U.S. STOCKS: Stocks Slide as Financials Get Hammered

Date:Fri 20, Mar 2009 4:03 ET

| DOW............7273........... -127.84.........-1.72%....|
|
| NASDAQ .....1457............ -26.21..........-1.76%....|
|
| S & P 500......768.............-15.80.........- 2.01%.....|
|
| OIL............... 52.09......... +0.05...........+0.09%....|

Breaking News Fri., March 20, 2009

Date: Fri, 20 Mar 2009 09:26:33 -0700 (PDT)

Congressional Budget Office Says Federal Deficit Will Top $1.8
Trillion This Year [12:09 p.m. ET]

Bank shares slip in mixed Asia; resource stocks rise

Date: Fri, 20 Mar 2009 12:01:07 -0400
Bank shares slip in mixed Asia; resource stocks rise

Asian markets head into the weekend on a mixed note Friday, with financial
stocks sagging after a pullback on Wall Street, while a surge in
commodity prices overnight boosts resource stocks across the region.

ASIA MARKETS: OIL'S CLIMB ABOVE $50 BUOYS ASIAN OIL SHARES

Crude-oil's surge above the $50-a-barrel benchmark brings investors back to
Asian energy stocks, along with expectations the U.S. dollar's weakness may
also feed oil's price gains.

EUROPE MARKETS: STOCKS IN EUROPE EDGE LOWER AS TECHS OFFSET INSURERS

A profit warning from Sony Ericsson Mobile Communications helps dent Europe
stocks on Friday as concerns about the health of the global economy continue.

THOMAS KOSTIGEN'S ETHICS MONITOR: WATER IS CRITICAL ISSUE

Sunday is World Water Day. It shouldn't be celebrated, it should be a reminder
of concern for the biggest environmental crisis facing the planet today: water
shortage.

House passes bill to tax AIG bonuses at 90%

Date: Thu, Mar 19, 2009 at 2:52 PM

BULLETIN: House passes bill to tax AIG bonuses at 90%
3/19/2009 2:50:30 PM EDT

Treasury announces $5 billion bailout of auto suppliers, which have been hammered by the severe downturn facing U.S. automakers.

Date: Thu, Mar 19, 2009 at 11:21 AM

Treasury announces $5 billion bailout of auto suppliers, which have
been hammered by the severe downturn facing U.S. automakers.

Rally's legs may wobble if gains based on short-covering

Date: Thu, Mar 19, 2009 at 5:01 PM
Rally's legs may wobble if gains based on short-covering

Some of the recent rally in the market's most beaten-down stocks, such as
financials, may be a result of investors covering their short positions,
raising questions about the long-term endurance of the current climb.

FEARS GROW AS MORE CONSUMERS JUST A PAYCHECK OR TWO FROM RUIN

Americans are in a collective state of financial depression as many admit they
could only cover their bills for two months at most if they found themselves
suddenly jobless, a nightmare more and more worry may come true.

ECONOMIC REPORT: CONTINUING JOBLESS CLAIMS JUMP BY 185,000 TO RECORD 5.47
MILLION

The number of people collecting state unemployment benefits jumps by 185,000 to
a record seasonally adjusted 5.47 million in the week ending March 7, while new
claims dip by 12,000 to 646,000 in the week ending March 14, the Labor
Department reports.

U.K. REGULATOR FORCES BAA TO SELL GATWICK AND STANSTED

The U.K. Competition Commission on Thursday orders airport operator BAA to sell
three of its seven British airports, including Gatwick and Stansted in London,
but the company says this may be impractical and it will consider an appeal.

MORTGAGES: AVERAGE 30-YEAR MORTGAGE FALLS BELOW 5% TO NEAR-RECORD LOW

Rates on fixed-rate mortgages dropped to near record lows this week, with the
30-year fixed-rate mortgage making an encore appearance below 5%, according to
Freddie Mac's weekly survey of conforming mortgage rates, released on Thursday.

House passes bill that increases tax on bonuses for recipients of TARP funds, in wake of AIG controversy.

