The Dow Jones soared 127 points during the last hour of trading Tuesday, due largely to a rally in airline stocks following a drop in oil prices and a Deutsche Bank announcement that banks are rebounding from the credit crunch. "The Dow Jones Industrial Average added 135.16 points, or 1.2 percent, to 11,602.5. The Nasdaq Composite Index increased 24.43 points, or 1.1 percent, to 2,303.96. Three stocks rose for each that fell on the New York Stock Exchange," reported Bloomberg. Oil closed at a six-week low. Wachovia, which reported billions in losses this morning, went up 27 percent per share to $16.79.
Apple announced a conservative estimate of fourth-quarter earnings: $1 per share instead of the $1.24 projected by Wall Street analysts. At $1.07 billion, or $1.19 a share, third-quarter earnings are well ahead of estimates.
Rakhat Aliyev, the former-son-in-law of Kazakh President Nursultan Nazarbayev, alleged that the leader and his family directly profit heavily from the Central Asian nation’s vast oil wealth, as well as ran a covert operation in the United States to keep up the country’s image and scrutinize its critics.
Dubai-based Emirates Airline is getting rid of its in-flight magazine and other papers to lighten planes and thus cut fuel costs. Such cost-cutting measures have become commonplace in the U.S. airline market, but this marks a first for the airline built largely on oil wealth.
A series of malaprops—for example, saying “Iraq” instead of “Afghanistan”—has prompted some to wonder if 71-year-old GOP presidential candidate Ariz. Sen. John McCain is going a bit senile. Members of McCain’s camp have pointed out gaffes on the part of presumptive Democratic presidential nominee Sen. Barack Obama, D-Ill., “including a reference to ‘57 states’ and a string of misstated place names during the primaries that Republicans gleefully sent around as YouTubes.”
Tropical Storm Dolly gained in strength in the Gulf of Mexico Monday evening. As of 1 p.m. CDT the storm had maximum sustained winds of 70 mph. The National Weather Service predicts that the Southern Texas Valley could see as much as 15 to 20 inches of rain from the storm, prompting worries of failure of area levees. "Gov. Rick Perry today issued a disaster declaration for 14 South Texas counties in advance of Dolly's arrival," the Houston Chronicle reports.
N.Y. Atty. Gen. Andrew Cuomo told Comcast that the state will pursue legal action if the Internet provider does not agree to block child pornography. Verizon, AT&T, Time Warner Cable, Sprint Nextel and AOL have already made such agreements with the state of New York.
India's government under Prime Minister Manmohan Singh won a parliamentary vote of confidence. "The government's joy at its victory was tempered by a bribery scandal, after opposition lawmakers interrupted the debate to wave wads of cash they said were offered as bribes by the government to abstain," writes Reuters.
The Most Rev. Daniel Deng Bul, the head of the Anglican church in Sudan, called for the ouster of Rev. Gene Robinson, who is gay, as a bishop of the Episcopal Church in America. Bul claims that 200 other Anglican bishops from developing countries support his statements. Many of said bishops are boycotting the church's decennial Lambeth Conference, currently underway, over the role of gays.
Alleged Bosnian Serb war criminal Radovan Karadzic was arrested after 12 years on the run. Considered Europe’s most wanted fugitive, he had been working as a doctor of alternative medicine under the alias Dragan Dabic.
Yesterday in Zimbabwe capital Harare, presidential challenger Morgan Tsvangirai, who outside observers contend won that country’s presidential election, and long-term incumbent president Robert Mugabe signed a memorandum of understanding to come to a power-sharing agreement within the next two weeks.
A study of villagers living in Guyana who had been taking the malaria drug chloroquine showed that they had developed resistance to the broad spectrum antibiotic ciprofloxacin. Scientific American writes, “This is the first study to show that resistance can emerge in individuals never exposed to the antibiotic.”
Hall-of-Fame baseball writer Jerome Holtzman died this weekend after a long illness at the age of 81. Holtzman covered the Chicago White Sox and Cubs for more than 40 years at both the Chicago Sun-Times and the Chicago Tribune.
Luxembourg cyclist Frank Schleck holds a seven-second lead over Bernhard Kohl of Austria during the final week of the Tour de France. Today the competitors are to bike up two “hors categorie” climbs, including Europe’s highest pass, the Col de la Bonnette.
Actress Estelle Getty, known largely for her role on 1980s sitcom "The Golden Girls," died of Lewy Body Dementia, a disease resembling Parkinson's and Alzheimer's. She was three days away from her 85th birthday.