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  • Judge: Argentina bond payment would be contempt of court Jun 27, 2014 1:28 PM
    A lawyer for the Bank of New York Mellon said it had received $539 million from Argentina for distribution to the bondholders who had exchanged their bonds for lesser value ones. Judge Thomas Griesa ordered the bank to return the money to Argentina.

     
  • Stocks head lower on Wall Street, led by banks Jun 26, 2014 4:38 PM
    Banks and other financial firms tugged the stock market slightly lower Thursday as a mixed batch of economic reports and earnings results gave investors little reason to push the market up.It was only the third loss in 10 trading days for the Standard & Poor’s 500 index, which closed at its latest record high just under a week ago, on June 20.

     
  • Stocks edge higher despite economic data Jun 25, 2014 4:37 PM
    The U.S. stock market inched modestly higher Wednesday, recovering more than half of what it lost the day before, as investors were able to set aside two disappointing economic reports. CBS and other broadcasters rose after the Supreme Court ruled in favor of them over a startup Internet company in a closely watched copyright case.

     
  • Stocks end lower as traders sell blue chips Jun 24, 2014 4:33 PM
    The stock market had its biggest decline in two weeks Tuesday, led by a sell-off in blue-chip bank and energy stocks. Homebuilders rose after the government reported sales of new homes rose in May to the highest level in six years.

     
  • Stocks slip below records; FMC falls Jun 23, 2014 4:45 PM
    Stocks fell for the first time in seven days, ending a run that had pushed the indexes to all-time highs, as investors assessed corporate news. Chemical company FMC fell the most in the Standard & Poor’s 500 index after cutting its earnings forecast for the second quarter due because its Agricultural Solutions unit performed worse than expected in the period.

     
  • Shire snubbing AbbVie makes it latest Pharma target Jun 21, 2014 2:00 PM
    Shire is the latest takeover target in a record wave of health-care mergers this quarter. There have been about $230 billion of deals proposed or announced in the industry since the end of March, including Medtronic Inc.’s purchase of Covidien Plc this month and Merck & Co.’s takeover of Idenix Pharmaceuticals Inc. at one of the highest premiums on record.

     
  • Dow, S&P 500 at record levels Jun 20, 2014 3:40 PM
    The S&P 500 is now up 6.2 percent for the year, while the Dow is up 2.2 percent. The major stock indexes all finished ahead for the week.

     
  • Late recovery gives S&P 500 another record close Jun 19, 2014 4:50 PM
    The string of record highs has the S&P 500 index running ahead of its 50-day moving average. That suggests it could be in for a pullback, said Jim Russell, senior equity strategist at U.S. Bank Wealth Management. Russell still expects the market to move higher in coming months.

     
  • Stocks close higher four days in a row Jun 18, 2014 4:55 PM
    The market had been in a wait-and-see mode in advance of the Fed statement, drifting lower for much of the day. The afternoon rebound gave the stock market its fourth consecutive gain.

     
  • Fed says economy rebounding, trims bond buying Jun 18, 2014 4:47 PM
    The personal consumption expenditures index, the Fed’s preferred inflation gauge, rose 1.6 percent from a year earlier in April, the most since November 2012. The consumer price index, a separate inflation measure, rose 2.1 percent in May.

     
  • Stocks close higher as banks gain on rising rates Jun 17, 2014 6:24 PM
    “We’re all waiting to see what the Fed has to say tomorrow,” said JJ Kinahan, chief strategist at TD Ameritrade.The Standard & Poor’s 500 index rose 4.21 points, or 0.2 percent, to 1,941.99. The index is down less than 1 percent from its most recent all-time high of 1,951.27 set last week.

     
  • Illegal profits: A look at insider trading Jun 15, 2014 6:03 AM
    Few crimes on Wall Street generate more headlines than insider trading. The definition is straightforward, but proving that someone did it can be complicated without direct proof that they cheated. Difficulties have dogged investigations surrounding high-profile individuals over the years, from Michael Milken and Martha Stewart to SAC Capital’s Steven Cohen.

     
  • Inspectors miss 40 percent of high-risk oil and gas wells Jun 14, 2014 4:57 PM
    In New Castle, a tiny Colorado River valley community, homeowners expressed chagrin at the large number of uninspected wells, many on federal land, that dot the steep hillsides and rocky landscape. Like elsewhere in the West, water is a precious commodity in this Colorado town, and some residents worry about the potential health hazards of any leaks from wells and drilling.

     
  • Stocks rise as technology shares gain Jun 13, 2014 4:00 PM
    OpenTable jumped $33.32, or 47 percent, to $103.7 5 after Priceline agreed to buy the online restaurant reservation company for $2.6 billion. Priceline fell $24.58, or 2 percent, to $1,201.42.

     
  • Oil jumps as Iraq violence raises supply fear Jun 12, 2014 4:02 PM
    The price of oil jumped Thursday as an insurgency in Iraq raised the risk of disruptions to supplies at a time when other major oil-producing countries are already pumping near capacity. The al-Qaida-inspired group that captured two key cities in Iraq earlier this week vowed Thursday to march on to Baghdad.