Date: Thu, Mar 19, 2009 at 2:52 PM

House passes bill that increases tax on bonuses for recipients of TARP
funds, in wake of AIG controversy.

U.S. STOCKS: STOCK GIVE BACK FED GAINS AS BANKS TANK

Date: Thu, 19 Mar 2009 4:22 ET

| DOW............7401........... - 85.78.........-1.14%....|
|
| NASDAQ .....1483............ -7.74..........-0.51%.....|
|
| S & P 500......784.............-10.31........- 1.29%.....|
|
| OIL............... 51.45......... +2.55..........+5.21%....|

Stocks end lower -- day after big rally -- as investors ponder government move to tax bonuses.

Date: Thu, Mar 19, 2009 at 4:06 PM

Stocks end lower -- day after big rally -- as investors ponder
government move to tax bonuses.

Oil futures leap to near $52 a barrel following Fed move

Date: Thu, 19 Mar 2009 12:01:10 -0400
Oil futures leap to near $52 a barrel following Fed move

Oil futures rally 6% to above $50 for the first time in more than two
months after the Federal Reserve takes extraordinary steps to lower
borrowing costs, raising hopes for an economic recovery and higher oil
demand.

MORTGAGES: AVERAGE 30-YEAR MORTGAGE FALLS BELOW 5% TO NEAR-RECORD LOW

Rates on fixed-rate mortgages dropped to near record lows this week,
with the 30-year fixed-rate mortgage making an encoreappearance below
5%, according to Freddie Mac's weekly survey of conforming mortgage
rates, released on Thursday.

ECONOMIC REPORT: CONTINUING JOBLESS CLAIMS JUMP BY 185,000 TO RECORD
5.47 MILLION

The number of people collecting state unemployment benefits jumps by
185,000 to a record seasonally adjusted 5.47 million in the week
ending March 7, while new claims dip by 12,000 to 646,000 in the week
ending March 14, the Labor Department reports.

CITI FILES TO LAUNCH EXCHANGE OFFER, REVERSE SPLIT

Citigroup files a registration statement with the Securities and
Exchange Commission to seek shareholder approval to convert preferred
shares into common stock under its previously announced plan to build
capital.

ORACLE SHARES JUMP ON BETTER-THAN-EXPECTED RESULTS

Shares of Oracle Corp. jumped 12% Thursday morning after the software
giant reported better-than-expected results for its third fiscal
quarter, despite a negative impact from currency exchange rates.

Stocks open higher after government's unemployment claims report was better than expected.

Date: Thu, 19 Mar 2009 09:32:07 -0400

Stocks open higher after government's unemployment claims report was
better than expected.

U.S. stocks leap after Fed says it will buy $300 billion in Treasurys

Date: Wed, Mar 18, 2009 at 2:24 PM

U.S. stocks leap after Fed says it will buy $300 billion in Treasurys
3/18/2009 2:19:47 PM EDT

Breaking News Wed., March 18, 2009

Date: Wed, Mar 18, 2009 at 2:46 PM

Federal Reserve to Buy $300B of U.S. Govt. Debt in Another Attempt to
Ease Recession [2:27 p.m. ET]

Stocks close higher; yield on 10-year bond sees biggest one-day decline since 1987

Date: Wed, Mar 18, 2009 at 4:09 PM

Stocks close higher; yield on 10-year bond sees biggest one-day
decline since 1987
3/18/2009 4:06:35 PM EDT

Stocks finish higher after Fed acts to boost liquidity. Dow up 90 points, Nasdaq gains 1.99%, S&P rises 2.8%.

Date: Wed, Mar 18, 2009 at 4:08 PM

Stocks finish higher after Fed acts to boost liquidity. Dow up 90.88
points 1.22%, Nasdaq gains 1.99%, S&P rises 2.8%.

| DOW............7487............+90.88..........|
|
| NASDAQ .....1491........... +29.11..........|
|
| S & P 500......794............+16.23...........|
|
| OIL............... 50.10......... +0.06.......+0.11%............|

Market collapse refutes basic financial theory

Analyst: Market collapse refutes basic financial theory

The stock market collapse calls into question the soundness of one
cornerstone of modern financial theory -- the idea of "efficient
markets" – since all the components that conspired to produce the mess
were in plain sight, contends one analyst.

