February 2009 Archives

Wall Street ended another unforgiving month with a steep loss after a spate of downbeat news unsettled investors.

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Citigroup Inc . agreed to turn over a big piece of itself to the government, a move that fanned worries that other banks would face crippling trouble with bad debt . General Electric Co. slashed its quarterly dividend by 68 percent. And the government's gross domestic product report showed the economy fell at a 6.2 percent annual pace at the end of last year, much faster than expected. www.nbhongshan.cn Industrial Insulation Manufacturer Superior Energies is a leader in industrial insulation fireproofing and fire temp covers for the protection of sensitive equipment.

Full Story: How the Dow Jones industrials fared Friday (AP)

Citigroup Inc . agreed to turn over a big piece of itself to the government, a move that fanned worries that other banks would face crippling trouble with bad debt.

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General Electric Co . slashed its quarterly dividend by 68 percent. Both companies are part of the Dow Jones industrial average, which fell 119 points. And the government's gross domestic product report showed that the economy fell at a 6.2 percent annual pace at the end of last year, a much faster than expected pace.

Full Story: Wall Street slides after Citigroup-government deal (AP)

Health insurers and drug companies, some of the better performers on Wall Street lately, led the market lower Thursday after the White House proposed cutting payments to private insurance plans.

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The Obama administration's $3.55 trillion budget plan for 2010 includes cuts to Medicare and Medicaid. Private insurance plans serving Medicare seniors would take the biggest hit, but hospitals, drug manufacturers and home health agencies also face cuts. As investors became aware of the impact that the budget, if enacted, could have on the companies, they turned against what had been one of the strongest industries in the stock market recently. Market watchers had been looking to health care to help lead the market's recovery along with other recession-resistant industries like consumer staples .

Full Story: Weak health care stocks drag market lower (AP)

Stock exchange operator Nasdaq OMX Group Inc . said Thursday its fourth-quarter profit plunged 53 percent primarily because of asset impairment charges and losses on foreign-currency contracts.

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Nasdaq OMX earned $36.8 million, or 17 cents per share, during the quarter ended Dec. 31, compared with profit of $79 million, or 52 cents per share, during the same quarter a year earlier. Operating earnings increased 35 percent during the quarter to $112.1 million, or 53 cents per share, from $82.9 million, or 38 cents per share, during the final quarter of 2007.

Full Story: Nasdaq OMX Group profit falls on special charges (AP)

Wall Street showed a little resilience as investors got answers to some of their questions about banks.

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The major indexes closed down about 1 percent Wednesday but recovered from much steeper losses early in the day, continuing the volatile trading that has buffeted the market this week. Stocks initially fell on growing pessimism about the banking industry and a home sales report that came in weaker than the market expected. But as the day wore on, some of the uncertainty about the troubled banking system lifted when the Treasury Department said it's beginning to "stress test" the banks. The test will use two economic scenarios to measure banks' health, and the process is expected to be done by the end of April.

Full Story: Stocks end down as week's back-and-forth continues (AP)

NEW YORK – Wall Street headed for a mixed open Wednesday as investors looked for clues about the economy after two back-and-forth days in the market.

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Investors showed little reaction to President Barack Obama's speech Tuesday night that touched on the need to create jobs and stabilize the credit system. He said specifics on these and other goals would follow but that billions more may be needed to stabilize the banking system. Stocks rebounded Tuesday from a Monday sell-off as Federal Reserve Chairman Ben Bernanke told Congress the recession might end this year, and that regulators aren't planning to nationalize banks. Investors were also buying ahead of Obama's speech before a joint session of Congress.

Full Story: Stocks signal mixed open as Street seeks direction (AP)

And investors are hopeful that Tuesday night, Obama will provide specifics about his plans to stabilize the financial system and further stimulate the economy. Anticipation of his remarks helped drive beaten-down financial shares up sharply.

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"There's growing optimism that Obama can deliver the details that the market is so desperately looking for in his speech," said Ryan Larson, senior equity trader at Voyageur Asset Management. If it gets those details, Larson added, the market's upward momentum could continue. Stocks remain on shaky ground, however. Bernanke may have helped stem the market's slide Tuesday, but the market also found stability from temporary technical factors: bargain-hunting, the unwinding of short bets, and selling exhaustion after six straight down days for the S&P 500 .

Full Story: Stocks up on Bernanke remarks; focus now on Obama (AP)

on monetary policy. The data on the economy follow another sharp drop in the market Monday that left the Dow Jones industrial average and the Standard & Poor's 500 index near 12-year lows.

