October 31st, 2011 by InvestorPoint

NEW YORK, Oct. 31 (UPI) — Gold prices fell sharply as the U.S. dollar index gained 1.92 percent as Japan sold an undisclosed amount of yen to temper its ration against the dollar. Before the intervention, the dollar was at a record post-World War II low against Japan’s currency, MarketWatch reported Monday. On the Comex division of the New York Mercantile Exchange, gold lost $29.70 to close at $1,717.50 per troy ounce. Silver lost 99 cents to $34.30 per ounce. West Texas Intermediate crude oil ease…continued

October 31st, 2011 by InvestorPoint

ROME, Oct. 31 (UPI) — Italian businessman Luca di Montezemolo called for Premier Silvio Berlusconi to resign Monday after yields on Italian bonds soared. The five-year Italian bonds posted a euro-era record with the spread between those and German five-year bonds reaching 5.9 percent, a high since 1999 when the euro was introduced, ANSA reported Monday. Ten-year Italian bonds were yielding 6.14 percent, widely considered an unsustainable cost of borrowing, the Italian news agency said. “We are at a…continued

October 31st, 2011 by InvestorPoint

WASHINGTON, Oct. 31 (UPI) — Proposals by Republican U.S. presidential hopefuls to lop off a chunk of the federal budget may be popular but are unrealistic, a budget watchdog group says. The proposals would, in some fashion, ratchet spending back to levels not seen in decades and would require actions akin to ending a major program such as Medicare or cutting the entire defense budget, The Washington Times reported Monday. The plans include former Massachusetts Gov. Mitt Romney’s pledge to cap governm…continued

October 31st, 2011 by InvestorPoint

Here is how to recognize a one-trick pony when it comes to economics: Look for the numbers. It is that simple. When President Barack Obama says he is going to solve the unemployment crisis with a $787 billion stimulus bill, the first question a wary economist would ask is: What happens when the money runs out? In Europe last week, finance ministers and then heads of states gathered to outline a strategy that was all numbers. The European Financial Stability Facility would be increased in financial f…continued

October 31st, 2011 by InvestorPoint

NEW YORK, Oct. 31 (UPI) — U.S. markets turned lower Monday morning after a bullish week prompted by the European Union’s plan to rescue debt-burdened burdened countries and banks. The plan had pushed stocks ahead for the week, potentially overshadowing weak economic data, which is coming into focus this week. In midmorning trading on Wall Street, the Dow Jones industrial average dropped to 12,099.04 with the loss of 132.07 points or 1.08 percent. The Standard & Poor’s 500 index dropped to 1,269.0…continued

October 31st, 2011 by InvestorPoint

NEW YORK, Oct. 31 (UPI) — Crude oil prices dropped over the weekend, falling under $92 per barrel as the U.S. dollar gained strength. After a week of strong gains due to an international rescue plan in Europe, oil prices eased back on the New York Mercantile Exchange, giving up $1.82 to $91.50 per barrel. Home heating oil prices shed 3.45 cents to $3.0319 per gallon. Reformulated blendstock gasoline lost 4.87 cents to $2.5974 per gallon. Henry Hub natural gas prices lost 3.9 cents to $3.884 per milli…continued

October 31st, 2011 by InvestorPoint

WASHINGTON, Oct. 31 (UPI) — Is China now emerging as banker to the rest of the world? The United States owes China $1.3 trillion — out of a total U.S. public debt load of $14.1 trillion. And the United States also owes almost $1 trillion to Japan. So clearly, 17 EU nations that share the euro currency couldn’t turn to the United States to help bail them out of their liquidity crisis. China was the only power in the world that could afford to rescue the euro from collapse. China also has almost 6 m…continued

October 30th, 2011 by InvestorPoint

TOKYO, Oct. 31 (UPI) — The Japanese government said Monday it intervened in foreign exchange markets to weaken the yen after it hit a post-World War II low against the U.S. dollar. Finance Minister Jun Azumi made the long-anticipated announcement on the intervention by the government and the Bank of Japan as the government seeks to check the yen’s rapid rise against major world currencies, a trend that hurts the export-dependent economy by making Japanese goods more expensive relative to those currenci…continued

