Thursday, August 4, 2011

Dow average plunges 513, worst drop since 2008 (AP)

Dow average plunges 513, worst drop since 2008 (AP)

Dow average plunges 513, worst drop since 2008 (AP)

Posted: 04 Aug 2011 01:49 PM PDT

Traders work on the floor of the New York Stock Exchange on Thursday, Aug. 4, 2011 in New York. (AP Photo/Jin Lee)AP - Fears about the global economy led to the biggest panic in financial markets since the 2008 financial crisis. The Dow plunged nearly 513 points Thursday, its biggest point decline since Oct. 22, 2008. Only three of the 500 stocks in the Standard & Poor's 500 index had gains. Oil fell by 6 percent. The yield on the two-year Treasury note hit a record low as investors sought out relatively stable investments.

Reid: Compromise in hand to reopen FAA (AP)

Posted: 04 Aug 2011 01:09 PM PDT

House Minority Whip Steny Hoyer of Md., center, talks about the need to overcome the partisan standoff over a bill to end the partial shutdown of the Federal Aviation Administration (FAA), Wednesday, Aug. 3, 2011, during a news conference on Capitol Hill in Washington. He is joined at right by Sen. Charles Schumer, D-N.Y., and Senate Commerce Committee Chairman Sen. Jay Rockefeller, D-W.Va. (AP Photo/J. Scott Applewhite)AP - Congress has reached a bipartisan compromise to end the partial shutdown of the Federal Aviation Administration that has left 74,000 transportation and construction workers idled, Senate Majority Leader Harry Reid said Thursday.

Va. Tech lifts campus alert after report of gunman (AP)

Posted: 04 Aug 2011 01:11 PM PDT

Police stop traffic and shows it's presence on the campus of Virginia Tech after a gunman was reported near a Tech drill dining hall at Virginia Tech in Blacksburg, Va, Thursday August 4, 2011. Virginia Tech officials say police officers are searching campus buildings after three children reported seeing a man holding what looked like a gun. (AP Photo/Don Petersen)AP - Virginia Tech was locked down for several hours Thursday after three children attending a summer camp said they saw a man holding what looked like a gun on the campus where a 2007 massacre left 33 people dead.

Military money on chopping block in austere time (AP)

Posted: 04 Aug 2011 01:13 PM PDT

President Barack Obama speaks to members of the media during a Cabinet meeting in the Cabinet Room of the White House in Washington, Wednesday, Aug., 3, 2011. From left are, Secretary of State Hillary Rodham Clinton, the president, Defense Secretary Leon Panetta, and Transportation Secretary Ray LaHood. (AP Photo/Pablo Martinez Monsivais)AP - The Pentagon got nearly everything it asked for during a decade of two wars shadowed by the Sept. 11 terror attacks and the rise of al-Qaida. No more. It's a reality that new Defense Secretary Leon Panetta acknowledged Thursday, saying he "recognizes the Department of Defense has to do its part" to meet the public clamor for spending cuts.

Polygamist leader's Texas trial goes to jury (AP)

Posted: 04 Aug 2011 01:14 PM PDT

A law enforcement officer, left, escorts polygamist religious leader Warren Jeffs, right, into the Tom Green County Courthouse Thursday Aug. 4, 2011, in San Angelo, Texas. The defense rested Thursday in the sexual assault trial against Jeffs in which he served as his own defense. (AP Photo/Tony Gutierrez)AP - The child sexual assault case against Warren Jeffs was in the hands of a Texas jury Thursday, after the polygamist leader stood mostly mute for his closing argument.

Debt ceiling votes herded without carrots, sticks (AP)

Posted: 04 Aug 2011 01:21 PM PDT

House Speaker John Boehner of Ohio, left, shakes hands with House Majority Leader Eric Cantor of Va., as they leave a news conference on Capitol Hill in Washington, Monday, Aug. 1, 2011. (AP Photo/Jacquelyn Martin)AP - Speaker John Boehner was desperate in his search for votes from his party to prevent a first-ever government default. But despite what a GOP freshman called "hour by hour by hour" pressure from the Ohio Republican leader and his lieutenants, rank-and-file holdouts said they were neither offered carrots nor threatened with sticks to change their minds. That's a major transformation from the not too distant past.

