S&P 500 hits 17 month high as earnings boost market
The S&P 500 rose to 1050.71 while the Dow gained 14.51 as strong earnings and merger news offset a weak September spending report. Teva to acquire Sicor for 3.4 billion boosts sentiment. Bank of America's FleetBoston deal adds momentum, though analysts warn of near term pullbacks.
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Indictment widens probe into Enron collapse
DOJ charges widen the Enron case as a former executive pleads guilty to insider trading. Experts say the broad allegations could target Skilling Lay and other officers who profited from Enron stock, pressuring them toward plea talks and potential cooperation.
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Justice Department
Enron Corp
Enron
Jeffrey Skilling
Kenneth Lay
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Securities and Exchange Commission
Reliant to write down $1 billion in goodwill
Reliant Resources Inc plans a $1 billion third quarter goodwill impairment mainly from its Orion Power Holdings acquisition. The charge will lower full year GAAP earnings by $3.44 a share, though continuing operations are still expected to earn 10 cents per share. Shares closed at 4.95 on the NYSE, down 2 percent.
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Associated Press
Crudes end week with rally after string of losses
Oil prices bounced 2 percent in New York as crude and products rose on Friday amid short covering and contract expiration. Analysts cited U S stock gains and potential limits from OPEC output cuts as mixed signals for the near term, with attention on Russian supply and Yukos.
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Organization of Petroleum Exporting
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Alaton Trading Cor
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