Stocks pull back amid Middle East tensions
Wall Street retreated as violence in the Middle East weighed on investors. The collapse of a Dow Chemical joint venture with Kuwait added to economic jitters, with Dow Chemical and Rohm & Haas shares sliding as the Dow Jones fell to 8,483.93. Oil rose above 40 dollars despite a prior peak.
MENTIONED IN THIS ARTICLE
Middle East
New York
Wall Street
Dow Chemical Co
Israel
Gaza
Hamas
New York Mercantile Exchange
Todd Leone
Equity Trading
Cowen & Co
Chemical
Dow
Dow Chemical
Dow Jones
GMAC silent on debt swap and bank holding plan
GMAC Financial Services LLC, GM’s financing arm, remained silent about whether the debt-for-equity exchange met the 30 billion dollar capital target required to qualify as a bank holding company and access federal rescue funds. Analysts think failure to secure aid could force bankruptcy or shutdown, threatening GM’s survival.
MENTIONED IN THIS ARTICLE
New York
General Motors Corp
Gmac Financial Services LLC
GMAC
Federal Reserve
Proia
Fed
KDP
Thomas Ferguson
Ferguson
Dow Chemical eyes lower Rohm & Haas bid after K-Dow collapse
Dow Chemical may renegotiate its $15.3 billion offer for Rohm & Haas as Kuwait backed out of the K-Dow Petrochemicals venture amid a global energy price drop. Shares of both firms tumbled. Rohm & Haas remains committed to the acquisition. Dow plans to cut 5,000 jobs and shutter or idle plants as costs rise.
MENTIONED IN THIS ARTICLE
New York
Dow Chemical
Rohm & Haas
Kuwait
Dow
K-Dow Petrochemicals
Midland
U.S
Petrochemical Industries Co
K-Dow
Dow Chemical Co
Is a strong or weak dollar better for the U.S. economy
The piece argues a weak dollar is generally favorable when the economy is weak because it lowers U.S. export prices and stimulates demand abroad. It notes investors flocked to U.S. Treasuries, boosting the dollar as global outlook soured, making the greenback stronger despite recession.
MENTIONED IN THIS ARTICLE
New York
U.S
Brian Bethune
IHS Global Insight
U.S. Treasury
Treasury
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