AIG'S CHIEF EXECUTIVE DEFENDS CONTROVERSIAL BONUS PAYOUTS

The chief executive of American International Group tells Congress
that while he doesn't personally approve of controversial bonuses paid
to AIG executives, he felt he had no choice but to honor employee
contracts. Lawmakers vow to explore all possibilities aimed at
reclaiming the bonuses, which have sparked
widespread public outrage.

SUN MICROSYSTEMS SURGES ON REPORTS OF IBM BUYOUT TALKS

International Business Machines is in talks to buy Sun Microsystems in
a deal that would expand its offerings on the Internet, in software
and in finance, according to a published report. Sun shareholders
could receive a buyout premium of more than 100%.

FUNDWATCH: MANAGERS' VIEW ON ECONOMY IMPROVES, RISK APPETITE WEAKENS

Fund managers are their most optimistic about the outlook for the
global economy since late 2005, thanks to renewed hopes for growth in
China, though risk appetite has deteriorated, according to Merrill
Lynch's monthly survey.

MORTGAGE APPLICATIONS ROSE 21.2% LAST WEEK: MBA

With homeowners keen to capitalize on attractive refinancing rates,
the volume of mortgage applications filed for the week ended March 13
rises a seasonally adjusted 21.2% from the week before, Mortgage
Bankers Association data show. A surge in refinancings also had paced
applications activity in the week ended March 6.

Madoff's accountant charged with securities fraud

Date: Wed, 18 Mar 2009 11:00:36 -0400

Madoff's accountant charged with securities fraud
3/18/2009 10:58:36 AM EDT

Stocks open lower as AIG CEO Liddy gears up to testify before House panel and Fed wraps up 2-day policy meeting.

Date: Wed, 18 Mar 2009 09:33:07 -0400

Stocks open lower as AIG CEO Liddy gears up to testify before House
panel and Fed wraps up 2-day policy meeting.

Consumer prices rose 0.4% in February, second consecutive monthly increase, U.S. says.

Date: Wed, 18 Mar 2009 08:32:09 -0400

Consumer prices rose 0.4% in February, second consecutive monthly
increase, U.S. says.

International

Date: Wed, 18 Mar 2009 05:02:08 -0400

FRITZL PLEADS GUILTY TO ALL CHARGES
Josef Fritzl, who had been accused of keeping his daughter in a
cellar for decades and fathering her seven children, changed his
plea to guilty to all the charges made against him Wednesday in
an Austrian court.

GEITHNER: AIG MUST RETURN BONUS MONEY
Insurance giant AIG will have to return to the U.S. Treasury
Department the $165 million it just paid out in executive
bonuses, Treasury Secretary Timothy Geithner said in a letter to
congressional leaders.

IN AFRICA, POPE REAFFIRMS BAN ON CONDOMS
Pope Benedict XVI has refused to soften the Vatican's ban on
condom use as he arrived in Africa for his first visit to the
continent as pope. Sub-Saharan Africa has been hit harder by
AIDS and HIV than any other region of the world, according to
the United Nations and World Health Organization.

MADAGASCAR MILITARY BACKS OPPOSITION LEADER
Members of Madagascar's military stormed the presidential palace
and overran it. President Marc Ravalomanana was in another
palace at the time, reports said.

COLOMBIA'S FARC FREES SWEDISH CAPTIVE
The last non-Colombian hostage known to have been held by
leftist rebels in Colombia was freed Tuesday.....

U.S. BLAMES SUDAN'S PRESIDENT OVER DARFUR
The U.S. State Department threw aside diplomatic language and
criticized Sudanese President Omar al-Bashir for creating what
it calls a "catastrophe" by throwing many international aid
workers out of the country. The U.S. issued a direct challenge
to Sudanese President Omar al-Bashir, warning that he and his
government "will be held responsible for every single death that
occurs in" the refugee camps of the Darfur region.

