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NEW YORK (MarketWatch) -- U.S. stocks were lower on Friday, as concerns about rising interest levels globally, along with hedge-fund trouble linked to subprime mortgages, and rising crude oil prices, weighed on sentiment."There's a great deal of volatility in the market right now," said Mike Malone, trading analyst at Cowen & Co. "More than anything, it's concerns with what's occurring in the credit markets because of the issues about hedge funds and subprime mortgages.""Until investors experience an idea of how this can play out, we'll remain volatile," Malone said.Investor focus, meanwhile, was also set on the initial public offering of private-equity firm the Blackstone Group. Blackstone shares jumped 18% to $36.50 inside their first official trades. The offering raised $4.13 billion early Friday by pricing near the top of its estimated range because sixth richest IPO in U.S. history. The Dow Jones Industrial Average was down 67 points at 13,477, as 27 of the 30 components opened in debt, led by the likes of Alcoa Inc. , Boeing Co. and Citigroup Inc. .The S&P 500 index fell 7.8 suggests 1,514, while the Nasdaq Composite dropped 10.8 suggests 2,605.Trading volumes showed 442 million shares on the New York Stock Exchange and 532 million shares trading for the Nasdaq stock market. Declining issues topped gainers by 21 to eight on the NYSE and by 16 to 9 around the Nasdaq.By sector, natural gas , utilities , semiconductors , and biotechnology , while oil services and internet were one of the few rising sectors.Among leading tech shares, eBay Inc. gained 3.9%. Based on the New York Times, it's likely to return to the Chinese auction market come early july.U.S. stocks finished higher following a volatile session Thursday, as a drop in crude oil prices helped to offset concerns about rising bond yields and allowed the market to rebound from the previous session's stumble.Expectations that global growth is fueling inflation and putting upward pressure on interest levels has capped the advance of stocks in recent weeks.U.S. bond yields have risen above 5%, offering a risk-free substitute for stocks, while also lifting borrowing costs for consumers and businesses. On Friday, the benchmark 10-year bond was down 4/32 at 94 19/32, lifting its yield to five.206%. Rates overseasInvestors also remain weary that Chinese financial authorities continuously announce tightening measures, possibly over the weekend, as they have in recent times.Declines were seen in Asia and Europe, with the Shanghai Composite losing over 3% amid fears associated with an imminent rate hike.Hedge fund woesLow rates of interest globally over the past Several years has allowed an unprecedented surge financial liquidity, which central banks the world over are still busy mopping up by lifting rates of interest.Fast-money investors, such as hedge funds, have heavily borrowed money at reduced rates to invest in higher yielding assets. Private equity funds have also borrowed heavily to acquire out publicly-traded companies, fueling overall gains in the stock market.But with rising rates, nowadays there are concerns that the party may soon be over, according to Cowen's Malone."It's no secret that there's been a lot of leverage," Malone said. "But if investors set out to unwind their trades to reduce their leverage, that could have a big impact on markets."Jitters inside the credit markets were fueled by the collapse of two Bear Stearns hedge funds which dedicated to subprime mortgages. Barclays on Friday said it has "some exposure" to such funds however that any loss it will take won't be material.Bear Stearns, meanwhile, plans to take out $3.2 billion in loans to halt creditors from seizing assets of the money-losing hedge funds, Bloomberg News reported Friday, citing those with knowledge of the proposal. Merrill Lynch already has seized $850 illion of securities that Bear Stearns used as collateral, in accordance with reports.Shares of broker/dealers were broadly falling on Friday.By Nick Godt ugg highkoo
This story was written by Gina Akers, The Daily Vidette In the middle of a predicted recession plus an ailing stock market, there is one thing for customers to cheer about - declining gas prices. "It's got to have some beneficial effects since people who must drive are cutting back of their income on gasoline," Neil Skaggs, Illinois State University professor of economics, said. "That leaves more cash to spend on something different." On Thursday, prices dropped below $70 a barrel initially in 14 months. The other day, the OPEC cartel called a crisis meeting for this Friday to institute stability in oil prices that recently took a plunge after months of computer being on the rise. Prices have dropped by nearly $40 per barrel in mere three weeks. It appears as though the need for energy may decrease worldwide with an unstable global market. These reductions in oil