Events Calendar
In This Section
Most Read Stories
Family found dead in Ohio home
Man gets 3 years in prison for having sex with horse
Sex-toy study at Duke University raises some eyebrows
Robbers order bar patrons to empty pockets
Akron man turns himself in after authorities turn up heat
Man appears alive at own funeral
Take comfort in knowing Browns could be bigger losers
Blogs:
Pets:
Not 101 Dalmations…but close!
The Heldenfiles:
Friday Notebook
Patrick McManamon:
For your perusal
Akron Zips:
The morning after
Tribe Matters:
Tribe makes roster moves
Cleveland Browns:
Lewis doesn't like boycott
Kent State Sports:
Kent State falls to Akron, 20-28
Cleveland Cavaliers:
Gameblog: Cavs at Knicks
Buckeye Blogging:
Weekly ‘B’ Deck Report – New Mexico St.
Varsity Letters:
Wrestling, bowling teams prepare for season
All Da King's Men:
If It Looks Like Islamic Terrorism…
Blog of Mass Destruction:
Dems Message To Women: Don't Enjoy The Sex
Akron Law Café:
Health Care Financing Reform: (62) The Stupak Amendment
See Jane Style:
Muffle Your Muffler
Car Chase:
Perfect Weather for an Autumn Drive
Let's Talk Real Estate:
RUMORS: Downtown Restaurant Explosion
Ohio Travels with Betty:
Jack is looking for a trip to Southern Ohio the week of November 16.
Sound Check:
The Black Keys to perform benefit concert at Musica on November 27
HRLite House:
Personal Rant – Why People Do Not Live in Northeast Ohio
Akron Gamer:
New 'Call of Duty' could set entertainment record
Corporate earnings to dominate trading
Published on Wednesday, Jan 14, 2009
Associated Press
NEW YORK: Wall Street's growing angst about company earnings gave stocks a mixed finish Tuesday, with the Dow Jones industrials suffering their fifth consecutive loss. The broader market indicators closed modestly higher.
The concern on the Street is that the recession will have a more severe impact on profits than investors have been anticipating. They shied away from placing big bets after aluminum giant Alcoa Inc. reported late Monday
that it lost $1.19 billion during the fourth quarter. An analyst's warning about profits at General Electric Co. only added to the market's uneasiness.
The Dow Jones industrial average fell 25.41, or 0.30 percent, to 8,448.56.
Meanwhile, a mammoth stimulus package being crafted by President-elect Barack Obama could give the economy a much-needed lift, but other steps must be taken to bolster the wobbly financial system and for any recovery to stick, Federal Reserve Chairman Ben Bernanke said.
Bernanke suggested the government inject more money into banks. He also offered options to deal with rotten mortgages and other bad assets held by financial institutions. Bernanke also again called for the government to do more to curb home foreclosures.
The Fed chief's extensive remarks were made in a speech at the London School of Economics.
Questions about corporate earnings in particular companies' expectations for business this year are likely to dominate trading in the coming weeks. Computer chip maker Intel Corp. and drug company Genentech Inc. are among the companies reporting results this week.
The market also will get an earlier-than-expected reading on the financial sector when JPMorgan Chase & Co. reports earnings on Thursday nearly a week ahead of schedule. Investors are fearful of another year of multibillion dollar losses among financial companies, as analysts forecast problems in credit card and commercial real estate portfolios.
Meanwhile, Citigroup Inc. and Morgan Stanley are expected to announce a deal soon to combine their brokerage operations as Citi struggles to raise additional cash.
''We're sort of in a wait-and-see mode,'' said Carl Beck, partner at Harris Financial Group. ''The optimism that we saw at the beginning of the year has sort of been put on hold as people await earnings reports.''
Associated Press
Get the full article here.
