W

Banks sink Wall Street, BofA below $5/share (Reuters)

in swap , by

NEW YORK (Reuters) ? Banks dragged the stock market lower on Monday, with losses accelerating late after Bank of America’s stock price fell below

$5 for the first time in nearly three years.

Warnings of deteriorating conditions in the euro zone and concerns about tougher capital rules that could cut into big banks’ profits pressured the financials throughout the day.

When BofA, the largest U.S. bank, plunged through $5, it ignited a late-day decline in the sector and the broader market, which fell 1 percent. More than 29 million shares of the stock traded, accounting for about 5.4 percent of the day’s total trading.

The bank’s woes underscore the headwinds buffeting the financial sector on both sides of the Atlantic.

Comments from Mario Draghi, president of the European Central Bank, weighed on sentiment after he said the economic outlook contained substantial downside risks, adding that 2012 would be a difficult year for banks.

“If you add up all the factors facing banks, this just isn’t a good environment for financials, and since the lion’s share of the worry in the market is related to financials, a bad deal for them means a bad day for everyone,” said Mike Shea, managing partner and trader at Direct Access Partners LLC in New York.

BofA closed down 4 percent at $4.99 while JPMorgan Chase & Co (JPM.N) fell 3.7 percent to $30.70 and Citigroup Inc (C.N) slumped 4.6 percent to $24.82.

The Dow Jones industrial average (.DJI) was down 100.13 points, or 0.84 percent, at 11,766.26. The Standard & Poor’s 500 Index (.SPX) was down 14.31 points, or 1.17 percent, at 1,205.35. The Nasdaq Composite Index (.IXIC) was down 32.19 points, or 1.26 percent, at 2,523.14.

There were signs that cautious investors were rotating into defensive sectors, with healthcare (.GSPA) and consumer staples (.GSPS) falling the least.

Traders also cited a Wall Street Journal report that the Federal Reserve was keen for U.S. banks to hold more capital than required by U.S. law as weighing on bank shares.

“Anything to monkey around with capital requirements will slow down loan growth and slow down earnings, so any sign of tweaking might have an exaggerated effect on trading,” said John Norris managing director of wealth management with Oakworth Capital Bank in Birmingham, Alabama.

After falling nearly 3 percent last week, Monday’s losses brought the S&P 500 close to the 1,200 level, cited by traders as an important support level. Losses could accelerate if that level is breached.

“That we’re nearing 1,200 is adding a bit of fuel to this fire,” Shea said.

Investors eyed developments in North Korea after the death of its leader, Kim Jong-il, and as state-controlled media hailed his untested son as the “Great Successor.”

Adding to worries, Fitch warned on Friday it may downgrade the ratings of France and six other euro zone countries, saying a comprehensive solution to the region’s debt crisis was “technically and politically beyond reach”.

In company news, Winn-Dixie Stores Inc (WINN.O) surged 71 percent to $9.29 after agreeing to go private in a $560 million all-cash deal with Bi-Lo LLC.

More than three-fourths of companies traded on the New York Stock Exchange fell while 76 percent of Nasdaq-listed issues closed in negative territory.

(Reporting by Ryan Vlastelica; Editing by Kenneth Barry)

Source: http://us.rd.yahoo.com/dailynews/rss/stocks/*http%3A//news.yahoo.com/s/nm/20111219/bs_nm/us_markets_stocks

kale blake shelton rashard mendenhall kentucky derby teacher appreciation week mothers day gift lvs

Tagged with:  
W

GOP: Benefits for rich could go (Politico)

in swap , by

Republicans, long criticized by Democrats as a party that coddles the rich, are now eyeing a handful of proposals that target millionaires on subsidies, tax deductions and other federal benefits.

In both chambers, lawmakers are considering legislation introduced by Sen. Tom Coburn (R-Okla.) and Rep. James Lankford (R-Okla.) to deny unemployment insurance benefits to millionaires. Coburn is also proposing cuts to farm subsidies for the wealthy while other lawmakers are looking to cut direct payments to farmers altogether. The House-passed GOP budget earlier this year would further limit Medicare payments for wealthy senior citizens ? and some members are now discussing applying a similar measure to other entitlements.

Continue Reading

In the House, Rep. Jason Chaffetz (R-Utah) said he?s looking for a co-sponsor for a bill that would implement a new means test for Social Security, which would reduce benefits for wealthier seniors by as much as half of their current payment. GOP supercommittee members are said to be offering to limit tax deductions typically claimed by upper-income brackets, but only if Democrats agree to permanently lower their tax rates ? a charge unlikely to temper the criticism that the party favors the rich.

It?s not exactly a full-throated embrace of tax hikes on the affluent, but these small measures show a tinge of populism creeping into Republican rhetoric, and an acknowledgment that constant Democratic attacks over income inequality may be having an impact.

