Stock investors overlook earnings in favor of Washington

Date: Wed, 04 Feb 2009 12:01:28 -0500

Stock investors overlook earnings in favor of Washington

Another day of stock gains have more to do with the unfolding drama on
Capitol Hill than economic data and corporate results, which on
Wednesday mostly
underscored the need for government moves to stem the recession.

OBAMA LIMITS BAILED-OUT BANK CEO PAY TO $500,000

Responding to concerns about Wall Street excesses, President Barack
Obama announces that executives at financial institutions receiving
"exceptional assistance" from the government will have their pay
limited to $500,000.

ECONOMIC REPORT: ISM SERVICES INDEX SHOWS SURPRISE RISE FOR JANUARY

U.S. nonmanufacturing sectors contracted but at a slower pace in
January, according to a report from the Institute for Supply
Management that shows that
the global slowdown is still taking its toll on demand.

WEEK-TO-WEEK REFINANCING APPLICATIONS RISE 15.8%: MBA

Applicants eager to lock in lower rates give rise to a 15.8% increase
in the number of applications filed to refinance existing mortgages
compared with the week before, Mortgage Bankers Association data show.

TIME WARNER REPORTS $16 BILLION QUARTERLY LOSS ON WRITE-OFFS

Time Warner posts a fourth-quarter loss of $16 billion after writing
down the value of intangible assets held by the company's cable
operations, AOL and Time Inc. Quarterly revenue slips 3%.