Tech slump stalls stock market gains on Friday
New York traders faced a tech led decline as Microsoft dropped on a 1 billion write off and weaker Windows revenue. Google also slid after revenue missed forecasts while Intel eBay and Advanced Micro reported weak results. The S&P 500 rose 2.72 points to a record 1692.09, helped by broad market strength despite tech woes.
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Detroit residents fear bankruptcy will spark city recovery
Detroit, facing the nation’s largest municipal bankruptcy, pledges service improvements within 30 to 60 days after filing. Residents cite hundreds of razed and intact vacant homes, dark streets, slow 911 responses, and ongoing demolition plans as officials promise relief from decades of decline.
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Rick Snyder
Kevyn Orr
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Dennis Talbert
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Dave Bing
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Obama claims health insurance rebates reach millions
The president says rebates averaging $100 will go to 8.5 million Americans, but experts say most rebates go to employers funding workers' plans. About 12.8 million rebates last year delivered mainly to employers, with only roughly 3 million reaching insured individuals directly.
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Washington
Barack Obama
Obama
Senate pact aims to cap college loan rates this year
A Senate compromise would peg new loan rates to financial markets with undergraduates at 3.9 percent and graduates at 5.4 percent while parents borrow at 6.4 percent. Rates would rise as the economy improves, undoing the July 1 doubling and potentially saving freshmen more than 3300 dollars over the life of their loans. Durbin announced the agreement after weeks of negotiations.
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