Stocks shed losses to tilt higher, with financials pacing gains

Date: Fri, 31 Oct 2008 12:01:26 -0400
Stocks shed losses to tilt higher, with financials pacing gains

U.S. stocks on Friday wavered mainly lower, on track for their worst
month in 28 years, as generally bleak economic data showed consumers
spending less and Electronic Arts Inc. joining the list of companies
cutting forecasts and employees.

BANK OF JAPAN CUTS RATES TO 0.3% IN SPLIT DECISION

The Bank of Japan's policy board decides to cut its base lending rate
to 0.3% from 0.5%, abandoning its goal of normalizing interest rates
as it injects stimulus into the No. 2 global economy in an effort to
head off recession.

ECONOMIC REPORT: BIGGEST DROP IN CONSUMER SPENDING IN 4 YEARS IN SEPT.

Reluctance on the part of consumers to shop for big-ticket items like
cars led U.S. consumer spending in September to its biggest drop in
over four years.

BARCLAYS TO RAISE UP TO $11.9 BILLION

Barclays strikes a deal to raise up to 7.3 billion pounds ($11.9
billion) in fresh capital as the U.K. lender signals its preference
for cash from Middle Eastern royal families to the British government.

FUTURES MOVERS: OIL FALLS ON DEMAND CONCERNS, SET FOR BIGGEST MONTHLY LOSS EVER

Crude-oil futures headed lower for a second day
Friday, poised to suffer the biggest monthly loss ever in New York as
weak U.S.economic data fed concerns that a slowdown in global economic
growth will continue to reduce oil demand.