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Wall Street is awaiting a preliminary report on consumer sentiment for February that is expected to show Americans are growing more pessimistic amid rising layoffs, falling home prices and hard-hit retirement accounts. The Conference Board 's Consumer Confidence index is expected to come in at 35.5 for February, down from 37.7 in January, according to economists surveyed by Thomson Reuters.

Full Story: Stocks signal higher open after sell-off (AP)

WASHINGTON – The government on Monday moved toward dramatically expanding its ownership stakes in the nation's banks — with Citigroup, the struggling titan of the industry, apparently at the top of the list.

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Wall Street responded as it has with the rollout of almost every other plan to fix the financial crisis, taking a big drop and sending the Dow Jones industrials to its lowest level in a dozen years. The strategy, which could be applied retroactively to banks that received money in the first incarnation of the bailout, carries risks. But it avoids, at least for now, having to tap more taxpayer money or resort to full-fledged nationalization.

Full Story: Feds explore taking bigger stakes in shaky banks (AP)

NEW YORK – Investors showed relief early Monday following a report that Citigroup Inc . is in talks for the U.S. government to boost its stake in the bank.

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Stocks tumbled last week as investors worried that the government would be forced to funnel more money to Citigroup and Bank of America Corp . and, in the process, completely wipe out shareholders. The Wall Street Journal reported late Sunday that Citi is negotiating to increase the U.S. government's stake to as much as 40 percent. The government, which has already invested $25 billion in the company, would convert its preferred shares to common shares; this would leave existing shareholders with some stake, albeit one that is diluted, the Journal reported.

Full Story: US stocks point higher on report of Citi report (AP)

WASHINGTON – For years, there were red flags — so many they could have massed into a crimson blanket.

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As with the Bernard Madoff case , the scandal surrounding billionaire R. Allen Stanford now seems clear and obvious in hindsight. Yet Stanford managed to run his alleged scheme even while the Securities and Exchange Commission and other regulators had him on their radar screens and investigated his businesses. Stanford wasn't charged until last week. From his tiny accounting firm's office near a North London fish-and-chips shop to certificates of deposit promising outsized returns sold by a bank in Antigua, ample warning signs over the years suggested Stanford 's business wasn't what it seemed.

Full Story: SEC missed numerous red flags surrounding Stanford (AP)

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Full Story: How the major market indexes fared Friday (AP)

NEW YORK (Reuters) – Stocks tumbled on Friday, with the Dow industrials ending at a 6-1/2-year low, on fears the government may be forced to nationalize some big banks.

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Uncertainty about how Washington will rescue beleaguered banks persisted even as the White House issued its most direct statement yet on banks, saying it supported a privately held banking system. "We have had a loss in confidence because the government keeps changing its playbook, and when that happens investors don't want to put any capital into the market," said James Paulsen, chief investment strategist at Wells Capital Management in Minneapolis.

Full Story: Wall Street skids on bank fears (Reuters)

Those finance industry workers still standing after the brutal banking collapses of the past year had to contend with a major slash in bonus pay — with many losing as much as one-third of their total compensation. Then the Obama administration imposed a pay cap of $500,000 on certain senior executives whose companies receive substantial bailout money.

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Now, analysts anticipate pay will sink even further, and some question whether the shift could permanently downsize the high-flying culture of Wall Street. "It's going to drop again in 2009, so it's a huge change," compensation consultant Alan Johnson said of the falling bonus payouts.

Full Story: On Wall Street, sky-high payouts may fall to Earth (AP)

NEW YORK – Wall Street ended another terrible week Friday, leaving major indexes down more than 6 percent as investors worried that the recession will persist for at least the rest of the year and that government intervention will do little to hasten a recovery.

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Investors shaved 100 points off the Dow Jones industrial average just a day after the market's best-known indicator dropped to its lowest level since the depths of the last bear market, in 2002. Stocks of struggling financial companies were among the hardest hit. The Standard & Poor's 500 index, the barometer most closely watched by market pros, came close to its lowest point in nearly 12 years.

Full Story: Major indexes fall more than 6 percent for week (AP)

NEW YORK (Reuters) – Bears could have the upper hand again next week if Wall Street fails to get assurance that major banks can be rescued without being seized by the U.S. government.

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The Dow breached a six-year low in the holiday-shortened week amid mounting fears that the White House would nationalize banks, thus wiping out shareholders. Stocks pared losses in the final hours of trading on Friday after the White House said it strongly believed in a privately held bank system.

Full Story: Bank rescue details key to stave off bears (Reuters)

Bank of America shares plunged again Friday amid market rumors that the government will nationalize the two big banks, which already have benefited from massive federal bailouts .

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Citigroup tumbled 20.72 percent to 1.99 dollars, an 18-year low, at 1623 GMT and Bank of America (BofA) shed 16.54 percent at 3.28 dollars, its lowest level in 24 years. Other banking shares plummeted in their wake, with Wells Fargo down 18.57 percent at 9.78 dollars and JPMorgan Chase off 6.50 percent at 19.26 dollars.