costs are not only beneficial for drivers, but also people paying household utility bills. This winter, energy bills will in all probability be lower. The fall in oil prices came from a government report showed domestic crude oil stockpiles rose more than expected, the New York Times reported. In part this is because Americans are driving less. However, this doesn't necessarily mean that an rise in spending will force the costs up again. "The indisputable fact that prices are coming down may gain advantage consumers, but not lead them to spending a lot more," Skaggs said. "The whole economy is absolutely weak now due to [country's] financial problems. "I would not be surprised if [gas prices] stayed in the current level as well as slid lower. Gas prices usually drop in the winter anyway." "We're closing in on winter so I think they'll slide more." Although purchasers have reason to celebrate, the sharp decreases in oil price is bad news for petroleum executives and oil producers, who point out that in order to develop new sources for oil, they require more stability. "News isn't all bad or all good," Lane Crothers, politics and government professor, said. "Any of the oil producing countries are obviously going to be hurt by the decrease in oil prices." Analysts the OPEC cartel's producers, which control Forty percent of global output, may limit their output by approximately a thousand barrels a day to try and curtail the price drops. Countries have to have the prices to be a certain amount to balance their national budgets. Deutsch Bank estimates that Iran and Venezuela need them at $95 a barrel, Russia needs $70 and Saudi Arabia needs them at $55 a barrel. The decline in prices is threatening Russia's capacity to increase production. The nation is not part of OPEC. "In some cases, in nations like Russia which might be potential competitors, which might be very good for the Usa. They will have less money to buy war equipment," Skaggs said. "On another hand, there could be a number of problems if their economy crumbles." Crothers said for most presidential elections, oil prices are a huge issue, but that is false this year. "The decline in oil prices had little influence inside the recent campaign," Crothers said. "The bigger issue continues to be the broader economic meltdown. During this election with everything about the stock market, oil can be a minor part of their concern, no less than with the election." mulberry key ring
Seven Marines and a Navy corpsman could face murder, kidnapping and conspiracy charges since Friday in the shooting death of your Iraqi man, a defense attorney said.Military prosecutors intend to file the charges against the men, who are being kept in solitary confinement at Camp Pendleton Marine Corps base north of here, Jeremiah Sullivan III, who represents one of many men, said Thursday.The Iraqi man reportedly was dragged from his home west of Baghdad and shot in April.The la Times and NBC News said troops could have planted an AK-47 and shovel nearby the body to make it appear he was an insurgent burying a roadside bomb. Neither suggested any motive for the April 26 killing in Hamandiya.The death was unrelated towards the November shootings of possibly two dozen civilians inside the western Iraqi city of Haditha. The Pentagon is investigating troops from your different Marine regiment therefore.Sullivan said he learned from Marine Corps attorneys the charges against the men in the April death are already drafted and official charging documents might be given to them since Friday.Once charged, defendants contain the right to an Article 32 hearing, the military equivalent of a grand jury investigation.The eight men served in Iraq with all the 3rd Battalion, 5th Marine Regiment, and are members of the battalion's Kilo Company. The highest-ranking most notable is a staff sergeant.Sullivan said he's concerned the Haditha case publicity could negatively impact his case."There's an assumption that these guys are guilty before there's been an opportunity for a thorough, impartial investigation," said Sullivan, an ancient Navy JAG who runs a civilian practice in Hillcrest.CBS News correspondent Elizabeth Palmer reports these stories are generating big headlines in the us but in Iraq, they are not making news. "The sad the fact is that many Iraqis already think that U.S. troops kill civilians indiscriminately. Besides, people here are numbed by the daily violence," Palmer says. Palmer has learned that the U.S. is additionally investigating reports of deaths of Iraqi civilians in March of this year, near Balad. Residents from the village of Ishaqi said 11 people, including at least five people, were killed in a March 15 U.S. raid for the Sunni-dominated area some 50 miles north of Baghdad. The American military confirmed the attack but said only four people died, a person, two women and a young child. It later said the incident was under investigation. A