Investor's Business Daily describes today's stock market: "At 2:43 p.m. EDT, the Dow rallied 1.3%, the Nasdaq 1.1%, the S&P 500 0.8% and the NYSE composite 0.5%. But despite the rebound in the Nasdaq, heavyweights Apple (AAPL), Google (GOOG) and Research In Motion (RIMM) edged lower."
“Despite the worrying report on consumer prices, U.S. stock markets rebounded yesterday, led by a torrid advance in financial shares after Wells Fargo, the nation's second-largest mortgage lender, beat earnings expectations and raised its dividend, a sign that the big firm is confident about weathering the credit crisis,” The Washington Post reports.
Bloomberg.com writes, “JPMorgan Chase & Co., the largest U.S. bank by market value, said profit fell 52 percent, less than analysts estimated, on mortgage-related writedowns and costs from the takeover of Bear Stearns Cos. in March.”
Continental Airlines reported a second quarter loss of “$3 million, or 3 cents per share, compared with a profit of $228 million, or $2.03 per share, a year ago.” The soaring fuel prices and struggling economy are blamed for the slide.
Autocratic leaders throughout the world, “in countries whose leaders are most hostile to the United States,” are using the rising oil prices to boost their appeal and power, seeking a greater role in foreign affairs. But the boost in spending could lead to inflation in those nations.
According to The New York Times, “The Bush administration’s decision to send a senior American official to participate in international talks with Iran this weekend reflects a double policy shift in the struggle to resolve the impasse over the country’s nuclear program.”
Rome is banning snacks at tourist sites. “City Hall is banning all those enjoying a Roman holiday this summer from snacking near the sights in Rome's historical center with fines up to $80,” according to the San Francisco Chronicle.
"President Bush invoked executive privilege to keep Congress from seeing the FBI report of an interview with Vice President Dick Cheney and other records related to the administration's leak of CIA operative Valerie Plame's identity in 2003," the Associated Press reports.
A Rockefeller Foundation/Time magazine poll released today says that more Americans, particularly young people and minorities, are “deeply worried about their economic prospects and they want government to invest in expanding economic opportunity and assisting those in need,” according to Politico.
“The United States must commit on the scale of the Apollo moon project to end its dependence on carbon-based fuels for electricity and switch to clean, renewable sources in the next decade, former Vice President Al Gore said Thursday.” He asserted that all electric power should be produced through renewable resources within 10 years.
"A US judge, in a victory for the Bush administration, ruled Thursday that the war crimes trial of the former driver of Osama bin Laden can go ahead as scheduled next week in Guantanamo Bay, Cuba," according to Agence France-Presse.
States are trying to get control of a practice known as “double dipping,” which “lets tens of thousands of state and local workers retire, collect pension benefits and then keep working, often at the same job.” The practice is currently legal in almost every state.
Defense Secretary Robert Gates nominated Air Force Lt. Gen. Craig McKinley “to become the first four-star leader of the National Guard Bureau.” If the Senate approves the decision, “McKinley would take over the National Guard Bureau under a recent overhaul ordered by Congress to elevate the Guard’s status within the Pentagon hierarchy,” according to the Army Times.
The Associated Press reports that, “The House of Representatives on Wednesday passed legislation governing the intelligence budget, which demands that lawmakers be given greater access to the most closely held secrets in the United States.”
In another setback for AIDS research, "Plans for a large human trial of a vaccine against the AIDS virus in the United States were canceled on Thursday because federal health officials said the vaccine was unlikely to prove effective and might increase the risk of H.I.V. infection among volunteers."
Tomatoes are now safe to eat, says the U.S. government, although the cause of the outbreak is still unknown. “Officials reiterated earlier warnings that the people most at risk of salmonella should avoid hot peppers—jalapenos and serranos.”
The first round of the British Open began today at Royal Birkdale without Tiger Woods, who is recovering from knee surgery. To the surprise of few people, the weather at the tournament is “cold” and “soggy.”
The nominations for this year’s Emmy awards will be announced today. “‘Mad Men,’ the AMC network's new 1960s period piece about Madison Avenue, and ‘Damages,’ the freshman legal hour on FX starring Glenn Close, are considered virtual shoo-ins to clinch two of the five nominations being doled out in the Emmy contest for best drama series,” according to Reuters.