Full Story: Citigroup, BofA shares plunge on nationalization rumors (AFP)

TOKYO (AFP) – Asian stock markets sank in early trade on Friday after Wall Street tumbled to six-year lows as gloomy US unemployment data reinforced fears the world's largest economy is in a severe slump.

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With Japan in its worst recession in decades, the once booming Chinese economy slowing sharply and the rest of the region suffering from slumping exports to stricken Western economies, investors were in no mood to buy. Tokyo dropped 1.35 percent, Hong Kong slid 2.2 percent, Sydney slipped 1.5 percent and Seoul lost 1.4.

Full Story: Asian stocks slide after Wall Street slump (AFP)

briefly turning positive in choppy trade on Thursday as gains in energy and telecom shares offset declines in banks amid persistent worries over the recession-hit economy.

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On the downside, banks dragged as investors fretted over the fate of the sector, while technology shares fell after Dow component Hewlett-Packard ( HPQ .N) gave a disappointing outlook. The Standard & Poor's 500 Index (.SPX) added 0.49 points, or 0.06 percent, to 788.91. The Nasdaq Composite Index (.IXIC) was down 4.46 points, or 0.30 percent, at 1,463.51.

Full Story: Stocks trim losses on energy and telecoms (Reuters)

TOKYO (Reuters) – Japan's Nikkei average rose 0.3 percent on Thursday, a day after closing at its lowest point in nearly four months , as blue-chip exporters gained on the dollar's first move above 93 yen in six weeks.

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The Nikkei gained 23.21 points to 7,557.65, capping three days of losses in which it fell about 3 percent. On Wednesday, the benchmark booked its lowest close since October 27 . The broader Topix (.TOPX) also added 0.3 percent, rising to 751.59 after ending the previous day a whisker away from its lowest close in 25 years.

Full Story: Nikkei nudges up 0.3 percent but economy worries loom (Reuters)

WASHINGTON (Reuters) – Federal regulators said on Wednesday they do not know the whereabouts of billionaire Texas banker Allen Stanford, charged with a "massive" $8 billion international financial fraud.

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"We are unaware of his whereabouts," Securities and Exchange Commission spokeswoman Kimberly Garber said from Texas . Garber said. Garber said she was unaware of any warrants for Stanford's arrest and said the SEC was still hoping for his voluntary cooperation on the civil fraud charges.

Full Story: Stanford whereabouts unknown after charges: SEC (Reuters)

-- have agreed to pay fines of at least 1.4 million US dollars following a financial watchdog's probe into its stock issuing practices.

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senior managers agreed to pay the US Securities and Exchange Commission the fine following allegations that they had illegally back-dated stock options -- potentially distorting the firms earnings. RIM said in a statement that through the settlement the group neither admitted nor denied the allegations.

Full Story: BlackBerry maker settles case with SEC (AFP)

HONG KONG – Asian stock markets dropped early Wednesday as U.S. markets plummeted toward last year's lows and investors began losing hope that governments can rescue the world's economies from slipping deeper into recession.

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It marked the region's third day of declines, and followed a sell-off overnight on Wall Street that sent the major benchmarks to within a hair's breadth of their lowest close in more than five years . As President Barack Obama signed America's $787 billion measure to revive the world's largest economy, investors were still faced with a rash of downbeat news about everything form struggling U.S. carmakers to beleaguered banks and slumping business activity.

Full Story: Asian stocks tumble as bailout confidence fades (AP)

NEW YORK – Stocks tumbled Tuesday, sending the Dow Jones industrials near their November lows as investors grew more doubtful that the government can quickly turn around the still-weakening economy.

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Chrysler LLC might not be able to prove by Tuesday's deadline that they can repay billions of dollars in loans and return to profitability. GM has already received $9.4 billion from the government, and could get another $4 billion if the Treasury Department signs off on its viability plan. Chrysler has borrowed $4 billion, and is seeking another $3 billion. The failure of a company with the name recognition of GM would "impact the psyche of the average consumer," Stovall said.

Full Story: Wall Street tumbles in early trading (AP)

LONDON (AFP) – Stocks finished down on Monday as further losses for financial companies led to investor unease about the health of the banking sector .

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Among individual stocks, Insurance group Legal and General was the day's worst performer, slipping 10.5 percent -- or 5.2 pence -- to end at 44.3. Lloyds Banking Group (LBG) plunged 8.41 percent -- or 5 pence -- to 56.40 pence after warning on Friday that its recently acquired HBOS unit would show a 2008 loss of 10 billion pounds.