basic military report in the incident says that the soldiers received an advice that an al Qaeda supporter was going to a house. The reports claims that after a firefight, the civilians, including as well as children, were killed if the house collapsed, Palmer reports.Separately, another gang of five Marines in Kilo Company, such as a lieutenant who commanded the platoon, they are under investigation for injuring a suspect inside their custody, said a defense attorney who may have been contacted by the household of one of the Marines. He spoke Thursday only on condition of anonymity as he has not taken on the truth.The Marine Corps and Pentagon spokesmen have refused to touch upon any aspect of the Iraqi man's death because the investigation was announced May 24.Within a visit to Camp Pendleton, home base to the Marines under investigation to the Haditha killings, CBS News correspondent Sandra Hughes finds sympathy for the troops."In war," Sgt. Maj. Juan Duff says, "innocent people do die. Sometimes good individuals are put in bad situations."However, a Pentagon official said Thursday that charges are required to be brought "very soon." The state, who spoke only on condition of anonymity as he is not authorized to debate charges before they are filed, couldn't confirm the specific counts.If the Pentagon announced it absolutely was investigating the death, it provided no information about the incident, although it said "several service members" inside the regiment were suspected of involvement. The men were "removed from operations" and delivered back to the U.S. pending the outcomes of the criminal investigation, it said. mulberry bond street
The Tennessee Valley Authority is fitting in with contain the release of potentially toxic pollutants through the coal-fired Kingston power plant from a breach in an earthen dike released 2.6 million cubic yards of ash from your holding pond."I would say were trying to contain first and recover second," TVA President and Leader Tom Kilgore said Tuesday.A surface layer of ash was slowly moving along the Emory River from the plant near Harriman, about 50 miles west of Knoxville. TVA hoped to hook it with a temporary dike about the Emory River and a boom farther downstream about the Tennessee River.Federal and state environmental officials were awaiting results of water quality tests. But Kilgore said preliminary TVA tests suggest the thousands of people who get their h2o from the 652-mile Tennessee River shouldn't worry."We have no reason so far to find out that is unsafe," he told a news conference, noting TVA is working closely using the Tennessee Department of Environmental and Conservation and the federal Environmental Protection Agency. Water intake for the town of Kingston is about six miles downstream with the power plant."It can be done it is going to have some metals in there," said Laura Niles, regional spokeswoman for the EPA in Atlanta. Those could include mercury and arsenic.WBIR-TV reported countless dead shad floating downstream of the plant, but TVA spokesman Gil Francis said the fish kill may have resulted from freezing cold thought to have contributed to the ash pond break that happened around 1 a.m. Monday, not pollutants.Kilgore said six inches of rain in Ten days also may have led to the rupture, estimating very much rainfall would have added about 100 million pounds in the 40-acre lagoon that broke.The lagoon was one of a series of holding locations where ash generated by guarana was dried until it may be buried or recycled for road beds and concrete. The ash piles at times reached 55 feet across the water.The cause of the breach remained under investigation. Kilgore said leaks were repaired from the retention pond walls in 2003 and 2006, and maintenance problems identified in the pond's last annual review in January were fixed.CBS News correspondent Mark Strassmann reports that emergency lines were lit up in eastern Tennessee Monday morning. Said one 911 caller: "There's very much of a mudslide or something that came through my backyard."Not a mudslide - a sludge -slide.Sludge spread over 400 acres, pushing Crystell Flinn's house thirty feet off its foundation, reports Strassmann. Her family's salvaging the things they can -- before the house collapses."I've done all my breaking down; I can't cry any more," Flinn said. "I'm numb."About twelve houses were damaged each time a wall of water, ash and mud crashed into scattered residences at the plant - a tremendous nine-boiler power station that burns 14,000 a great deal of coal a day and will supply enough electricity for everyone 670,000 homes.Kilgore said three homes were effectively destroyed and TVA would provide those families with long-term housing and other assistance. A new tube was being installed for others in the neighborhood. They were advised to boil h2o until it was completed.The ash-laden muck made a scene of devastation that "looks rather being a