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Police accuse bank robbery suspect of gobbling up note (with dashcam video)
Victim of beating in Kent last week is declared dead at Akron hospital
Dad accused of forcing son into field, killing him
Man found dead in North Akron home is identified
Can DNA tests free ex-Akron captain?
Browns' roster nearly devoid of consistent players
Coventry man killed in crash at I-77 ramp
Does it work? Test team returns to try out new products advertised on television
Blogs:
Pets:
Cat-loving chihuahua suckles seven abandoned kittens
The Heldenfiles:
Friday Night Notebook
Patrick McManamon:
Browns vs. Lions live …
Akron Zips:
Akron trounces Howard to reach .500
Tribe Matters:
Seven players added to Tribe’s 40-man roster
Cleveland Browns:
Robiskie, Harrison inactive
Kent State Sports:
Kent State blown out in second half, loses to Temple 47-13
Cleveland Cavaliers:
Gameblog: Cavs vs. Philadelphia 76ers
Buckeye Blogging:
OSU – Michigan college football rivals meet in Baghdad
Varsity Letters:
Four area football teams play tonight
All Da King's Men:
The Sunday Sanity Challenge
Blog of Mass Destruction:
Will Health Care Reform Pass?
Akron Law Café:
Health Care Financing Reform: (69) The Brookings Institute Study on "Bending the Curve" – Four General Strategies
See Jane Style:
Vintage Chic
Car Chase:
TIME TO GET YOUR COLLECTOR CARS WINTERIZED
Let's Talk Real Estate:
Silverdome Potentially SOLD!
Ohio Travels with Betty:
George is looking for a Thanksgiving buffet in Akron.
Sound Check:
Steely Dan Plays "The Royal Scam" at E.J. Thomas Hall
HRLite House:
A Random Rant on Testing
Akron Gamer:
Nintendo's Mario endures even as games come and go
By Tim Paradis
Associated Press
POSTED: 12:54 p.m. EDT, Sep 30, 2008
NEW YORK: Wall Street snapped back today after its biggest sell-off in years amid growing expectations that lawmakers will salvage a $700 billion rescue plan for the financial sector. But the seized-up credit markets where businesses turn to raise money showed no sign of relief.
The rise in stocks wasn't unexpected as carnage on Wall Street often attracts bargain hunters, though questions remain about how investors will proceed. Without a bailout plan in place to absorb soured mortgage debt and other bad loans from banks' balance sheets, investors are wondering what might restore confidence in lending.
Major stock indexes were almost a sideshow during the session, with the credit markets as the main event. A key rate that banks charge to lend to one another shot higher, a tightening of the availability of credit that could cascade through the economy.
Traders on the floor of the New York Stock Exchange, still stunned from Monday's 778-point plunge in the Dow Jones industrial average, warned that the government needs to approve a plan that will sweep away the fears that hobbled the credit markets. While U.S. political leaders have vowed to revisit the issue, the House isn't slated to meet again until Thursday.
''If it doesn't pass, then look out below,'' said Jason Weisberg, an NYSE trader for Seaport Securities. ''It could get ugly.''
Though the blue-chip index rose more than 250 points at midday, the main worry for traders is that a lack of a plan will make it nearly impossible for some companies to fund basic operations like making payroll. Participants in the credit market buy and sell debt that companies use to finance operations.
The benchmark London Interbank Offered Rate, or LIBOR, that banks charge to lend to one another rose sharply today, making it more expensive and difficult for consumers and businesses to borrow money. In addition, credit card debt and more than half of adjustable-rate mortgages are tied to LIBOR, so an increase isn't welcome for many consumers.
LIBOR for 3-month dollar loans rose to 4.05 percent from 3.88 percent on Monday. LIBOR for 3-month euro loans, meanwhile, rose to 5.27 percent, from 5.22 percent Monday.
Critics of the bailout package believe that it was too costly and wouldn't have done enough to jump-start lending. To maintain pressure ahead of Thursday's likely vote, President Bush said in a statement from the White House early today that the damage to the economy will be ''painful and lasting'' unless Congress passes the bailout measure.