Full Story: FTSE 100 down on banking losses (AFP)

fell on Monday as investors tracked the ailing banking sector and digested evidence of a deep Japanese recession as well as a weekend meeting of key finance chiefs.

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London's FTSE 100 index of leading shares fell 0.91 percent to 4,151.33 points, Frankfurt's DAX 30 slid 0.79 percent to 4,378.33 points and in Paris the CAC 40 declined 0.76 percent to 2,975.09. "There remains a bitter taste in the mouth after (British bank) HBOS's loss last Friday, Japan 's terrible GDP (gross domestic product) figure and the failure of the G7 to tell the market anything new following their meeting over the weekend," said City Index Market Strategist Joshua Raymond.

Full Story: European stocks drop (AFP)

LONDON (AFP) – Stocks finished down Friday as a warning from lender Lloyds Banking Group (LBG) soured City sentiment in the afternoon.

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Lloyds said that its HBOS division would suffer a 2008 pre-tax loss of about ten billion pounds because of the credit crunch . The news sent LBG's share price slumping by more than 40 percent in reaction to the surprise profit warning from the partly-nationalised bank.

Full Story: FTSE 100 down on Lloyds warning (AFP)

Wall Street has been busy focusing on companies' quarterly numbers and the developments in Washington. Now, investors are faced with finding less obvious answers to the question "What's next?" Any jitters about what might be the next major bit of news to drive the market could extend the back-and-forth trading seen in the nearly three months since the Standard & Poor's 500 index finished at an 11-year low on Nov. 20.

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"This whole process has been a market-bottoming process. It takes time," said Harry Clark, president and chief executive at Clark Capital Management in Philadelphia . Clark and other market experts say it remains unclear whether the late-November levels will hold as the bottom of the market's pullback from its October 2007 highs.

Full Story: Wall Street might search for motivation this week (AP)

NEW YORK (Reuters) – The last quarter of 2008 is set to rack up the steepest decline in earnings for U.S. companies in at least 10 years, as deep write-downs from banks mounted and companies across a wide swath of sectors slashed their outlooks.

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Although analysts slashed their expectations ahead of what was widely expected to be a bleak earnings season, earnings still came in well below expectations, suggesting Wall Street had failed to get its arms around the scope of the economic crisis. And the pain is seen as far from over. Expectations for the coming quarters have been dampened as companies have slashed their own outlooks as they warn of slumping sales and job cuts.

Full Story: U.S. companies eye worst quarter in a decade (Reuters)

NEW YORK (Reuters) – Stocks fell on Friday as persistent worries about banks eclipsed news the government would announce a plan next week to prop up the housing sector by helping homeowners avoid foreclosures.

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Initial enthusiasm over the prospect of relief on the housing front proved to be short-lived after the White House cautioned against unreasonable expectations and doubts lingered about how banks will cleanse their books of toxic assets. The Dow on Friday had its lowest close since the bear market closing low of November 20, capping a week when financial stocks were repeatedly pummeled as the government's latest bank rescue plan failed to allay investor worries.

Full Story: Wall St. slides as banks eclipse housing optimism (Reuters)

conspired to drive down its stock price by using advance notice of an analyst's negative report about the company.

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The Securities and Exchange Commission is examining the situation involving insurer Fairfax Financial Holdings Ltd ., a person familiar with the inquiry said Friday. The person spoke on condition of anonymity because the investigation has not been made public. The hedge funds — SAC Capital Advisors, Third Point LLC and Kynikos Associates — used knowledge of Gwynn's report before its public release to bet against Fairfax Financial's stock by short-selling it, the insurer alleges. Short sellers borrow a company's shares, sell them, and then buy them when the stock falls and return them to the lender, pocketing the difference.

Full Story: SEC probing alleged improper trades by hedge funds (AP)

NEW YORK (Reuters) – With Wall Street veering close to the November bear market lows, the market is likely to be awash with caution next week as investors look for clarity on how the government plans to shore up banks, housing and the economy.

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As a dismal earnings season winds down, analysts will also be taking stock of the damage and reevaluating expectations for the year as companies have cut or withdrawn their outlooks and announced massive layoffs. While the bulk of the heavy-hitters have already reported their quarterly results, earnings from Wal-Mart ( WMT .N), the world's biggest retailer, are expected next week.

Full Story: Investors anxious for clarity on bank plan (Reuters)

NEW YORK – Investors sent Washington a message this week: They won't commit to stocks until the government commits to a plan.

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Stocks ended lower Friday, pushing the Dow Jones industrial average to its lowest close since last November and leaving it with a weekly decline of 5.2 percent. The gears are moving in Washington. On Friday, the White House said President Obama will outline steps to stem home foreclosures next Wednesday, and the House passed a $787 billion economic stimulus bill .

