Bush backs Greenspan for fifth term amid health note
President Bush endorsed Alan Greenspan for a fifth term as Fed chair, amid Greenspan’s prostate surgery. Markets reacted with optimism as the Dow rose, while officials said the procedure was routine and Greenspan would return to work soon.
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Judge OKs Bethlehem steel sale to ISG for 1.4 billion
U S bankruptcy judge approved Bethlehem Steel assets sale to Cleveland based International Steel Group for 1.4 billion. ISG will acquire plants in Indiana Maryland New York and Pennsylvania and become the largest U S integrated steel maker as Bethlehem winds down its operations after an April 30 closing.
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ISG may skip public offering this year CEO says
Cleveland AP reports International Steel Group will likely stay private this year due to the weak market. CEO Rodney Mott notes a rough year for an IPO and cites a recent private financing round of 155 million dollars contingent on ISG's Bethlehem Steel acquisition.
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Stocks rise on earnings news and Greenspan hopes
U.S. stocks climbed with the Nasdaq and S&P 500 at three month highs after upbeat earnings, boosted by expectations of improved corporate profits. Greenspan likely to stay as Fed chair supported indices, with strong gains in Everest Re, AIG, Lockheed Martin, Eli Lilly and Kimberly Clark while Sprint FON Group lagged.
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Dollar slides as euro hits miniscule threshold in market retreat
The dollar weakens across major currencies amid renewed war sentiment with the euro briefly at 1.10 dollars and global markets showing mixed moves. The euro trades around 1.0966, yen at 119.90, Swiss francs 1.3712, and Canadian dollars 1.4477 as stocks in Tokyo and Europe shift modestly higher and lower.
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