DISCOVERY DOCKS AT SPACE STATION
The space shuttle Discovery safely docked at the international
space station on Tuesday, a welcome smooth maneuver during a
mission that was delayed by a gas leak and threatened by
hurtling chunks of space junk.

SMALLEST KNOWN NORTH AMERICAN DINOSAUR FOUND
Canadian researchers say they have discovered the smallest known
North American dinosaur, a carnivore that roamed areas of the
continent 75 million years ago and weighed less than most
modern-day house cats.
---------------------------------------------------------------------
BUSINESS

WORLD BANK CUTS CHINA'S GROWTH FORECAST
The World Bank cut China's economic growth forecast in 2009 to
6.5 percent Wednesday, down a full percentage point from
November's projection.

FINANCIER STANFORD OWES $226M, U.S. SAYS
American financier Allen Stanford and his wife owe back taxes,
penalties and interest of at least $226.5 million, the IRS said
in court documents filed in Dallas, Texas.

NOKIA CUTS A FURTHER 1,700 JOBS AS DEMAND FALLS
Nokia, the world's leading cellphone maker, announced Tuesday
that it was cutting 1,700 further jobs globally due to falling
demand.

World Bank cuts China's 2009 GDP estimate to 6.5%

Date: Tue, 17 Mar 2009 23:17:39 -0400

World Bank cuts China's 2009 GDP estimate to 6.5%
3/17/2009 11:15:47 PM EDT

AIG will repay taxpayers for $165 million in bonuses, Geithner says

Date: Tue, 17 Mar 2009 21:41:27 -0400

AIG will repay taxpayers for $165 million in bonuses, Geithner says
3/17/2009 9:39:29 PM EDT

Markets Tuesday, 03/17/2009

Date: Tue, 17 Mar 2009 17:31:04 -0400

| Dow : 7395.70 up 178.73 | S & P : 778.12 up 24.23
|
| NASDAQ: 1462.11 up 58.09 | Bond (10Y): 3.01%, 97.78 |

MARKETS:
Stocks finish with solid gains
Surprisingly strong housing report is one factor as U.S. markets rise
for 5th time in 6 sessions.

U.S. STOCKS

Date: Tue, Mar 17, 2009 at 4:25 PM

Date: Tue, 17 Mar 2009 4:07 ET

| DOW............7395.70...........+178.73....|
|
| NASDAQ .....1462.11...........+58.09......|
|
| S & P 500.......778.12...........+24.23......|

Stocks end with solid gains after surprisingly strong housing report. Dow up 179 points, Nasdaq surges 3.9%, S&P rallies 3.1%.

Date: Tue, 17 Mar 2009 16:01:09 -0400

Stocks end with solid gains after surprisingly strong housing report.
Dow up 179 points, Nasdaq surges 3.9%, S&P rallies 3.1%.

Housing starts surge 22% on apartment building

Date: Tue, 17 Mar 2009 12:01:31 -0400
Housing starts surge 22% on apartment building

Boosted by an 82% increase in construction of apartment buildings,
U.S. housing starts surge 22% in February to a seasonally adjusted
annual rate of 583,000, the Commerce Department estimates.

ACKMAN'S PERSHING SQUARE NOMINATES FIVE FOR TARGET BOARD

Pershing Square Capital Management, headed by activist investor Bill
Ackman, plans to nominate five candidates for election to Target's
13-member board. The discounter stands by directors up for reelection
this year.

NOKIA TO CUT 1,700 JOBS AS CELL-PHONE DEMAND FALTERS

Nokia, the world's largest maker of cell phones, says it is cutting
1,700 jobs worldwide in response to "pruned" demand from consumers.

FUTURES MOVERS: OIL RISES NEARLY 3% TO ABOVE $48 A BARREL ON U.S. DATA

Oil futures rally nearly 3% to above $48 a barrel, as data showing a
surge in U.S. housing starts offset expectations that U.S. crude
inventories rose last week.

Government reports that the number of housing starts jumped 22.2% in February - 1st increase in five months.