Full Story: Stocks fall as investors can't shake economic woes (AP)

NEW YORK (Reuters) – U.S. stocks fell in volatile trading on Friday as financial shares slid after Britain's Lloyds Banking Group (LLOY.L) posted a wider-than-expected loss, adding to persistent worries about the health of the banking sector .

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The KBW Bank index (.BKX) fell 4.5 percent, taking its weekly decline so far to more than 13 percent. Stocks rallied late on Thursday after Reuters reported the Obama administration was working on a program to subsidize mortgage payments for troubled homeowners.

Full Story: Wall St slides as Lloyds loss adds to bank fears (Reuters)

NEW YORK (Reuters) – Stocks staged a late rally to close mostly higher on Thursday after Reuters reported the Obama administration was working on a program to subsidize mortgage payments for troubled homeowners.

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The S&P 500 and Nasdaq ended higher while the Dow industrials retraced losses to close slightly lower as investors starved for good news bet the government had taken a big step toward stabilizing the housing market. Banks and homebuilders, which had helped drag the market lower throughout the session, more than halved their losses after Reuters reported the government was working on a program that would help homeowners most in need before they fall into arrears.

Full Story: Obama mortgage plan news spurs late stocks rally (Reuters)

NEW YORK (Reuters) – U.S. stocks fell on Thursday amid investor fears that government efforts may be insufficient to revive a recession-hit economy and stabilize the banking system.

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Although Congress prepared to pass a $789 billion economic stimulus package as early as Thursday, uncertainty about the economy fueled a broad-based sell-off. "There is a growing sense that the passage of the stimulus and the bank rescue, which people were eagerly awaiting, are not enough to turn the sentiment," said Eric Kuby, chief investment officer at North Star Investment Management Corp in Chicago ." "The critical moment in market psychology was the Geithner testimony (about the bank aid plan, on Tuesday). It was much anticipated, but it was viewed as being disappointing, and now everybody is feeling somewhat disappointed about the stimulus package as to wether it will provide enough stimulus to get things turned around," he said.

Full Story: Wall Street slides on economic fears (Reuters)

HONG KONG – Asian stock markets fell Thursday, with Japan's benchmark losing almost 3 percent, amid doubts that U.S. plans costing trillions of dollars will soon restore the health of the world's largest economy.

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Investors seemed more wary than relieved after U.S. lawmakers finally agreed overnight to a $790 billion stimulus bill designed to pull the economy out of recession by creating jobs through spending and tax cuts. President Barack Obama could sign the measure within days. The news came a day after the Obama administration's newly revised program to rescue the financial sector with some $2 trillion in funding met with widespread skepticism. Investors criticized the plan for what they said was a lack of specifics.

Full Story: Asian stocks down amid pessimism over US plans (AP)

NEW YORK – A day after a steep selloff on Wall Street, investors are looking for bargains but are still cautious about the banking industry and the overall economy.

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Some rebound was to be expected after the major stock indexes fell more than 4 percent on Tuesday on disappointment in the government's announcement of a plan to overhaul the $700 billion financial rescue package passed by Congress last fall. The Dow Jones industrial average tumbled 382 points. Financial stocks, the hardest hit on Tuesday, led the modest rebound Wednesday that left the Dow Jones industrials up 30 points in afternoon trading.

Full Story: Stocks show partial rebound after steep selloff (AP)

HONG KONG – Asian stock markets dropped Wednesday, following a steep sell-off on Wall Street , as investors reacted with skepticism to the U.S. government's latest plan to rescue the ailing financial industry with as much as $2 trillion in commitments.

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global slowdown . As in the U.S., investors across Asia questioned whether America's revamped bailout program, unveiled Tuesday by Treasury Secretary Timothy Geithner, would be enough to absorb the bad assets saddling bank balance sheets and free up the credit markets that govern lending to consumers and businesses. Geithner said the plan to get trillions of dollars in financing flowing through the world's largest economy was urgently needed as part of the government's effort to stave off "catastrophic failure" of institutions. A centerpiece involves the government teaming with the private sector to buy up to $1 trillion in souring assets from financial firms. A separate lending program would be expanded to as much as $1 trillion from $200 billion for consumers and businesses.

Full Story: Asia stocks fall amid skepticism over US bank plan (AP)

NEW YORK (Reuters) – Stocks tumbled 3 percent on Tuesday as bank shares slid on concerns that a plan to shore up the financial sector unveiled by Treasury Secretary Timothy Geithner may not be enough to loosen up credit and contain the deepening recession.