October 30th, 2011 by InvestorPoint

WASHINGTON, Oct. 30 (UPI) — With the American political season nearly in full venom, the U.S. Supreme Court is being given the chance to decide when a religious organization wanders off course into the realm of political advocacy, endangering the organization’s tax-exempt status. Also in the petition bringing that question to the high court: Whether the Internal Revenue Service can avoid a constitutional ruling by refunding taxes back to the non-profit organization while at the same time maintaining th…continued

October 29th, 2011 by InvestorPoint

Today is Saturday, Oct. 29, the 302nd day of 2011 with 63 to follow. The moon is waxing. The morning stars are Mercury, Neptune, Uranus and Venus. The evening stars are Saturn, Jupiter and Mars. Those born on this date are under the sign of Scorpio. They include Scottish biographer James Boswell in 1740; singer/composer Daniel Decatur Emmett, who wrote the words and music for “Dixie,” in 1815; comedian/singer Fanny Brice in 1891; Nazi propaganda chief Joseph Goebbels in 1897; political cartoonist …continued
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October 28th, 2011 by InvestorPoint

NEW YORK, Oct. 28 (UPI) — Gold prices ended a five-session winning streak Friday in New York as the dollar index rose. Traders deemed dollars worth buying as the U.S. Congress’ deficit reduction committee eyed its Nov. 23 deadline and worried about the European debt deal holding together. The ICE Dollar Index rose to 75.04 from 74.879. On the Comex division of the New York Mercantile Exchange, gold lost $3.10 to close at $1,744.60 per troy ounce. Silver added $1.74 to reach $35.27 per ounce. West T…continued

October 28th, 2011 by InvestorPoint

WASHINGTON, Oct. 28 (UPI) — Consumer spending outpaced a 0.1 percent rise in incomes in September, the U.S. Commerce Department’s Bureau of Economic Analysis said Friday. Despite two months of flat incomes, spending rose 0.6 percent in September, following a 0.2 percent rise a month ago. Incomes rose 0.1 percent after falling 0.1 percent in August, the department said. That means savings are decreasing and economists are concerned that consumers cannot keep spending beyond their means. In Septemb…continued

October 28th, 2011 by InvestorPoint

NEW YORK, Oct. 28 (UPI) — Crude oil prices held above $93 per barrel Friday in New York after a one-day rally Thursday triggered by an accord in Europe on rescuing the euro. On the New York Mercantile Exchange, oil eased back overnight, losing 77 cents to $93.19 per barrel. Home heating oil prices shed 2.91 cents to $3.0746 per gallon. Reformulated blendstock gasoline lost 3.77 cents to $2.6695 per gallon. Henry Hub natural gas added 11.9 cents to reach $3.883 per million British thermal units. At …continued

October 28th, 2011 by InvestorPoint

NEW YORK, Oct. 28 (UPI) — A U.S. stock market rally triggered by Thursday’s European debt rescue plan skidded to a halt Friday morning as U.S. wage increases were slow in September. The Commerce Department said incomes rose 0.1 percent August to September, but spending rose 0.6 percent. While economists are generally encouraged to see spending increase, it is apt to be a short-lived victory if consumers are spending beyond their means. In midmorning trading on Wall Street, the Dow Jones industrial …continued

October 28th, 2011 by InvestorPoint

At first blush, European leaders agreed to a solid financial plan Thursday in Brussels, as stocks rallied around the globe. So, why did stocks in Europe falter Friday? Yes, it took a few hours for analysts to study the accord and write their notes and when the dust settled many concluded the there were still not enough funds on the table for Europe to turn the corner. It is a matter of finances meets economics, which is to say, the European Financial Stability Facility, which will increase from $60…continued

October 28th, 2011 by InvestorPoint

ATHENS, Greece, Oct. 28 (UPI) — Reforming the Greek electricity and gas markets would make a significant contribution to the country’s economic recovery, the IEA declared. Eurozone leaders claimed a debt-crisis victory Thursday after getting deals that cut Greece’s debt in half and increased the main bailout fund to $1.4 trillion. Greece will get a new $140 billion bailout early next year, government leaders said. Greece’s debt, currently at 160 percent of its gross domestic product and projected to …continued

October 28th, 2011 by InvestorPoint

MONTEVIDEO, Uruguay, Oct. 28 (UPI) — Uruguay, noted for lucrative meat exports and enjoying overall economic growth, is sending alarm signals over its depleting livestock numbers. The figures are said to be the lowest in decades. Uruguay’s export-oriented agricultural sector contributes to more than 9 percent of its gross domestic product and employs about 13 percent of the work force. Meat and sheep farming take up nearly 60 percent of the land. About 70 percent of all Uruguayan exports are agricult…continued

