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Dow stumbles on weak manufacturing report
Stock Market News |
2011/08/01 09:00
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The debt deal rally lasted all of 30 minutes. After gaining 139 points minutes after the market opened Monday, the Dow Jones industrial average sharply reversed course, shedding all of those gains after a key manufacturing index tumbled in July.
The Dow was down than 50 points after the Institute of Supply Management said its manufacturing index fell to 50.9. That was barely above the 50 point figure that indicates growth. Economists had been expecting a much higher reading of 55.
The manufacturing report comes just one trading day after the government said that the economy grew at an annual rate of just 1.3 percent from April through June. This year, the economy has grown at its slowest pace since the recession ended in June 2009. Sharp reductions in short-term government spending could further weaken the economy, analysts say.
The Dow Jones industrial average was down 51 points, or 0.4 percent, to 12,092 in midmorning trading. The broader Standard and Poor's 500 index lost 7, or 0.5 percent, to 1,285. The Nasdaq composite lost 10, or 0.4 percent, to 2,746.
Bond yields fell to the lowest level of the year as investors moved into safer assets. The yield on the 10-year Treasury note fell to 2.73 percent from 2.80 percent late Friday.
Stocks rose early Monday after President Barack Obama and Congressional leaders announced Sunday that they had agreed on a deal to raise the nation's borrowing limit ahead of Tuesday's deadline. Investors have been worried that the U.S. might default if a deal wasn't reached.
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Oklahoma Supreme Court sets hearing in bribery case
Court Watch |
2011/08/01 05:59
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The Oklahoma Supreme Court has agreed to hear a former state senator's request to dismiss a bribery charge against her and scheduled oral arguments for September.
Former Sen. Debbe Leftwich, D-Oklahoma City, faces bribery charges along with Rep. Randy Terrill, R-Moore. Prosecutors say Terrill offered Leftwich an $80,000-a-year job at the state Medical Examiner's Office in exchange for Leftwich not running for re-election and clearing the way for Republican Rep. Mike Christian of Oklahoma City to run. Christian has not been charged a crime and is expected to be a witness.
Leftwich's attorney, Robert McCampbell, filed a motion to dismiss the charge that maintains Leftwich is exempt from prosecution for alleged wrongdoing in the performance of her professional duties under the speech and debate clause of the Oklahoma Constitution.
The court scheduled oral arguments from her defense, Oklahoma County District Attorney David Prater and attorneys for the Oklahoma Senate for Sept. 13, according to an entry posted Thursday on the Supreme Court's website. The entry also says Leftwich's case is on hold until the court makes a decision.
The Senate's attorneys also will have a chance to express lawmakers' concerns about language in a recent Court of Criminal Appeals decision denying Leftwich's motion to dismiss, the entry said.
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Layoffs loom in Ala. court clerks' offices
Topics in Legal News |
2011/08/01 01:59
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A month-long notice has begun for massive layoffs in state court clerks' offices.
The Birmingham News reports that court officials say about one-third of the 750 employees in clerks' offices statewide will be laid off effective Aug. 31.
The officials say the layoffs are timed so the 255 workers will be off the state payroll before the court system's new, leaner budget takes effect Oct. 1.
The Jefferson County clerk's offices, which handle more than 75,000 filings per year, will be down to 48 full-time clerks and three temporary workers after the layoffs.
Chief Justice Sue Bell Cobb has ordered clerks' offices statewide to be closed to the public for 10 hours weekly starting in August to give the workers time to catch up on processing court documents.
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Court upholds Chinese journalist's jail sentence
Topics in Legal News |
2011/08/01 01:01
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The lawyer for a Chinese journalist behind bars after writing about suspected corruption says a court has rejected an appeal against a new sentence ordered just before the reporter was to be released.
Beijing attorney Wang Quanzhang says he received on Monday the decision on the case of reporter Qi Chonghuai by a court in Shandong province.
Wang says the case sets a dangerous precedent because Qi was being tried a second time in June on similar charges to those which he faced in 2008. Qi was near the end of a four-year jail term when the second trial resulted in another eight years' imprisonment.
Rights groups say Qi was arrested in 2007 after he wrote about a local official who had beaten a woman for coming late to work.
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Gridlock over raising debt limit weighs on stocks
Stock Market News |
2011/07/26 09:12
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The debt gridlock in Washington is causing more worries on Wall Street.
Stocks fell Tuesday as U.S. lawmakers remained in a bitter stalemate over raising the country's borrowing limit. Republican and Democratic lawmakers have offered competing proposals to avoid a catastrophic default on the government's debt. A resolution appears a long way off. If an agreement is not reached by Aug. 2, the U.S. won't have enough cash to pay its bills.
Industrial companies led stocks lower after earnings reports from UPS, 3M and U.S. Steel raised concerns that the economy is weakening.
In midday trading, the Dow Jones industrial average is down 62 points, or 0.5 percent, at 12,530. The Standard & Poor's 500 is down 3, or 0.3 percent, at 1,334. The Nasdaq composite is flat at 2,843.
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Investment Fraud Litigation |
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Securities fraud, also known as stock fraud and investment fraud, is a practice that induces investors to make purchase or sale decisions on the basis of false information, frequently resulting in losses, in violation of the securities laws. Securities Arbitration. Generally speaking, securities fraud consists of deceptive practices in the stock and commodity markets, and occurs when investors are enticed to part with their money based on untrue statements.
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