Date: Tue, 17 Mar 2009 08:34:03 -0400

Government reports that the number of housing starts jumped 22.2% in
February - 1st increase in five months.

Stocks open flat after reports on housing and producer prices fail to buoy investor sentiment.

Date: Tue, 17 Mar 2009 09:31:05 -0400

Stocks open flat after reports on housing and producer prices fail to
buoy investor sentiment.

Markets Monday, 03/16/2009

Date: Mon, 16 Mar 2009 17:31:03 -0400
| Dow : 7216.97 down 7.01 | S & P : 753.89 down 2.66 |
|
| NASDAQ: 1404.02 down 27.48 | Bond (10Y): 2.95%, 98.25
MARKETS:
Stocks can't sustain rally
After four up sessions, Wall Street takes a breather, with techs
leading the downturn.

STOCKS

Date: Mon, 16 Mar 2009 4:02 ET

| DOW............7217........... - 6.53.........-0.09%....|
| NASDAQ .....1404........... -27.48.......-1.91%.....|
| S & P 500.......754............-2.60........- 0.34%.....|
| OIL............... 47.90......... +0.87........+1.84%....|

Stocks fail to extend rally to 5th day. Dow down 8 points, Nasdaq slumps nearly 2%, S&P loses 0.4%.

Date: Mon, 16 Mar 2009 16:01:06 -0400

Stocks fail to extend rally to 5th day. Dow down -7.01 points, Nasdaq
slumps nearly 2%, S&P loses 0.4%.

US Stocks Climb On Bank Gains; DJIA Up 112 Points

Date: Mon, 16 Mar 2009 12:01:11 -0400

US Stocks Climb On Bank Gains; DJIA Up 112 Points

Bank stocks stayed at the forefront of the broader U.S. stock market's
climb onMonday following upbeat comments from Barclays and weekend
talk of further official action to bolster the global financial
system. At 11:40 a.m. EDT, the
Dow Jones Industrial Average, which leapt nearly 600 points last week,
was up. about 112 points at 7336. The S&P 500 rose 1.8%, boosted by a
5.4% gain in its financial sector. Utilities and industrial shares
also climbed. Barclays' U.S. shares were up 17% after the British
giant said its businesses are continuing to perform strongly. The
remarks echoed recent comments from the company's U.S.

FED'S BERNANKE SEES RECESSION ENDING 'THIS YEAR'

The chairman of the Federal Reserve says in a rare TV interview the
U.S. recession will come to an end "probably this year," but he also
warned that the nation's 8.1% unemployment rate will continue to rise.

ECONOMIC REPORT: INDUSTRIAL PRODUCTION FALLS FOR FOURTH STRAIGHT MONTH IN
FEBRUARY

The decline in output at U.S. factories, mines and utilities continued
at a strong pace in February, the Federal Reserve reports.

Obama vows to block $165 million in bonuses to AIG execs. President also announces broad effort to spur small business lending.

Date: Mon, 16 Mar 2009 12:36:08 -0400

Obama vows to block $165 million in bonuses to AIG execs. President
also announces broad effort to spur small business lending.

U.S. industrial production falls in February for fifth decline in six months

Date: Mon, 16 Mar 2009 09:20:41 -0400

U.S. industrial production falls in February for fifth decline in six months
3/16/2009 9:18:58 AM EDT

Stocks open higher, building on last week's rally, after Fed chair Bernanke says the economy will start to recover in 2010.

Date: Mon, 16 Mar 2009 09:33:06 -0400

Stocks open higher, building on last week's rally, after Fed chair
Bernanke says the economy will start to recover in 2010.

Energy: OPEC's stance disappoints, but Asia's economies limit control

Date: 16 MAR 2009 03:19:02 GMT

The Organization of the Petroleum Exporting Countries' decision over
the weekend to keep production quotas unchanged was a nonevent in
disguise and its potential effect on the global markets was starting
to show in Monday's Asian trading.