Documents: NY child slaying suspect 'heard voices' (AP)

Posted: 04 Aug 2011 01:15 PM PDT

Levi Aron is arraigned in Brooklyn criminal court, Thursday, Aug. 4, 2011 in New York. Aron was arraigned Thursday in Brooklyn State Supreme Court on charges of murder in the death of Leiby Kletzky whose body was found stuffed in a suitcase in a trash bin. The boy's severed feet were found in Aron's refrigerator; carving knives and a bloody board were found in the freezer. (AP Photo/Jesse Ward, Pool)AP - The man accused in the kidnapping and dismemberment killing of an 8-year-old New York City boy told detectives his victim put up a struggle and that afterward he was hearing voices telling him "to take his own life for what he did," according to court papers made public Thursday.

Kraft Foods plans to split into 2 companies (AP)

Posted: 04 Aug 2011 01:08 PM PDT

FILE - In this Feb. 9, 2011 file photo, a shopper selects Oreo cookies by Nabisco - part of the Kraft Foods Inc. family of brands and products, are seen at a Ralphs Fresh Fare supermarket in Los Angeles. Kraft Foods Inc. said Thursday, Aug. 4, 2011, that it plans to split into two publicly traded companies, with one concentrating on snacks like Oreo cookies, Trident gum and Cadbury chocolates while the other focuses on the North American grocery business which include Kraft cheese and Maxwell House coffee. (AP Photo)AP - Kraft Foods Inc. said Thursday it plans to split into two publicly traded companies, with one focusing on its international snack brands like Trident gum and Cadbury chocolates and the other on its North American grocery business that includes Maxwell House coffee and Oscar Mayer meats.

Fox analysts say remarks about Palin were a joke (AP)

Posted: 04 Aug 2011 01:07 PM PDT

FILE - In this Feb. 24, 2008 file photo, Alaska Gov. Sarah Palin speaks in Washington. The Alaska hair salon made famous for Sarah Palin's up-do is getting the reality show treatment in a two-part series to be aired in September on TLC. (AP Photo/Charles Dharapak, File)AP - Two Fox News Channel analysts said Thursday they were joking when they spoke on the air about going easy on fellow Fox employee Sarah Palin.

Eagles DT Patterson has brain condition (AP)

Posted: 04 Aug 2011 01:02 PM PDT

Philadelphia Eagles head trainer Rick Burkholder updates the media on the condition of defensive tackle Mike Patterson who had a seizure during NFL football training camp at Lehigh University Wednesday, Aug. 3, 2011 in Bethlehem, Pa. (AP Photo/Alex Brandon)AP - Eagles trainer Rick Burkholder said defensive tackle Mike Patterson has a brain condition that may require surgery. Burkholder said Thursday that Patterson is undergoing further tests. The 27-year-old Patterson was hospitalized after suffering a seizure Wednesday morning at training camp at Lehigh University.

Wall Street plunges in worst selloff in two years (Reuters)

Posted: 04 Aug 2011 01:32 PM PDT

The Dow Jones industrial average was up 29.82 points, or 0.25 percent, at 11,896.44. REUTERS/GraphicReuters - Investors fled Wall Street in the worst stock-market selloff since the depths of the Great Recession in early 2009 in what has turned into a full-fledged correction.

Bipartisan deal reached to end FAA impasse (Reuters)

Posted: 04 Aug 2011 01:00 PM PDT

Reuters - Congressional leaders reached a bipartisan compromise on Thursday to temporarily settle a funding dispute and allow thousands of workers at the Federal Aviation Administration to return to their jobs.

