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Newspaper
Bluefield Daily Telegraph
Location
Bluefield, West Virginia, United States of America
Date
Jun 22, 2011
Page
7
Oil prices edged higher as light sweet crude settled at 93.40 dollars a barrel. Market observers noted modest gains amid mixed signals on demand and OPEC output. The day’s activity reflected cautious buying after recent supply data.
U S stocks gained for a fourth straight session as investors priced in a Greek confidence vote expected late Tuesday. Alcoa led Dow gains with a 4 percent rise while nine of ten industry groups advanced.
JPMorgan Chase will pay 153.6 million to settle SEC civil fraud charges over misled buyers of complex mortgage investments. The firm disclosed hedge fund Magnetar helped select the portfolio while betting on its failure, harming investors including Thrivent Financial and General Motors Asset Management.
Washington talks on reducing the deficit center on Republicans willing to raise revenues without new taxes and Democrats seeking Medicare savings without cutting benefits. Biden leads negotiations as GOP shifts focus to ending ethanol subsidies and pressure to avoid tax hikes, while Obama weighs possible broad options ahead of a debt limit vote.
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