The proposals amount to largely nickel-and-dime savings, unlikely to make a significant dent in the federal deficit. An analysis by the left-leaning Center for Economic and Policy Research this year argued that means-testing on Social Security that limited benefits to the wealthy would save only a fraction of a percent of benefits. Citing government data, Coburn said that millionaires earned more than $18.6 million in unemployment benefits in 2008, and rich farmers won $49 million in farm subsidies.

Democrats are skeptical of these efforts, arguing that they aren?t borne out of fairness but instead are part of a long-standing GOP push to dismantle the popular entitlement programs.

?They don?t like these programs; they?ve never liked these programs,? said Sen. Sherrod Brown (D-Ohio). ?Whenever they?ve been in the majority, they?ve tried to undercut them.?

Still, the symbolism is unmistakable. Economic policy toward the rich is one issue area with which, broadly speaking, Democrats have lately fared far better in the polls. A recent New York Times/CBS News poll found that nearly 70 percent of the public believes that GOP policies favor the rich, compared with 29 percent of voters who believe the Obama administration?s policies are tilted toward the wealthy.

The Occupy Wall Street movement has generated enormous media attention for its protests across the country as it tries to highlight income inequality ? so much so that the language is creeping into Republican talking points and interviews.

Source: http://us.rd.yahoo.com/dailynews/rss/politics/*http%3A//us.rd.yahoo.com/dailynews/external/politico_rss/rss_politico_mostpop/http___www_politico_com_news_stories1111_68004_html/43555049/SIG=11m2n4nv3/*http%3A//www.politico.com/news/stories/1111/68004.html

world series game 2 libya bay area news lettuce recall lettuce recall zanesville ohio zanesville ohio

Tagged with:  
W

Industrial metals rise on earnings, hiring (AP)

in swap , by

Industrial metals prices closed higher Wednesday as strong corporate earnings and an increase in payrolls made investors more optimistic about the U.S. economy.

Metals like copper and palladium are used as raw materials to make everything from electronics to houses. The value of those metals is closely tied to economic growth and demand at global factories.

Metals rallied in tandem with the U.S. stock market. The Dow Jones industrial average was up 1.5 percent in afternoon trading. Markets were lifted after payroll processor Automatic Data Processing said payrolls rose by 110,000 in October. That’s more than economists had expected.

Copper for December delivery rose 7.85 cents, or 2 percent, to settle at $3.581 a pound. December palladium gained $13.65, or 2 percent, at $648.65 an ounce. January platinum rose $19.30 to finish at $1,601.30 an ounce.

At the same time, many companies have been reporting stronger-than-expected earnings this week, indicating that U.S. economic activity is stronger than many analysts thought. MasterCard’s stock, for example, rose 6.8 percent after the company said its quarterly earnings soared 38 percent. The results beat analysts’ expectations.

Precious metals were also up. December silver rose $1.212, or nearly 4 percent, to close at $33.943 an ounce. December gold gained $17.80, or 1 percent, to settle at $1,729.60 per ounce.

In other trading, crop prices were mostly lower. December wheat lost 6.5 cents to finish at $6.235 per bushel. December corn fell 9.25 cents to end at $6.45 per bushel. November soybeans gained 0.25 cents to finish at $12.0275 a bushel.

Benchmark oil gained 32 cents to end at $92.51 per barrel on the New York Mercantile Exchange.

Heating oil fell 3.72 cents to finish at $3.0007 per gallon, gasoline futures rose 0.28 cents to close at $2.6272 per gallon and natural gas lost 3.8 cents to close at $3.882 per 1,000 cubic feet.

Source: http://us.rd.yahoo.com/dailynews/rss/economy/*http%3A//news.yahoo.com/s/ap/20111102/ap_on_bi_ge/us_commodities_review

terry fator rachel zoe gerard butler brady hoke brady hoke ali lohan new york election

W

Poll: Young people say online meanness pervasive (AP)

in swap , by

WASHINGTON ? Catherine Devine had her first brush with an online bully in seventh grade, before she’d even ventured onto the Internet. Someone set up the screen name “devinegirl” and, posing as Catherine, sent her classmates instant messages full of trashy talk and lies. “They were making things up about me, and I was the most innocent 12-year-old ever,” Devine remembers. “I hadn’t even kissed anybody yet.”

As she grew up, Devine, now 22, learned to thrive in the electronic village. But like other young people, she occasionally stumbled into one of its dark alleys.

A new Associated Press-MTV poll of youth in their teens and early 20s finds that most of them ? 56 percent ? have been the target of some type of online taunting, harassment or bullying, a slight increase over just two years ago. A third say they’ve been involved in “sexting,” the sharing of naked photos or videos of sexual activity. Among those in a relationship, 4 out of 10 say their partners have used computers or cellphones to abuse or control them.

Three-fourths of the young people said they consider these darker aspects of the online world, sometimes broadly called “digital abuse,” a serious problem.

They’re not the only ones.

President Barack Obama brought students, parents and experts together at the White House in March to try to confront “cyberbullying.” The Education Department sponsors an annual conference to help schools deal with it. Teen suicides linked to vicious online bullying have caused increasing worry in communities across the country.