Special news

Date: Sun, 15 Mar 2009 19:05:32 -0700 (PDT)

AIG names recipients of its bailout money
03/15/09 08:22 PM, EDT
Troubled insurance giant AIG, already under fire for intending to pay
out $165 million in bonuses and compensation, succumbed Sunday to
congressional pressure, identifying banks that received chunks of the
company's billions in federal bailout funds last year.

Special news

Date: Sun, 15 Mar 2009 12:05:04 -0700 (PDT)

AIG's insistence on bonuses raises brows in Washington
03/15/09 01:27 PM, EDT
White House officials and some members of Congress reacted strongly
Sunday to news that insurance giant AIG had intended to pay out $165
million in bonuses and compensation. The company has received at
least $170 billion in federal bailout money.

International

Date: Sun, 15 Mar 2009 05:02:03 -0400

IRAQI PRESIDENT WON'T LIKELY SEEK RE-ELECTION
Iraqi President Jalal Talabani said he will not seek re-election
at the end of his term.

G-20 LEADERS LAY OUT PLAN TO RESTORE GROWTH
Financial experts from 20 nations urged more regulation and
oversight of fiscal institutions to help prevent another
monetary crisis, as they laid the groundwork for next month's
G20 Summit of world leaders.

MADOFF PUTS WORTH AT MORE THAN $820 MILLION
Bernard Madoff, who pleaded guilty to operating a
multibillion-dollar Ponzi scheme, is worth up to $826 million,
according to court documents. In addition to his business -- now
in liquidation -- Madoff and his wife list multimillion-dollar
real estate holdings in New York, Florida and France. full story
.
NINE BODIES FOUND NEAR U.S.-MEXICO BORDER
Nine bodies have been found in a common grave in the desert
south of Ciudad Juarez, Mexico, according to Chihuahua state
prosecutor's spokeswoman Daniela Gonzalez.

RIOTING FOLLOWS ARRESTS IN NORTHERN IRELAND
Rioting flared near Belfast on Saturday after the arrests of
three men in connection with the killings of two soldiers in
Northern Ireland last week, police said. Gangs of youths have
taken to the streets and petrol bombs have been hurled at police
in Lurgan, in County Armagh, police said.

ABDUCTED AID WORKERS FREED IN DARFUR
Four abducted medical workers abducted in Sudan's Darfur region
earlier this week appeared Saturday on Sudanese TV after their
release. All four -- an Italian doctor, a Canadian nurse, a
French coordinator and a Sudanese guard -- work for the Belgian
section of the humanitarian organization Medecins Sans
Frontieres.

AIG RESPONDS TO PRESSURE, CUTS BONUSES
Under pressure from the Treasury Department, insurance giant AIG
plans to scale back bonuses and compensation for some of its
top-earning employees.
_______________________________
BUSINESS

WALL ST. WRAPS BEST WEEK OF 2009
Wall Street managed a gain late Friday at the end of a choppy
session, with investors pushing the stock market advance to a
fourth day in a row -- the best stretch since November. Stocks
have risen in each session since the Dow and S&P 500 ended
Monday at 12-year lows. In those three sessions, the Dow rose
almost 10 percent: reports.

WEN: CHINA WORRIES ABOUT ASSETS IN U.S.
Beijing has high expectations for U.S. President Barack Obama's
economic recovery strategy, but worries remain about the safety
of China's assets in the United States, Premier Wen Jiabao said
on Friday.

EX-GOOGLE EXEC NAMED CEO OF AOL
Tim Armstrong, a former Google executive, was named the new
chairman and Chief Executive Officer of AOL, according to a
statement released by Time Warner's chairman and CEO Jeff
Bewkes.

Fwd: Energy: OPEC to keep output levels steady

Date: 15 MAR 2009 16:43:56 GMT

Headline: OPEC to keep output levels steady
[3/15/2009 12:43:00 PM ET]11

News Alert!

Date: Sun, 15 Mar 2009 10:05:18 -0700 (PDT)

Commentary: We owe oldest Americans an apology
03/15/09 10:30 AM, EDT
As the country frets about extricating itself from the financial mess,
there is one group of Americans to whom the rest of us owe the most
sincere words of apology.