Stocks rebounded today: "The Dow Jones Industrial Average ended up more than 260 points, or 2.4 percent. The S&P 500 gained 2.3 percent and the Nasdaq advanced 2.5 percent," reports CNBC. Standing at $122.19 a barrel at market close, oil hit its lowest price since May, and the average price of a gallon of gas fell below $4.
Federal bank regulators said yesterday that they expect more banks to collapse by the end of the year. U.S. regulators’ findings that First National Bank of Nevada and California’s First Heritage Bank were undercapitalized forced those banks out of business July 25, the sixth and seventh American banks to fail during 2008.
Spanish flag carrier Iberia and British Airways announced today that they are holding negotiations for an all-share merger. “BA shares jumped more than 7 pc to 252 p in London and Iberia’s shares rose 4pc to €1.70 in Madrid,” writes U.K. paper The Daily Telegraph.
Alcatel-Lucent, the world’s largest provider of fixed-line telecommunications, fired CEO Patricia Russo and chairman Serge Tchuruk, who pushed through the merger between France’s Alcatel and U.S. company Lucent. The company cut its third-quarter forecast, expecting sales to plateau or decline.
Alaska. Sen. Ted Stevens, the GOP's longest-serving senator, was indicted on seven felony counts of failing to disclose home improvement services he received from VECO Corp., an oil services contractor.
The Mass. state House of Representatives voted 118-93 to roll back a 1913 ban on nonresidents marrying in the state, removing another roadblock for gay marriage in Massachusetts. The Senate moved to repeal the law last month. Mass. Gov. Deval Patrick is expected to sign the bill into law.
Concerned that al-Qaida may try to capitalize on several high-profile events in the coming months, the U.S. Department of Homeland Security is placing the country under a Period of Heightened Alert starting August, to end in July 2009.
Investigators from the National Transportation Safety Board are to release findings on the collapse of an Interstate 35 overpass last year over the coming “days and weeks.” Thirteen people died as a result of the bridge collapse, which happened during afternoon rush hour near downtown Minneapolis.
Five men from the Fundamentalist Church of Latter-day Saints compound near Eldorado, Texas, turned themselves in to state authorities yesterday. Three are facing charges of sexual misconduct with a minor. Another is facing charges for sexually assaulting a child and bigamy; the fifth is accused of failing to report abuse of a child.
President George W. Bush signed off yesterday on the death penalty for former Ft. Bragg Army soldier Ronald A. Gray, who was convicted in connection to four murders and eight rapes in the late 1980s. This marks the first time a U.S. president has approved capital punishment for a member of the military in more than a half-century.
“Having learned the limits of force in Iraq and Afghanistan, US military strategists are rewriting decades-old military doctrine to place humanitarian missions on par with combat, part of a new effort to win over distrustful foreign populations and enlist new global allies,” writes The Boston Globe.
After conducting a month-long investigation, the U.S. military concluded that members of an Army patrol unit killed three innocent civilians on a road leading to Baghdad airport. NPR writes that “the case raises questions about how such incidents are initially reported by the military.”
George Sibotshiwe, a spokesperson for Zimbabwe opposition leader Morgan Tsvangirai, says negotiations between his camp and incumbent president Robert Mugabe are deadlocked. “We aren't going to discuss why they've deadlocked, that's for the talks brokers to disclose or not,'' Sibotshiwe told Bloomberg.
Turkey’s Constitutional Court began closed-door talks this morning local time to decide whether the ruling Justice and Development Party contravened the country’s legal tradition of secularism. A decision is expected “within days.”
A study led by University of California—San Diego showed that “deaths from medication mistakes at home increased from 1,132 deaths in 1983 to 12,426 in 2004,” marking a 700-percent increase during that period, when adjusted for population growth.
The International Olympic Committee reversed its decision to ban Iraq from the 2008 Beijing Olympic Games “because the government has pledged to ensure the independence of its national Olympic committee,” the Associated Press reports.