Wednesday, October 29, 2008

Steven Wevodau - Oil up 7 percent on weak dollar, Fed rate cut (Reuters)

Oil up 7 percent on weak dollar, Fed rate cut (Reuters)

Traders work in the crude oil futures pit on the floor of the New York Merchantile Exchange, October 27, 2008. (Brendan McDermid/Reuters)Reuters - Oil jumped more than 7 percent on Wednesday as the dollar fell after the Federal Reserve cut U.S. interest rates.

Dow and S&P 500 fall on profit worry, GE outlook report (Reuters)

Traders work on the floor of the New York Stock Exchange October 28, 2008. (Brendan McDermid/Reuters)Reuters - U.S. stocks fell on Wednesday as a big rally faltered in the last minutes of trading on worry about the weakening corporate profit picture after a news report raised questions about General Electric's earnings outlook.

NYAG Cuomo warns nine banks about bonus payments (Reuters)
Reuters - New York Attorney General Andrew Cuomo, who negotiated executive payment clawbacks by American International Group Inc as it received a taxpayer bailout, warned nine banks receiving government money on Wednesday that using the funds for bonus payments may be illegal under state law.

Ackman proposes Target spin off property company (AP)
AP - A major shareholder in Target Corp. pitched a plan to Wall Street on Wednesday that would spin off the discount retailer's real estate holdings as a separate entity as a way to increase the value of the company and its shares.

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