U.S. stocks shave losses as technology sector gains

Date: Mon, 07 Jul 2008 17:04:13 -0400
U.S. stocks shave losses as technology sector gains

U.S. stocks headed toward a lower close Monday after a rally triggered
by falling oil prices dissolved amid concerns about the health of the
banking sector.

Futures Movers: Crude falls first day in four as Iran softens nuclear
views

Crude-oil futures slide nearly $6, leading a broad retreat in
commodities, as strength in the dollar amid the Group of Eight meeting
puts the benchmark contract under heavy selling pressure.

Currencies: Dollar dips as stocks turn lower

The U.S. dollar loses earlier gains, coming under pressure as stocks on
Wall Street fall sharply amid renewed financial jitters, taking the
focus away from the meeting of Group of Eight world leaders in Japan.

The Fed: Fed's Yellen says things could get worse before they get
better

The fragility of the U.S. housing and bank system could further throw a
kink in financial markets before an anticipated recovery in 2009, says
San Francisco Federal Reserve President Janet Yellen.

Anheuser-Busch CEO's uncle part of InBev push to oust board

Belgian brewer InBev, making the latest move in its quest to buy
Anheuser-Busch, puts forth an alternative slate of directors that
includes a descendant of the founding Busch family who's the uncle of
Anheuser-Busch's CEO.