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• Boeing talks with striking machinists break down 10:15 p.m. ET
• Manic Monday: Dow roars back from worst week ever 9:48 p.m. ET
• Nikkei index soars more than 11 percent 8:45 p.m. ET
Wall Street soars as government pledges bank aid
by
The Associated Press
Monday October 13, 2008, 10:57 AM
Traders gather at the post that handles Monsanto on the floor of the New York Stock Exchange this morning. NEW YORK -- Wall Street snapped back today from last week's devastating losses after major governments announced further steps to support the global banking system, including plans by the U.S. Treasury to buy stocks of some banks. All the major indexes rose well over 5 percent, and by late morning the Dow Jones industrials had gained more than 490 points.
The hope on the Street was that the market was finding some footing after eight sessions of devastating losses that sent the Dow down nearly 2,400 points. But while a rebound had been expected at some point, most advisers say Wall Street can expect to see volatile, back-and-forth trading in the coming days and weeks as investors work through their concerns about the banking sector, the stagnant credit markets and the overall economy.
Post a comment | View comments+936! Dow sets record for one-day gain
by
The Associated Press
Monday October 13, 2008, 4:30 PM
A pair of traders smile today on the floor of the New York Stock Exchange. Wall Street snapped back from last week's devastating losses.Wall Street has stormed back from last week's devastating losses, sending the Dow Jones industrials soaring a nearly inconceivable 936 points after major governments' plans to support the global banking system reassured distraught investors.
The Dow by far outstripped its previous record for a one-day point gain, 499, reached during the waning days of the dot-com boom in 2000.
Continue reading "+936! Dow sets record for one-day gain" »Business development centers to plan collaboration in Carlisle
by
ELIZABETH GIBSON, Of Our Cumberland County Bureau
Monday October 13, 2008, 3:35 PM
A Shippensburg University-based agency that works with small business owners is partnering with a small-business incubator in Carlisle.
Details on the arrangement will be revealed during a press conference at 9:30 a.m. Tuesday at Murata Business Center at 453 Lincoln Street in Carlisle.
Shippensburg University Small Business Development Center will have a greater presence at Murata with both offices benefitting from the collaboration, officials said.
Administration summons banks to meet about rescue plan
by
The Associated Press
Monday October 13, 2008, 1:56 PM
Neel Kashkari, interim assistant treasury secretary for financial stability, speaks about implementation of the Emergency Economic Stability Act during an event for the Institute of International Bankers today in Washington.WASHINGTON -- Major stock markets around the world rose for the first time in days today as the U.S. said it plans to swiftly implement a broad financial rescue package and Europe put almost $2 trillion on the line to break the lending logjam threatening the world's economy.
The Bush administration summoned executives from leading banks to a meeting in Washington this afternoon to work out details of the $700 billion plan aimed at thawing the credit markets -- the economy's lifeblood.
Continue reading "Administration summons banks to meet about rescue plan" »European governments offering $2 trillion for banks
by The Associated Press
Monday October 13, 2008, 11:31 AM
French Finance Minister Christine Lagarde, right, and French President Nicolas Sarkozy, left, leave a press conference after an extraordinary Cabinet meeting at the Elysee palace in Paris today. Sarkozy said Monday his government will provide up to euro360 billion (US$491 billion) to help banks stay afloat through the financial crisis. PARIS -- European governments say they are putting nearly $2 trillion on the line to protect the continent's banks through guarantees and other emergency measures.
Pledges by Britain, Germany, France, Spain, Austria and Portugal in recent days have reached a total of $1.96 trillion. The sums are considered a maximum, and might not all be spent if the financial crisis eases.
Continue reading "European governments offering $2 trillion for banks" »Sovereign Bancorp in merger talks
by Sharon Smith, Of The Patriot-News
Monday October 13, 2008, 11:10 AM
Sovereign Bancorp Inc., confirmed that it is in advanced discussions with Banco Santander regarding a possible combination of the two companies.
The Wyomissing-based bank released a statement, saying that it is not possible currently to know whether such conversations will lead to an agreement.
Sovereign does not intend to comment further until an agreement is reached or discussions are terminated.
Sovereign Bank, which has taken a beating since the meltdown in the housing market, was recently punished further by investors.
The bank had eight securities totaling $622.6 million of preferred Fannie Mae and Freddie Mac stock, which had an unrealized loss of $34.4 million.
It's stock price in late September plummeted from its trading value of just over $8 per share to $2.20.
Today, Sovereign's stock was trading for $3.57 at 11 a.m. The company's stock trades on the New York Stock Exchange under the symbol SOV. Banco Santander's stock trades on the New York Stock Exchange under the symbol STD.
Giving myself the "Getting Things Done" treatment
by John Caddell
Monday October 13, 2008, 10:51 AM
UPDATE: Broken podcast link fixed.
I knew I had to improve my organizing skills early in the summer when I missed two scheduled conference calls in the period of a month. In the moment, I blamed the meeting organizers, who had not attached reminders to the meeting requests, so my Blackberry didn't buzz 15 minutes in advance. After reflection, I realized it wasn't the responsibility of the meeting organizers to account for my time-management peculiarities. I also realized that making a habit of missing conference calls I had committed to attend was bad business.
Continue reading "Giving myself the "Getting Things Done" treatment" »Bush administration moves to get bank rescue started
by The Associated Press Monday October 13, 2008, 9:03 AM
Neel Kashkari, Interim assistant Treasury Secretary for Financial Stability, speaks about implementation of the Emergency Economic Stability Act during an event for the Institute of International Bankers today in Washington. The announcement came as Europe's central banks began to take unified actions today aimed at easing the credit crisis.
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