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Indexes slumped immediately following Geithner's announcement of a plan to mop up $500 billion in spoiled assets from the beleaguered banking system. Financial stocks, which had spearheaded a rise in the market in recent sessions in anticipation of the plan, skidded as the lack of details in Treasury's announcement raised questions about whether the plan will be enough to rein in the financial crisis.

Full Story: Wall Street tumbles on bank plan misgivings (Reuters)

HONG KONG – Asian stock markets sank in erratic trade Tuesday as investors waited to see how the U.S. will boost its economy with a massive stimulus package and reshape its program to bail out banks.

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Markets across the region were largely directionless after solid gains last week on hopes the U.S. stimulus measures will speed recovery in the world's largest economy. An $838 billion economic stimulus bill survived a key test vote in the Senate Monday, setting up a final vote Tuesday. Investors also are anticipating more details about how the Obama administration plans to retool the government's $700 billion program to bail out financial institutions reeling from bad assets. Later Tuesday, Treasury Secretary Timothy Geithner is to unveil new rules for the program, which has been heavily criticized for doling out hundreds of billions of dollars to banks with few conditions on how the money is spent.

Full Story: Asia stocks sink as investors eye US stimulus plan (AP)

has agreed to a proposed partial judgment in a civil case brought by the U.S. Securities and Exchange Commission without admitting or denying fraud charges, the regulator said on Monday.

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The SEC said the agreement with Madoff extends an asset freeze on the former Nasdaq stock exchange chairman , with the amount of penalties and disgorgement to be decided later. Madoff, 70, is facing criminal and civil charges in U.S. District Court in Manhattan after authorities said he admitted to running a Ponzi scheme over many years with losses of $50 billion.

Full Story: Madoff agrees to partial civil judgment in SEC case (Reuters)

HONG KONG – Asian stock markets were mixed Monday, with Tokyo's index off more than 1 percent, as a recent rally over the $827 billion plan to resuscitate the U.S. economy began to fade.

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Stocks have advanced strongly of late on expectations the U.S. measure, expected to pass the Senate Tuesday, will reverse the country's deepest recession in decades by stemming massive job losses and increasing spending. A coming overhaul of the government's $700 billion financial bailout program, to be detailed by Treasury Secretary Timothy Geithner on Tuesday, also has given sentiment a lift. Among new measures under consideration are guarantees to help banks limit losses from their risky assets.

Full Story: Asian stocks mixed as US stimulus rally fades (AP)

The Senate was expected to vote on its version of a stimulus plan that would include a mix of spending and tax cuts .

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Full Story: How the major market indexes fared (AP)

WASHINGTON (Reuters) – Former Assistant U.S. Attorney Robert Khuzami is being considered for the Securities and Exchange Commission 's top enforcement position, one source familiar with the matter said on Saturday.

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The SEC's new chairman, Mary Schapiro , has been looking for a "tough" prosecutor to restore the agency's reputation as Wall Street 's top cop and an announcement could come in days, two sources said. Khuzami, Deutsche Bank 's general counsel for the Americas, served for 11 years as an assistant attorney in the U.S. Attorney's Office for the Southern District of New York, the bank's web site said.

Full Story: SEC chief weighs ex-prosecutor to head enforcement (Reuters)

NEW YORK – Investors have taken another big gamble on the government's plans to help the economy — hoping that this one will finally work.

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The Senate was expected to vote on its version of a stimulus plan that would include a mix of spending and tax cuts. The Senate bill would cost $937 billion; the House already passed a similar version. Financial stocks led the market as investors also awaited the government's latest revisions to its lifeline for banks. Treasury Secretary Timothy Geithner and other top officials are close to finishing a plan to overhaul the government's $700 billion financial rescue fund. Geithner is expected to announce the changes in a speech on Monday.

Full Story: Wall Street shrugs off January job losses of 598K (AP)

looked to reassure investors on Friday that they would reinvigorate the agency's policing of Wall Street , improve the quality of credit ratings and said they expect to bring more cases against mortgage fraud .

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"I like to tell the staff we are going to act like our hair is on fire," newly installed SEC Chairman Mary Schapiro told reporters in Washington, two days after a congressional hearing slammed the agency for not uncovering Bernard Madoff's alleged $50 billion fraud. Schapiro announced she had already ended a Bush administration program that made it harder for SEC lawyers to negotiate settlements with companies.

Full Story: SEC looks to reassure investors (Reuters)

that would include a mix of spending and tax cuts. A vote on the bill, which stands at $937 billion, could come late Friday.

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Financial stocks led the market higher as investors also awaited the government's latest revisions to its lifeline for banks. Treasury Secretary Timothy Geithner is expected to announce them on Monday. The Standard & Poor's 500 index is up 22 at 868, and the Nasdaq composite is up 45 at 1,591.