October 28th, 2011 by InvestorPoint

BRUSSELS, Oct. 28 (UPI) — Eurozone officials rushed to prevent the latest debt-crisis deal from unraveling after a warning it depended on high risk similar to what triggered the crisis. The deal’s highly leveraged assets and contracts, used to swell the main eurozone bailout fund on paper to $1.4 trillion from the $350 billion without putting any new money into the pot, “are not too different from those which were partly responsible for creating the crisis, because they concealed risks,” influential ec…continued

October 27th, 2011 by InvestorPoint

BALTIMORE, Oct. 27 (UPI) — Hubble Space Telescope images and computer simulations have pinned down the rate at which smaller galaxies merge to form bigger ones, U.S. astronomers say. The merger rate is one of the fundamental measures of galaxy evolution, yielding clues to how galaxies bulked up over time through encounters with other galaxies. Initial deep-field surveys made by Hubble generated an imprecise range of results, suggesting 5 percent or 25 percent of the galaxies were merging, depending o…continued

October 27th, 2011 by InvestorPoint

OKLAHOMA CITY, Oct. 27 (UPI) — Oklahoma City police say dozens of motorists who picked up $20 bills strewn along a highway could face larceny charges if they don’t return the money. The bills were blowing across Interstate 40 Monday, where many people pulled off to the side of the road to grab at the cash. There hasn’t been a legitimate claim to the money, The Oklahoman reported Thursday. Authorities won’t say how much money was spilled onto the road or how much passing motorists took but Dorinda Ros…continued

October 27th, 2011 by InvestorPoint

NEW YORK, Oct. 27 (UPI) — Gold prices rose for the fifth consecutive trading session Thursday in New York with the dollar index off sharply with a European rescue unveiled in Brussels. The dollar index dropped 1.61 percent to 74.97 as the euro gained on the announcement in Brussels that European heads of state had brokered a deal to pour billions of dollars into an international rescue effort for debt-burdened countries. On the Comex division of the New York Mercantile Exchange, gold gained $22.50 to…continued

October 27th, 2011 by InvestorPoint

FAIRFAX, Va., Oct. 27 (UPI) — ManTech International Corp. of Virginia has signed a definitive agreement to acquire IT company Worldwide Information Network Systems Inc. The acquisition will enable ManTech to deliver IT services through WINS’ prime position on the Defense Intelligence Agency’s Solutions for Information Technology Enterprises contract, an indefinite-delivery/indefinite-quantity contract vehicle with a $6.6 billion ceiling and period of performance through 2015. WINS specializes in netw…continued
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October 27th, 2011 by InvestorPoint

WASHINGTON, Oct. 27 (UPI) — Long-term mortgage rates were little changed in the week ending Thursday, the U.S. Federal Home Loan Mortgage Corp. said. Freddie Mac said the average interest rates for 30-year, fixed-rate loans fell from 4.11 percent to 4.10 percent with an average of 0.8 points for the week. Rates have changed little in two weeks. Prior to last week, 30-year fixed rate loans averaged 4.12 percent interest. A year earlier during the same week of the year, interest rates averaged 4.23 p…continued
FMCC 

October 27th, 2011 by InvestorPoint

WASHINGTON, Oct. 27 (UPI) — The U.S. gross domestic product, the broadest measure of the economy, rose 2.5 percent on an annual basis in the third quarter, Commerce Department Thursday. The department calls the first of three GDP estimates an “advanced” report, as it is likely to undergo revisions as more data becomes available over the next two months. Thursday’s estimate is in line with expectations and shows a stronger performance than the second quarter, when the economy grew 1.3 percent on a 12-…continued

October 27th, 2011 by InvestorPoint

NEW YORK, Oct. 27 (UPI) — U.S. markets bolted higher Thursday morning after European leaders announced a deal to expand on rescue efforts for debt-burdened countries and help banks. The agreement calls for an expansion of the European Financial Stability Facility from $600 billion to $1.4 billion, dedicates more aid to Greece and calls for an additional $150 billion to give 70 of Europe’s largest banks extra cushion in the event of further economic deterioration. The U.S. Labor Department said first-…continued