moonscape," Kilgore said.Environmentalists raised concerns. One calculated the toxic coal sludge would have filled 798 Olympic-size swimming pools. "The holiday disaster shows that there really isn't such a thing as a clean coal plant," said Chandra Taylor, staff attorney to the Southern Environmental Law Center.Lisa Evans, a Massachusetts attorney for your environmental group Earthjustice, said there were similar spills in Pennsylvannia and Georgia. She blamed the and lack of federal regulation."The saddest thing are these claims is entirely avoidable," Evans said. "These folks these communities don't have to be in harm's way. This is not some complicated problem like nuclear waste. This can be something the utilities know how to do."Kilgore said TVA may use a dry ash treatment process at Kingston that would prevent a similar event. Five of TVA's coal-fired plants work with a dry ash treatment now; one other six, including Kingston, use a wet process.But those are decisions that can have to wait until the cleanup is completed in several weeks.TVA, which supplies electricity to about 8.8 million consumers in Tennessee, Alabama, Mississippi, Georgia, Kentucky, Nc and Virginia, has had staff and equipment in from around its service territory to be effective on the recovery 24-7, including Christmas Day, Kilgore said. ugg classic tall
By CBSNews.com's David Miller. Presidential campaigns, during their infancy, already are working on building rapport with political blogs — the constantly updated, often highly-partisan Websites where authors post news updates, opinion pieces and everything in between.The relationship between candidates and the blogosphere is an important one, but sometimes uneasy. If bloggers and their readers feel slighted or ignored by an applicant, retribution can be harsh. But blogs will also help candidates they favor with organization and fundraising.The candidates' outreach efforts vary. Candidates will sometimes be guest-bloggers on more popular sites. Other campaigns, like that relating to Democrats Hillary Clinton and John Edwards, have hired popular bloggers to work for them.But those strategies can sometimes backfire, as evidenced now, when Edwards faced questions over comments a pair of his bloggers had posted on an outside Web site that criticized the Catholic Church, drawing the ire of conservative groups. The story, of course, has been the new topic on political blogs of all stripes for the past a couple of days. Edwards decided to keep the bloggers on his staff and both issued apologies.Republican John McCain's campaign faces another problem: Despite leading in polls of GOP primary voters, many conservative bloggers do not like him and don't trust him.Specifically, they take trouble with the campaign finance overhaul law he co-sponsored in 2002. A frequent complaint on blogs is the measure curtails free speech and — hitting more detailed home — contains provisions that threatened to severely restrict the experience of political blogs.McCain also took heat from blog readers when he joined a bipartisan group to stop a Senate rules change that could have ended filibusters on judicial nominees, and several are wary of him because, they are saying, he is too friendly with the "MSM" — mainstream media."I'm not gonna say I'll never support the guy, but however really have to convince me," Ed Morrissey, who writes for Captain's Quarters, told CBSNews.com. "I know, though, that several of my readers have already written they would stay home or vote for the Democrat if your Republicans went with McCain."In an attempt to improve relations with Morrissey and also other bloggers, two of McCain's top aides, Terry Nelson and John Weaver, hosted a conference call Tuesday with many leading Republican-friendly bloggers.McCain campaign spokesman Kevin McLaughlin said the blogging community is important to the campaign for his or her role in both digging up news and as a primary resource for most politically engaged people who shun mainstream media."With the net, blogs and YouTube, people could possibly get news whenever they want and bloggers go to the forefront in transmitting news to the people," he said.The conference call bore little resemblance to 1 between a campaign and traditional journalists. Lots of the bloggers showed minimal restraint in telling Nelson and Weaver where they parted ways together with the early GOP front-runner.McLaughlin said the campaign went into the conference call with no illusions of persuading bloggers to support their candidate. "I do not think it was as much to smooth things over about open up a dialogue," he said. "I don't think we can necessarily say what our expectations are."Paul Mirengoff, who represented your site PowerLine in the conference call, told CBSNews.com that McCain could face less vitriol from bloggers and their readers if he keeps up his outreach efforts."One thing they can do is kind of dampen how much