Full Story: Wall Street shrugs off 598K job cuts in January (AP)

HONG KONG – Asian stocks climbed Friday, with Hong Kong's benchmark up more than 3 percent, amid hopes massive stimulus measures in the U.S. and beyond will mitigate the worst global slowdown in decades.

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Investors were optimistic the U.S. plan, which swelled to $920 billion as of Thursday, would soon win approval from lawmakers, providing some clarity about how long recession in the world's largest economy might last. Debate in the Senate continued for the fourth day as some lawmakers pressed for cuts. Adding to the upbeat mood were growing expectations governments would do more to help the world's struggling finance sector. In the U.S, Treasury Secretary Timothy Geithner was to deliver a speech Monday outlining an overhaul the government's $700 billion financial rescue program. It's expected to include steps to extract the toxic assets from bank balance sheets.

Full Story: Asian stocks rise amid US stimulus hopes (AP)

(SEBI) to get permission from the country's highest court to question the men who were running Satyam Computer Services, India's embattled information technology giant, over the company's $1 billion accounting fraud .

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, his brother Rama Raju, and former chief financial officer Srinivas Vadlamani. Although the men are in police custody and face criminal charges, SEBI, the country's stock market regulator , is the only Indian body with the expertise to investigate allegations that Satyam officials used Byzantine accounting chicanery involving illegal transfers of money between hundreds of shell companies, possible insider trading, money laundering, and other acts to inflate the company's profits and defraud shareholders. earlier this week that the regulatory body issued summons to Ramalinga Raju to appear before it in Hyderabad on Jan. 9, two days after Raju publicly confessed to falsifying the company's profits. But that same day, Raju surrendered to state police and once he was in custody, SEBI investigators couldn't touch him without a court order. (Rama Raju and Vadlamani were also later arrested.) SEBI's petitions to question the accused were denied by two Andhra Pradesh courts, forcing regulators to take their case to the Supreme Court.

Full Story: India's Stock-Market Regulators Probe Satyam Fraud (Time.com)

HONG KONG – Most Asian stock markets sank Thursday, with Japan's benchmark down over 1 percent, as more grim corporate news undermined optimism that China's stimulus measures will help its economy weather the global slowdown .

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An early rally was snuffed out in the afternoon by the drumbeat of ugly results from major companies. China's Lenovo Group , the world's fourth-largest computer manufacturer, announced its first quarterly loss in nearly three years and said its chief executive, William J. Amelio, had resigned.

Full Story: Asian stock markets fall amid grim company news (AP)

. The clash between lawmakers and high-ranking SEC officials at a House Financial Services subcommittee hearing came after the man who waged a decade-long campaign to alert the regulators to problems in Madoff's operations denounced the agency for its inaction.

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Whistleblower Harry Markopolos also said he had feared for his physical safety and would turn over new evidence that Madoff had not acted alone. In loud, angry exchanges, lawmakers threatened to issue subpoenas to SEC officials to compel their testimony in the case.

Full Story: Lawmaker says SEC hindering House's Madoff probe (AP)

is assailing the Securities and Exchange Commission for ignoring his warnings and saying he feared for his physical safety.

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Markopolos, a securities industry executive and fraud investigator, brought his allegations to the SEC about improprieties in Madoff's business starting in 2000 or earlier. He fruitlessly pursued the quest through this decade with agency staff from Boston to New York to Washington, but the regulators never acted. Now thousands of victims who lost money investing in Madoff's fund, which was separate from his securities brokerage business, have been identified. Among them are ordinary people and Hollywood celebrities — as well as big hedge funds , international banks and charities in the U.S., Europe and Asia. Life savings have evaporated, foundations have been wiped out and at least one investor apparently was pushed to commit suicide.

Full Story: Madoff tipster faults SEC, says feared for safety (AP)

HONG KONG – Asian stocks advanced Wednesday, with Tokyo's index up nearly 3 percent, as better-than-expected news about the U.S. and Chinese economies raised hopes the global downturn was nearing a bottom.

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The region's upward swing followed Wall Street , where investors breathed a little easier after a surprise jump in home sales in December suggested the battered housing market might soon stabilize. Investors also were heartened by Wednesday's report showing a recovery in Chinese manufacturing might be taking shape. While manufacturing shrank again in January, the contraction was less severe than in recent months and seen by some as a sign China's stimulus measures were beginning to work.

Full Story: Asia stocks rise amid signs downturn is bottoming (AP)

NEW YORK – Some heartening news on housing and corporate earnings helped Wall Street set aside a little of its angst about the economy Tuesday. The Dow Jones industrials jumped more than 150 points.