Conduct that rises to the point of bullying is hard to define, but the AP-MTV poll of youth ages 14 to 24 showed plenty of rotten behavior online, and a perception that it’s increasing. The share of young people who frequently see people being mean to each other on social networking sites jumped to 55 percent, from 45 percent in 2009.

That may be partly because young people are spending more time than ever communicating electronically: 7 in 10 had logged into a social networking site in the previous week, and 8 in 10 had texted a friend.

“The Internet is an awesome resource,” says Devine, “but sometimes it can be really negative and make things so much worse.”

Devine, who lives on New York’s Long Island, experienced her share of online drama in high school and college: A friend passed around highly personal entries from Devine’s private electronic journal when she was 15. She left her Facebook account open on a University of Scranton library computer, and a prankster posted that she was pregnant (she wasn’t). Most upsetting, when she was 18 Devine succumbed to a boyfriend’s pressure to send a revealing photo of herself, and when they broke up he briefly raised the threat of embarrassing her with it.

“I didn’t realize the power he could have over me from that,” Devine said. “I thought he’d just see it once and then delete it, like I had deleted it.”

The Internet didn’t create the turmoil of the teen years and young adulthood ? romantic breakups, bitter fights among best friends, jealous rivalries, teasing and bullying. But it does amplify it. Hurtful words that might have been shouted in the cafeteria, within earshot of a dozen people, now can be blasted to hundreds on Facebook.

“It’s worse online, because everybody sees it,” said Tiffany Lyons, 24, of Layton, Utah. “And once anything gets online you can’t get rid of it.”

Plus, 75 percent of youth think people do or say things online that they wouldn’t do or say face to face.

The most common complaints were people spreading false rumors on Internet pages or by text message, or being downright mean online; more than a fifth of young people said each of those things had happened to them. Twenty percent saw someone take their electronic messages and share them without permission, and 16 percent said someone posted embarrassing pictures or video of them without their permission.

Some of these are one-time incidents; others cross into repeated harassment or bullying.

Sameer Hinduja, a cyberbullying researcher, said numerous recent studies taken together suggest a cyberbullying victimization rate of 20 to 25 percent for middle and high school students. Many of these same victims also suffer from in-person abuse. Likewise, many online aggressors are also real-world bullies.

“We are seeing offenders who are just jerks to people online and offline,” said Hinduja, an associate professor of criminal justice at Florida Atlantic University and co-director of the Cyberbullying Research Center.

And computers and cellphones increase the reach of old-fashioned bullying.

“When I was bullied in middle school I could go home and slam my door and forget about it for a while,” said Hinduja. “These kids can be accessed around the clock through technology. There’s really no escape.”

“Sexting,” or sending nude or sexual images, is more common among those over 18 than among minors. And it hasn’t shown much increase in the past two years. Perhaps young people are thinking twice before hitting “send” after publicity about adults ? even members of Congress ? losing their jobs over sexual images, and news stories of young teens risking child pornography charges if they’re caught.

Fifteen percent of young people had shared a nude photo of themselves in some way or another; that stood at 7 percent among teens and 19 percent among young adults. But almost a fourth of the younger group said they’d been exposed to sexting in some way, including seeing images someone else was showing around. And 37 percent of the young adults had some experience with “sexting” images.

Many young people don’t take sexting seriously, despite the potential consequences.

Alec Wilhelmi, 20, says girlfriends and girls who like him have sent sexual messages or pictures ? usually photos of bare body parts that avoid showing faces. Once a friend made a sexual video with his girlfriend, and showed Wilhelmi on his cellphone.

“I thought that was funny, because I don’t know what kind of girl would allow that,” said Wilhelmi, a freshman at Iowa State University.

Technology can facilitate dating abuse. Nearly three in 10 young people say their partner has checked up on them electronically multiple times per day or read their text messages without permission. Fourteen percent say they’ve experienced more abusive behavior from their partners, such as name-calling and mean messages via Internet or cellphone.

The AP-MTV poll was conducted Aug. 18-31 and involved online interviews with 1,355 people ages 14-24 nationwide. The margin of sampling error is plus or minus 3.8 percentage points.

The poll is part of an MTV campaign, “A Thin Line,” aiming to stop the spread of digital abuse.

The survey was conducted by Knowledge Networks, which used traditional telephone and mail sampling methods to randomly recruit respondents. People selected who had no Internet access were given it for free.

___

Associated Press Deputy Director of Polling Jennifer Agiesta, AP Global Director of Polling Trevor Tompson and AP News Survey Specialist Dennis Junius contributed to this report.

___

Online: http://research.athinline.org

Source: http://us.rd.yahoo.com/dailynews/rss/topstories/*http%3A//news.yahoo.com/s/ap/20110927/ap_on_re_us/us_poll_online_bullying

hurricane preparedness hurricane preparedness bach ocean city md mean girls honda generator honda generator

Tagged with: