Stock Markets
• Dow up 494 as Obama prepares to name treasury boss
(AP)
<p>AP - Wall Street put a stop to a terrifying decline and stormed higher Friday as President-elect Barack Obama appeared ready to tap the chief of the New York Federal Reserve as the next treasury secretary and hand him the herculean task of righting the U.S. financial system.
• Wall Street stages late rally on Geithner news
(Reuters)
Reuters - U.S. stocks stormed higher in a late rally on Friday to cap another volatile week as investors welcomed reports that President-elect Barack Obama has chosen his point person to combat the U.S. economic crisis, instilling confidence about the administration's ability to take action.
• Wall St Week Ahead: Stocks eye Citigroup, Geithner's next moves
(Reuters)
Reuters - Wall Street faces stiff headwinds in the week ahead, the fate of Citigroup largest among them, that stand in the way of building on Friday's big rally and preventing November from winding up as one of the worst months for stocks on record.
• Target rejects Pershing's real estate proposal
(Reuters)
Reuters - Target Corp on Friday rejected as "highly speculative" proposals made by hedge fund manager William Ackman that he said would unlock the value of its real estate and boost the discount retailer's sagging stock price.
• Tasks for Obama's ag sec: School food, subsidy cap
(Reuters)
Reuters - President-elect Barack Obama's nominee for U.S. agriculture secretary will face daunting tasks ranging from tightening farm subsidy rules to improving school meals, lawmakers and farm groups said on Friday.
• Clinton accepts Obama secretary of state offer: NY Times
(Reuters)
<p>Reuters - New York Sen. Hillary Clinton has accepted an offer from President-elect Barack Obama to become U.S. secretary of state, joining her former Democratic rival to help guide U.S. foreign policy, the New York Times said on Friday.
• Oil rallies from 3-1/2-year low
(Reuters)
Reuters - Oil rose slightly on Friday, after falling more than 7 percent the day before, as stock markets recovered from early lows caused by continuing economic gloom.
• London stocks down 2.4%
(AFP)
<p>AFP - London shares were in the backfoot again Friday after a dire manufacturing report compounded fears that a deep and prolonged recession is ever more likely.
• European stocks drop as Dow erases early gains
(AP)
AP - European markets fell further Friday as early gains on Wall Street were wiped out amid mounting fears about the U.S. economy and the future of banking giant Citigroup Inc. in particular. Asian stocks closed mostly higher earlier in the day.
• Geithner rallies stocks but Citi still ailing
(Reuters)
<p>Reuters - President-elect Barack Obama wants New York Federal Reserve President Timothy Geithner as his Treasury secretary, news that sparked a stock market surge on Friday and fostered confidence that Obama may be taking up the U.S. economic reins before his inauguration in January.
• Visa says might incur "significant" charges in FY09
(Reuters)
Reuters - Visa Inc said it might incur "significant" charges in fiscal 2009, according to an SEC filing. Highlights:
• FTSE-100 up 27.94 at 3,902.93
(AP)
AP - Share prices on the London Stock Exchange were higher at midday Friday.
• HK stocks rise on talk of China rate cut
(AP)
AP - Hong Kong stocks advanced Friday, breaking a four-day losing streak, on bargain-hunting and speculation that China will cut interest rates over the weekend.
• Indian stock index jumps on stimulus hopes
(AP)
AP - India's benchmark stock index jumped 5.5 percent Friday, bolstered by a regional rally and expectations the government will soon take more steps to stimulate the economy.
• Stocks stage a turnaround
(AFP)
AFP - The London stock market staged a turnaround on Friday despite a steady flow of dismal economic news.
• South Korean stocks rally despite Wall Street drop
(AP)
AP - South Korea's benchmark stock index surged Friday, snapping an eight-day losing streak — its longest in more than five years — as investors bought financial and auto shares.</p>
• China shares end lower after surge; property gains
(AP)
AP - Chinese stocks ended lower Friday after a volatile session punctuated by speculation of a weekend interest rate cut and suspected government buying of shares.
• Japan stocks rise after losses earlier this week
(AP)
AP - Japanese stocks gained Friday, boosted by a weakening yen and other Asian bourses rallying despite an overnight rout on Wall Street.
• Global stocks rebound on rate cut hopes
(Reuters)
Reuters - European and Asian shares managed to rise and oil rose toward $50 on Friday as expectations of further interest rate cuts helped to cushion deepening gloom about the financial and auto sectors as well as the broader economy.
• Australian stock index rebounds to close higher
(AP)
AP - Australian stocks rebounded from a 3.3 percent slide early Friday to finish the session in positive territory after four consecutive days of losses.
