 1.5 percent, to 1,106.78. Stocks rebounded Friday after four days of heavy losses, but still ended the week substantially lower in what analysts agree has become a full-fledged market correction. The stock market rally celebrated its one-year birthday Friday with an up session taking the edge off of a brutal week and two months of inertia on Wall Street. After Federal Reserve Chairman Alan Greenspan's bullish comments about the improving job market helped the stock market begin a modest recovery from Wednesday's sell-off, terrorism concerns set the stage for a rout. U.S. stocks rallied Friday, as the major indexes bounced after a steep four-session selloff and seven weeks of mostly rangebound trading.
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Speculation centers on BEA as PeopleSoft deal fizzles (Finance, 4 articles)
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Oracle, which is pursuing a hostile takeover of PeopleSoft, said third-quarter net income rose 11 percent as sales of database and applications software increased for the second consecutive quarter. Net income in the quarter ended Feb. 29 rose to $635 million, or 12 cents a share, from $571.3 million, or 11 cents, a year earlier, the company said. The court showdown between Oracle Corp. and the Department of Justice over the company's $9.4 billion attempted hostile takeover of PeopleSoft Inc. will begin June 7, a San Francisco judge said Wednesday.
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Even higher gasoline prices seen as possible this summer (Finance, 9 articles)
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Responding to driver outrage over high gasoline prices, State Attorney General Bill Lockyer hosted a panel Thursday in Los Angeles to discuss why fuel costs in California spike so frequently and what can be done to stop it. The meeting, featuring state and industry officials and consumer advocates, came a week after the statewide average gas price hit an all-time high of $2.18 a gallon for self-serve regular unleaded, according to the American Automobile Association. Hunger for imported oil in China, low global inventories of crude and political unrest in petroleum-rich Venezuela could combine to drive gasoline prices higher this summer, the International Energy Agency (IEA) warned yesterday.
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CBC News Indepth: Gender Gap (Finance, 7 articles)
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The London equity market greeted Friday's anniversary of the end of the bear market by staging a 22.2 point rally, only 24 hours after suffering its largest one-day fall since May. The FTSE 100 fell 1.8 per cent through the week to close at 4,467.4, with the FTSE 250 off 1.6 per cent to close at 6,257.8 on Friday, when share trading volume was 3.8bn shares. Tokyo stocks closed down on Friday, with the Nikkei average shedding more than 1 per cent as jittery investors sold off shares following the terrorist bombings in Madrid, Spain.
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MCI puts WorldCom losses at $74 billion in 2000, 2001 (Finance, 8 articles)
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The adjustments, issued in MCI's annual report, includes the company's first report of its full-year results for 2002: a net loss of $9.2 billion on revenue of $32.2 billion. Oklahoma has agreed to settle its criminal fraud case against the telecommunications giant MCI Inc. in exchange for new jobs and cooperation in its prosecution of former executives of the company, the state's top legal officer said Friday. The restatement brings the long distance telephone carrier, formerly known as WorldCom, a step closed to emerging from Chapter 11 bankruptcy protection and putting the largest accounting fraud in US history behind it.
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Onex Corp. signals intention to sell Loews Cineplex theatre chain (Finance, 4 articles)
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Canadian conglomerate Onex Corp. signalled its intention Friday to sell all or part of Loews Cineplex, a global movie-theatre chain it bought three years ago with California-based partner Oaktree Capital. The government restructured the terms of its $1 billion, federally guaranteed loan package to struggling US Airways yesterday, giving the airline some financial breathing room in exchange for an early repayment of part of the loan. In return, the federal Air Transportation Stabilization Board gave the airline flexibility to sell some assets and eliminated the risk of default if independent auditors question the airline's future.
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Trade deficit hits a record $541.8 billion (Finance, 5 articles)
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The deficit in the broadest measure of trade swelled to a record $541.8 billion in 2003, according to a government report yesterday that came as trade and the loss of jobs have become major issues in the presidential campaign. The Dow Jones industrial average surged 111.70 points to close at 10,240.08, and the Nasdaq composite index surged 40.84 points to 1,984.73. The United States current account deficit grew to a record $541.8 billion US last year as imports of goods far outstripped exports, the Commerce Department said Friday.
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blaster@cs.columbia.edu
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