On Wall Street, many traders likely will proceed cautiously while they gauge prospects for resurrecting the bailout effort, which was backed by leaders of both parties.
''I'm not getting the sense that investors are going to be jumping in with both feet until there is some kind of resolution on the plan,'' said James Maguire, an NYSE floor trader with Christopher J. Forbes. ''If there's a no vote, we're going to seen a lower overall drift in stocks. It will be a slow bleed.''
Traders also will likely focus on how the bloodshed will look on paper. Today
marks the final session of the third quarter — and what is typically the worst month for the stock market — so some portfolio managers might try to do what they can to dress up their performance. Others might simply wish to dump holdings in an unpopular corners of the market like the financial sector.
In midday trading, the Dow Jones industrial average rose 253.04, or 2.44 percent, to 10,618.49 after falling nearly 7 percent on Monday to its lowest close in nearly three years. It was the largest point drop and 17th largest percentage drop in the blue chip index. The percentage decline was far less severe than the 20-plus-percent drops seen in the stock market crash of October 1987 and before the Great Depression.
Broader stock indicators also bounced higher today. The Standard & Poor's 500 index rose 34.25, or 3.10 percent, to 1,140.67, and the Nasdaq composite index rose 60.27, or 3.04 percent, to 2,044.00.
The S&P fell 8.79 percent Monday, while the Nasdaq lost 9.14 percent.
The yield on the 3-month Treasury bill rose today to 0.67 percent from 0.14 percent late Monday. The yield fell Monday as investors clamored for the safety of government debt. The yield on the benchmark 10-year Treasury note, which moves opposite its price, rose to 3.74 percent from 3.58 percent late Monday. The dollar rose against other major currencies and gold prices advanced.
While investors focused on what might come from Washington this week, Wall Street was cheered by several economic readings.
A private research group reported that consumer confidence rose unexpectedly in September. The Conference Board said today its Consumer Confidence Index rose to 59.8 from a revised 58.5 in August; Wall Street had expected a reading of 55.5, according to Thomson/IFR. The reading, which doesn't reflect attitudes following Monday's steep stock market sell-off, remains near a 16-year low.
The Chicago Purchasing Managers' index, which measures business conditions across Illinois, Michigan and Indiana, came in at 56.7 compared with 57.9 in August — a second straight month of a strong reading.
Light, sweet crude rose $2.40 to $98.77 on the New York Mercantile Exchange. Oil fell more than $10 a barrel Monday as investors worried that a weaker economy would curtail demand.
Advancing issues outnumbered decliners by about 2 to 1 on the New York Stock Exchange, where volume came to a light 485.3 million shares.
The Russell 2000 index of smaller companies rose 8.50, or 1.29 percent, to 666.22.
Overseas, Japan's Nikkei stock average fell 4.12 percent. But Hong Kong's Hang Seng index rose 0.76. In afternoon trading, Britain's FTSE 100 rose 1.73 percent, Germany's DAX index added 0.41 percent, and France's CAC-40 rose 1.99 percent.
NEW YORK: Wall Street snapped back today after its biggest sell-off in years amid growing expectations that lawmakers will salvage a $700 billion rescue plan for the financial sector. But the seized-up credit markets where businesses turn to raise money showed no sign of relief.
The rise in stocks wasn't unexpected as carnage on Wall Street often attracts bargain hunters, though questions remain about how investors will proceed. Without a bailout plan in place to absorb soured mortgage debt and other bad loans from banks' balance sheets, investors are wondering what might restore confidence in lending.
Major stock indexes were almost a sideshow during the session, with the credit markets as the main event. A key rate that banks charge to lend to one another shot higher, a tightening of the availability of credit that could cascade through the economy.
Traders on the floor of the New York Stock Exchange, still stunned from Monday's 778-point plunge in the Dow Jones industrial average, warned that the government needs to approve a plan that will sweep away the fears that hobbled the credit markets. While U.S. political leaders have vowed to revisit the issue, the House isn't slated to meet again until Thursday.
''If it doesn't pass, then look out below,'' said Jason Weisberg, an NYSE trader for Seaport Securities. ''It could get ugly.''