     
  • Stocks fall on so-so economic news, Iraq turmoil Jun 12, 2014 4:15 PM
    A combination of so-so economic news and violence in Iraq helped push the stock market sharply lower Thursday. Stocks fell from the start of trading on a government report that retail sales for May came in slightly lower than expected. A separate report on jobs was weak, too. A surge in oil prices as violence flared in Iraq also weighed on the market, and hammered airline stocks. For the Standard and Poor’s 500, it was the third down day in a row, a reversal of sorts from steady, if unremarkable, rises for much of the year. The index is heading for its first weekly loss in four weeks. Uri Landesman, president of hedge fund Platinum Partners, said the pullback wasn’t surprising. Investors had gotten too complacent about the S&P 500’s steady rise this year. The index is up 4.4 percent following a remarkable 30 percent increase in 2013. “It’s time for profit taking, taking risk off the table,” he said. “It’s very rare that markets move up in a straight line.” The Dow Jones industrial average fell 109.69 points, or 0.7 percent, to 16,734.19. The Nasdaq shed 34.30 points, or 0.8 percent, to 4,297.63. The S&P 500 was down 13.78 points, or 0.7 percent, to 1,930.11. In the retail report, the Commerce Department said U.S. sales rose 0.3 percent last month, helped by a surge in auto demand. That was the fourth straight month of gains, but shy of the 0.4 percent increase that economists expected. The Labor Department said that weekly applications for unemployment benefits rose 4,000 to a seasonally adjusted 317,000. “The data today was a little unfulfilling,” said Lawrence Creatura, a portfolio manager at Federated Investors. Still, he is optimistic in the face of the selling because he believes the economy is generally strengthening. “We’re definitely not flinching. We’re holding our positions.” Energy stocks rose broadly after insurgents captured two cities in Iraq, raising the specter of disrupted global oil supplies. The price of oil rose $2.13, or 2 percent, to $106.53. Diamond Offshore Drilling climbed $1.89, or 4 percent, to $48.77, making it the second-biggest gainer in the S&P 500. Among the 10 sectors in the S&P 500, only energy and utility companies were up for day. A combination of higher oil prices and a warning by Lufthansa of smaller profits due to weaker passenger demand helped drive down airline stocks. Delta Air Lines fell $2.21, or 5 percent, to $38.50, the most in the S&P 500 index. United Continental dropped $2.66, or 6 percent, to $42.60. Among other stocks making big moves: — Lululemon Athletica fell $7.05, or 16 percent, to $37.25 after reporting that first-quarter profit tumbled 60 percent, stung by a one-time tax adjustment. The Canadian yoga-clothing company also lowered its full-year earnings forecast. — Restoration Hardware jumped $9.05, or 13 percent, to $80.40 after the furniture and housewares company reported stronger-than-expected results in its fiscal first quarter and raised its outlook for the year, topping Wall Street’s prediction. — Twitter rose $1.25, or 3.5 percent, to $36.79 after news that its chief operating officer, Ali Rowghani, had resigned. Rowghani was in charge of expanding Twitter’s user base, but this didn’t happen as quickly as investors had hoped. In government bond trading, the yield on the 10-year Treasury note, which moves in the opposite direction to its price, slipped to 2.60 percent from 2.64 percent on Wednesday.

     
  • USDA: Drought cuts wheat crop; corn, soybeans good Jun 11, 2014 5:14 PM
    The nation’s wheat crop is smaller than earlier was predicted due to drought, but corn and soybean crop expectations have changed little in the last month, the U.S. Department of Agriculture said Wednesday. Agency reports show farmers producing 1.38 billion bushels of winter wheat, down 2 percent from a month ago and 10 percent from last year. Hard red winter wheat, the type often used to make bread, is down 3 percent from last month’s estimate to 720 million bushels. “Severe drought conditions in the Southern Plains had a dramatic impact on the winter wheat crop, with poor fields in Oklahoma and Texas being baled for hay or otherwise abandoned,” the USDA said in its crop production report. “Late-month precipitation was beneficial to this area but likely too late to revive drought-stricken wheat.” Kansas also has been hard hit by drought, and the government now estimates the Kansas crop at 243.6 million bushels, down from 260.4 million bushels forecast a month ago. Farmers are expected to produce a record 13.9 billion bushels of corn and 3.6 billion bushels of soybeans, both estimates unchanged from the previous month. A cool, wet start to spring delayed corn and soybean planting, but weather improved in the second week of May and the USDA said the corn conditions are now the best in four years for the 18 states that grow most of the nation’s crop. They include Illinois, Indiana, Iowa, Minnesota and Nebraska. Pockets of bad weather have frustrated some farmers. “We’re not too happy with the way this year has been,” said Bernie Roberts, who operates a corn, soybean and pig farm with brothers Burt and Jeff near Corning in southwest Iowa. “We had just over 6 inches of rain in the last week. It was the third rain where we had 3 inches or more this spring.” Farmers in western Iowa and Nebraska have also seen crop damage from hail and wind. Roberts said his farm lost 60 acres of soybeans to hail a week ago.

     
  • Brazil, other markets are no longer ‘Fragile Five’ Jun 11, 2014 4:37 PM
    Soccer fans will focus on Brazil and the start of the World Cup Thursday, but investors have been entranced by that nation’s stock market for months. Brazil has company. From Sao Paulo to Mumbai, investors are regaining their faith in emerging markets this year.

     
  • Stocks fall back as World Bank cuts growth outlook Jun 11, 2014 4:25 PM
    The stock market fell back from record levels Wednesday because of a weaker forecast for global growth and concerns about airline profits. Delta Air Lines and other carriers fell after Germany’s Lufthansa warned of smaller profits. Boeing slid after analysts said that most of the good news about the plane maker was already priced into the stock.

     
  • S&P 500 slips, ending 4-day run of record highs Jun 10, 2014 5:36 PM
    After slumping earlier this year, the stock market has been on a slow and steady climb since April. In recent weeks, a number of encouraging economic reports have helped push the S&P 500 to a series of record highs and left the index up 5.5 percent for the year. Some analysts argue that this success rests on shaky ground.

     
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