Investor’s Business Daily reports that, “At 2:50 p.m. EDT, the NYSE composite was up 0.3%. It pulled back from session highs of 1.1% after meeting resistance at its 200-day moving average. The Dow and S&P 500 turned fractionally flat. And the Nasdaq was down 0.6%, near session lows.” But stocks were on “pace to close out the week with gains.”
The U.S. Department of Labor announced today that jobs were lost in April, for the fourth month in a row. But, “Employers cut far fewer jobs in April than in recent months and the unemployment rate dropped to 5 percent, a better-than-expected showing that nonetheless still revealed strains in the nation's crucial labor market,” The Washington Times reports.
Microsoft’s potential buyout or hostile takeover of Yahoo is coming to a head, as Microsoft announced last night that it was moving toward bidding. But time is running out, according to Bloomberg.com, as Yahoo “forges tighter ties with Google Inc."
“The Federal Reserve and two other banking regulators are set to unveil today one of the most aggressive efforts in decades to crack down on the credit card industry, prohibiting practices such as arbitrarily raising interest rates on outstanding balances,” according to The Washington Post.
Although yesterday Exxon Mobile declared “first-quarter 2008 earnings of $10.9 billion—a figure that marks the second-largest U.S. quarterly profit ever,” the fact that Exxon Mobile paid $9.3 billion in worldwide income taxes in the same period has sparked discussion on the amount of taxes oil companies have to pay.
“As college tuitions continue to climb,” a study released yesterday "fuels concerns about whether the investment in higher education by families and taxpayers translates into better results,” according to USA Today.
Britain’s The Telegraph writes, “America was forced to make fresh concessions to Iran today as foreign ministers from six world powers finalised a secret offer of incentives for Tehran to scrap its nuclear programme.”
The United States and Britain are questioning the validity of the Zimbabwean election results, which revealed today that a runoff is necessary. The countries stressed the need for international observers to monitor the future runoff, and the requirement that Mugabe cease from intimidating opponents with violence.
Following a child’s death on Thursday, the death toll in China is up to 21 children, and about 3,0000 children in eastern China have been infected so far with the deadly Enterovirus 71 (EV71) intestinal virus.
Zimbabwe electoral officials said that “Zimbabwe’s opposition leader won 47.9 percent of votes in presidential elections—not enough to avoid a runoff against longtime ruler President Robert Mugabe,” and they will announce when the runoff will occur.
“Gordon Brown admitted that it had been a ‘disappointing’ night for Labour after the party suffered its worst election results for four decades in what was his first proper electoral test as Prime Minister,” The Times of London reports.
A USA Today analysis found that small donors are playing an increasingly influential role in the campaigns of Democratic presidential candidates Hillary Clinton and Barack Obama, “in a break from previous contests dominated by wealthier contributors.”
“President Bush sent lawmakers a $70 billion request Friday to fund U.S. operations in Iraq and Afghanistan into next spring, which would give the next president breathing room to make his or her own war policy,” the Associated Press reports.
U.S. Secretary of Defense Robert Gates said that the U.S. military made mistakes in its treatment of returning combat troops, including in their physical and mental health care and by providing sub-standard housing.
“Sen. Gordon Smith, R-Ore., said Thursday that he would ask for up to $290 million in federal disaster funding to help businesses and people affected by the collapse of the salmon fishery,” writes The Oregonian.
Clayton County in Georgia has created a unique water treatment system that uses wetlands and reservoirs—and its residents haven’t suffered during one of the most severe droughts in the Southeast on record.