Though the blue-chip index rose more than 250 points at midday, the main worry for traders is that a lack of a plan will make it nearly impossible for some companies to fund basic operations like making payroll. Participants in the credit market buy and sell debt that companies use to finance operations.
The benchmark London Interbank Offered Rate, or LIBOR, that banks charge to lend to one another rose sharply today, making it more expensive and difficult for consumers and businesses to borrow money. In addition, credit card debt and more than half of adjustable-rate mortgages are tied to LIBOR, so an increase isn't welcome for many consumers.
LIBOR for 3-month dollar loans rose to 4.05 percent from 3.88 percent on Monday. LIBOR for 3-month euro loans, meanwhile, rose to 5.27 percent, from 5.22 percent Monday.
Critics of the bailout package believe that it was too costly and wouldn't have done enough to jump-start lending. To maintain pressure ahead of Thursday's likely vote, President Bush said in a statement from the White House early today that the damage to the economy will be ''painful and lasting'' unless Congress passes the bailout measure.
On Wall Street, many traders likely will proceed cautiously while they gauge prospects for resurrecting the bailout effort, which was backed by leaders of both parties.
''I'm not getting the sense that investors are going to be jumping in with both feet until there is some kind of resolution on the plan,'' said James Maguire, an NYSE floor trader with Christopher J. Forbes. ''If there's a no vote, we're going to seen a lower overall drift in stocks. It will be a slow bleed.''
Traders also will likely focus on how the bloodshed will look on paper. Today
marks the final session of the third quarter — and what is typically the worst month for the stock market — so some portfolio managers might try to do what they can to dress up their performance. Others might simply wish to dump holdings in an unpopular corners of the market like the financial sector.
In midday trading, the Dow Jones industrial average rose 253.04, or 2.44 percent, to 10,618.49 after falling nearly 7 percent on Monday to its lowest close in nearly three years. It was the largest point drop and 17th largest percentage drop in the blue chip index. The percentage decline was far less severe than the 20-plus-percent drops seen in the stock market crash of October 1987 and before the Great Depression.
Broader stock indicators also bounced higher today. The Standard & Poor's 500 index rose 34.25, or 3.10 percent, to 1,140.67, and the Nasdaq composite index rose 60.27, or 3.04 percent, to 2,044.00.
The S&P fell 8.79 percent Monday, while the Nasdaq lost 9.14 percent.
The yield on the 3-month Treasury bill rose today to 0.67 percent from 0.14 percent late Monday. The yield fell Monday as investors clamored for the safety of government debt. The yield on the benchmark 10-year Treasury note, which moves opposite its price, rose to 3.74 percent from 3.58 percent late Monday. The dollar rose against other major currencies and gold prices advanced.
While investors focused on what might come from Washington this week, Wall Street was cheered by several economic readings.
A private research group reported that consumer confidence rose unexpectedly in September. The Conference Board said today its Consumer Confidence Index rose to 59.8 from a revised 58.5 in August; Wall Street had expected a reading of 55.5, according to Thomson/IFR. The reading, which doesn't reflect attitudes following Monday's steep stock market sell-off, remains near a 16-year low.
The Chicago Purchasing Managers' index, which measures business conditions across Illinois, Michigan and Indiana, came in at 56.7 compared with 57.9 in August — a second straight month of a strong reading.
Light, sweet crude rose $2.40 to $98.77 on the New York Mercantile Exchange. Oil fell more than $10 a barrel Monday as investors worried that a weaker economy would curtail demand.
Advancing issues outnumbered decliners by about 2 to 1 on the New York Stock Exchange, where volume came to a light 485.3 million shares.
The Russell 2000 index of smaller companies rose 8.50, or 1.29 percent, to 666.22.
Overseas, Japan's Nikkei stock average fell 4.12 percent. But Hong Kong's Hang Seng index rose 0.76. In afternoon trading, Britain's FTSE 100 rose 1.73 percent, Germany's DAX index added 0.41 percent, and France's CAC-40 rose 1.99 percent.
Comments
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Akron, Oh
Posted 08:02 PM, 09/30/2008
no comments? How am i going to learn this stuff?