criticism," Mirengoff said. "There's anticipation that blogs themselves will probably be just a little more sympathetic to him."But regardless of whether McCain gets kinder treatment from blogs, it's tough to say whether which will result in any more success in the bid for the Republican nomination. Even bloggers are skeptical with their impact on the big picture."I think as being a general matter, the influence of blogs and their readers is somewhat overrated," Mirengoff said.But that group makes up a modest amount of the electorate, their online soap box may give them a great deal of influence."The thing is, is the fact that I think what they're fearful of is the fact that people who know and follow politics can influence people who don't," Morrissey said. "If you choose up a reputation among the people who are hyper-interested in politics to be a jerk, they're going to tell their friends and it's going to turn up in water cooler conversations." mulberry iphone
Barry Bonds, baseball's great hit king, was indicted for perjury and obstruction of justice Thursday and could face prison rather than the Hall of Fame for telling a federal grand jury he did not knowingly use performance-enhancing drugs.The indictment, culminating a four-year investigation into steroid use by elite athletes, charged Bonds with four counts of perjury and one of obstruction of justice. Bonds has steadfastly denied knowingly using any performance enhancing drugs, reports CBS News chief investigative reporter Armen Keteyian. But based on the indictment, "evidence was obtained including positive tests for the presence of anabolic steroids along with other performance enhancing substances for Bonds along with other athletes."If Bonds does check out trial, prosecutors would likely also cite "evasive and misleading" testimony before a grand jury in December 2003, the location where the government contends Bonds lied, under oath, no less than 19 times about his usage of performance enhancing drugs. "They're gonna focus specifically on what Barry Bonds said and why believe that they can prove otherwise," said CBS News legal analyst Andrew Cohen. If convicted on all five counts, Bonds may to prison for up to 30 years. Read The Indictment CBS News is familiar with defense lawyers for Bonds prefer to turn the tables, by accusing the federal government of misconduct, specially leaking confidential information and falsifying documents. "Every American should be worried about a Justice Department that can't tell the difference between prosecution on one side, and persecution on the other," Bonds attorney Michael Rains told Keteyian. The defense has targeted, in particular, the actions of special agent Jeff Novitzky. CBS News has learned that in 2004 the federal government conducted an investigation into if the agent's credibility could be at issue when the case against Bonds attended trial. To date, the results of that report remain unavailable. One witness the government won't have is Bonds' former fitness expert. For nearly a year Greg Anderson sat in prison for refusing to debate, let alone testify against, his longtime friend. Yesterday, within hours with the indictment, a federal judge ordered him released from prison.A serious League Record, With Suspicion of the AsteriskIn August, when the 43-year-old Bonds passed Hank Aaron for being baseball's career home run leader, he flatly rejected any suggestion this milestone was stained by steroids."This record is just not tainted at all. In any way. Period," Bonds said.Bonds finished the entire year with 762 homers, seven a lot more than Aaron, and is currently a totally free agent. In 2001, he set the summer season record with 73 home runs.Bonds couldn't immediately be reached for comment. Among his attorneys, John Burris, didn't know of the indictment before being alerted by The Associated Press and said he'd call Bonds to inform him."I'm surprised," Burris said, "but there was an effort to get Barry for a long period. I'm curious what evidence they have now they didn't have before."Bonds' defense attorney, Mike Rains, declined comment as he hadn't seen a copy of the indictment."However, it goes without saying that individuals look forward to rebutting these unsupported charges problem," Rains said. "We won' doubt have more specific comments within the very near future if we have had the opportunity to actually check this out indictment that took such a long time to generate."Bonds is scheduled to appear in U.S. District Court in San fran on Dec. 7.Bonds has not been identified by Major League Baseball as testing positive for steroids."I have yet to see the details of this indictment and even though everyone in America is regarded as innocent until proven guilty, I take this indictment very seriously and will follow its progress closely," commissioner Bud Selig said. no previous page next 1/2 knightsbridge ugg boots
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