Down day for Dow as recession fears rattle markets
Morgan Stanley economists warn the U.S. and Europe are dangerously close to recession. Regulators probe European banks' U.S. arms while global markets tumble. Dow falls 419.63 points to 10,990.58, energy, gold, and bond markets swing amid weak unemployment and housing data.
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Obama administration to review deportation cases for work permits
The U S government will allow many illegal immigrants facing deportation to stay and apply for work permits while focusing on removing criminals and security threats. About 300 000 cases will be reviewed case by case in federal courts, per Homeland Security Secretary Janet Napolitano. Critics claim the policy bypasses Congress and undermines Secure Communities and enforcement oaths.
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Verizon workers protest at CEO home over benefit cuts
Notable hundreds of Verizon workers held a candlelight vigil outside CEO Lowell McAdam's Mendham New Jersey residence chanting union busting as about 45,000 workers from Massachusetts to Virginia walked off the job on Aug 7. Hewlett-Packard reveals strategy to exit most consumer businesses and sell the PC division under new CEO Leo Apotheker aiming to mirror IBM.
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Market declines dominate Thursday trading session
The Dow fell 419.63 points to 10,990.58 while the Nasdaq dropped 131.05 to 2,380.43 and the S&P 500 slid 53.24 to 1,140.65. Treasury yields rose marginally. commodities moved lower across grains and oil.
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Global recession fears rise on weak U S data
U S home sales and manufacturing falter while European banks struggle with debt. A global stock sell off pushes money into Treasurys as Morgan Stanley and Bank of America Merrill Lynch warn the economy nears recession with a one in three risk, and August data show U S manufacturing shrinking.
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Planned Parenthood to end abortion services in three Arizona cities
Planned Parenthood of Arizona will stop abortion services in Prescott Valley Flagstaff and Yuma to comply with new state laws. Surgical and medication abortions will remain available in Tucson and Phoenix areas, though at some suburban locations those services will end. Bryan Howard calls the rules medically meaningless and barriers for women.
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