Stocks tank in Dow's first close under 12,000 since March

Date: Fri, 20 Jun 2008 17:04:31 -0400
Stocks tank in Dow's first close under 12,000 since March

The Dow ends under 12,000 for the first time in three months, as
escalating oil prices and more trouble in the financial sector compound
market anxiety.

Futures Movers: Oil futures end session 2% higher, but tally weekly
loss

Crude-oil futures close 2% higher, finding support from hostilities in
the Middle East and weakness in the dollar. However, uncertainty ahead
of a meeting of oil producers and consumers in Saudi Arabia this weekend
and China's increase in fuel prices prompt prices to end slightly lower
for the week.

Subprime Today: Bank stocks capitulating: Merrill; Ambac, MBIA
downgraded

Analysts at Merrill Lynch on Friday said investors appear to be
capitulating with regards to banks stocks, frustrated into selling them
down to levels below their real values as the credit crisis continues to
wreck balance sheets.

Grupo Modelo chairman resigns from Anheuser-Busch board

As the board at Anheuser-Busch gathers to ponder InBev's offer of $65 a
share, it will be down one person after Carlos Fernandez, chairman and
chief executive of Mexican brewer Grupo Modelo, resigns.

Yahoo reportedly eyes major internal overhaul

Yahoo executives are discussing a plan to centralize numerous product
groups such as its mail, search and home-page divisions into a
global-product organization, according to a media report.