GM profit nearly doubles, slowdown risk ahead (Reuters)

Posted: 04 Aug 2011 09:54 AM PDT

Chevrolet Cruze vehicles are displayed at a courtesy Chevrolet dealership in Phoenix, Arizona, in this January 4, 2011 file photograph. General Motors Co's quarterly profit shot past Wall Street expectations, but its share price slipped as investors focused on the risks of a sputtering economy and resurgent Japanese rivals. GM reported second-quarter profit in 2011 that nearly doubled as people paid more for new cars like the Chevrolet Cruze, and the automaker took a larger share of global sales as major Japanese competitors were largely sidelined by the March earthquake. REUTERS/Joshua Lott/Files (UNITED STATES - Tags: BUSINESS TRANSPORT)Reuters - General Motors Co's quarterly profit shot past Wall Street expectations, but its share price slipped as investors focused on the risks of a sputtering economy and resurgent Japanese rivals.

Dozens die, thousands flee Syrian tank assault in Hama (Reuters)

Posted: 04 Aug 2011 01:11 PM PDT

EDITOR'S NOTE: REUTERS CANNOT INDEPENDENTLY VERIFY CONTENT VIDEO FROM WHICH THIS STILL IMAGE WAS TAKEN Military tanks drive into the Jabal Al-Zawya area of Idlib on August 1, 2011 in this still image taken from video posted on a social media website. T REUTERS/Social Media Website via Reuters TVReuters - Syrian troops killed at least 45 civilians in a tank assault to occupy the center of the besieged city of Hama, an activist said on Thursday, seeking to crush an uprising against President Bashar al-Assad's rule.

Jobs, retail sales data support recovery hopes (Reuters)

Posted: 04 Aug 2011 08:27 AM PDT

Reuters - The number of Americans claiming new unemployment benefits was steady last week and heavy discounting lifted sales at retailers in July, hopeful signs for the sputtering economy.

BNY Mellon imposes fee on rapidly growing deposits (Reuters)

Posted: 04 Aug 2011 12:34 PM PDT

A woman walks past a logo at the office of the Bank of New York Mellon in Brussels, February 25, 2010. REUTERS/Sebastien PirletReuters - Bank of New York Mellon Corp said it is being overwhelmed with deposits from investors fleeing risky markets, and said it will begin charging for above-average deposits.

Special report: How Washington took the U.S. to the brink (Reuters)

Posted: 04 Aug 2011 08:01 AM PDT

Reuters - The world's largest economy was headed toward an unprecedented default, and all Washington wanted to talk about was the manner in which the president had left a room.

Kraft's Rosenfeld breaking up food giant she built (Reuters)

Posted: 04 Aug 2011 11:46 AM PDT

Reuters - Kraft Foods Inc Chief Executive Irene Rosenfeld plans to break up the food giant, just 18 months after driving through the controversial acquisition of UK chocolate maker Cadbury.

US, Russia have strong words for Syria's Assad (AFP)

Posted: 04 Aug 2011 01:21 PM PDT

Women demonstrate against the regime of Syrian President Bashar al-Assad in front of the Syrian consulate in Istanbul, in July 2011. The United States and Russia had harsh words for embattled Syrian President Bashar al-Assad on Thursday, a day after the UN Security Council condemned his deadly crackdown on anti-regime demonstrators.(AFP/File/Bulent Kilic)AFP - The United States and Russia had harsh words for embattled Syrian President Bashar al-Assad on Thursday, a day after the UN Security Council condemned his deadly crackdown on anti-regime demonstrators.

US stocks plunge, Dow falls more than 500 points (AFP)

Posted: 04 Aug 2011 01:15 PM PDT

A trader stands outside the New York Stock Exchange during afternoon trading. The Dow Jones Industrial Average plunged 4.3 percent Thursday, its worst one-day drop in more than two years, as global markets melted down over fears of another world economic downturn.(AFP/Getty Images/Mario Tama)AFP - The Dow Jones Industrial Average plunged 4.3 percent Thursday, its worst one-day drop in more than two years, as global markets melted down over fears of another world economic downturn.
Posted by Harshad at 1:59 PM

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