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The National Association of Realtors said buyers stepped in to snap up properties at steep discounts in December, especially in the South and Midwest. Its seasonally adjusted index of pending sales for preowned homes rose 6.3 percent to 87.7 in the final month of the year from an upwardly revised November reading of 82.5. Wall Street welcomed the news; investors are looking for any signs that the housing industry slide is slowing. "The market is encouraged by the more upbeat report on housing, albeit from a low level," said Alan Gayle, senior investment strategist at RidgeWorth Investments. "A key element of the current malaise is housing and credit-related. And the report on home sales suggests that we are making progress on that front." Stocks also gained following several upbeat earnings reports. Drugmakers Merck & Co. and Schering Plough led health care stocks higher after their quarterly numbers came in better than expected.

Full Story: Stocks jump following rebound in home sales (AP)

The Bank of Japan said it would buy some 1 trillion yen ($11.2 billion) in corporate shares held by financial institutions to cap their exposure to volatile equities markets. Meanwhile, Australia's leader announced 42 billion Australian dollars ($26 billion) in fresh spending to help the country's resources-based economy.

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Despite gains in most markets, sentiment was still wary across the region amid more evidence of economic weakness. In the U.S. overnight, data showed personal spending and total construction spending continued to erode last month in the world's largest economy, a vast market for Asian products. Nikkei 225 stock average fell 48.47 points, or about 0.6 percent, to 7,825.51 after trading about 1 percent higher earlier in the session as the central bank announced its latest effort to help ailing financial companies.

Full Story: Most Asian markets rise amid new stimulus plans (AP)

NEW YORK – Investors worrying about a deepening recession have been cherry-picking stocks, sending tech shares higher and financials and blue chips lower.

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The market's concerns Monday focused on two fronts: the economic stimulus proposal that is now before the Senate, and a possible plan to give further aid to the nation's banks. The Standard & Poor's 500 index is down a modest 0.52 at 825. The Nasdaq composite index is finishing up 18 at 1,494. Losing stocks outnumbered gainers by 8 to 7 on the New York Stock Exchange , where volume came to 1.3 billion shares.

Full Story: Tech stocks rise but broader market declines (AP)

Japan's Nikkei 225 stock average was down 120.07, or 1.5 percent, at 7,873.98, Hong Kong's Hang Seng slid 3.5 percent to 12,812.88 and South Korea's Kospi was off 1.3 percent at 1,146.95. Australia's main index fell 1.2 percent and markets in Singapore, Thailand and India fell 2 percent or more.

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Mainland China's market, reopening after the weeklong Lunar New Years holiday, rose amid a report the government is considering new steps to boost growth. The Shanghai Composite index gained 1.1 percent at 2,011.68. Sentiment was shaky after big name Japanese companies like Honda, NEC and Hitachi announced dire results on Friday and data showed the U.S. economy shrank at a 3.8 percent pace in fourth quarter.

Full Story: Most Asian markets fall on bleak earnings (AP)

, according to a light-hearted analysis done to coincide with the biggest NFL game of the year .

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Since the first Super Bowl was contested in 1967, the average annual return for the S&P 500 index has been 25 percent in the six years the Steelers competed, regardless of whether the team won or lost, according to Capital IQ, a division of Standard & Poor's . The Steelers, who play in the NFL's American Football Conference (AFC), are one of three teams to have won the Super Bowl five times. Their lone loss came in 1996.

Full Story: Steelers in Super Bowl may bring luck to investors (Reuters)

. The Standard & Poor's 500 index was down 8.57 percent for the month, its worst January ever and a worrisome sign for investors who see the first month as a trendsetter for the 11 that follow. They're believers in the January Barometer: As January goes, so goes the year.

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Since 1950, there have been only five times when January got it wrong in a big way. That gives it an accuracy ratio of 91.4 percent. Throw in the 10 years since then when the market hasn't moved much in a year, and January is still accurate 74.1 percent of the time, according to the "Stock Trader's Almanac," a book that tracks market trends. But after a horrendous 2008, some Wall Street veterans say 2009 isn't a time for looking at past trends.

Full Story: Stocks' January drop isn't welcome sign for 2009 (AP)

The stream of bleak news reached fever pitch after U.S. companies shed more than 200,000 jobs in January and some investors worried a plan to shore up banks may take longer to come together.

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"If they come up with a plan -- any kind of plan -- the market will rally a little bit next week," said Warren Simpson , managing director at Stephens Capital Management in Little Rock, Arkansas . But Simpson cautioned that without a plan, stocks could retest the November bear market lows. Indeed, David Kostin, Goldman Sachs chief U.S. equity strategist, said in a research note that the S&P 500 could challenge this low during the first quarter of 2009.

Full Story: After horrid January, stocks eye stimulus (Reuters)