Fed holds rates at 41 year low as war clouds outlook uncertain
The Fed left the federal funds rate at 1 1/4 percent amid geopolitical uncertainties from the Iraq war risk. Officials signaled readiness to act quickly on rate cuts if the economy weakens, with markets pausing after the decision despite a Dow rise. Investors had hoped for a cut, while the Fed announced heightened surveillance and potential mid April action if needed.
MENTIONED IN THIS ARTICLE
Washington
Federal Reserve
Lowe
Alan Greenspan
Fed
Dwight Eisenhower
Iraq
Open Market Committee
Fed Board
David Jones
Ing
Greenspan
Bush
Stuart Hoffman
PNC Financial Group
ISG plan may cut Sparrows Point jobs amid asset sale
ISG plans to trim about 30 percent of Bethlehem Steel Sparrows Point jobs if its $1.5 billion purchase is approved by a U S Bankruptcy Court in New York. John Lefier leads the plant with Rodney Matt, while a $100 million transition program targets lump sum exits as the site shifts toward a minimill approach and 70 percent capacity break even.
MENTIONED IN THIS ARTICLE
Sparrows Point
International Steel Group
Bethlehem Steel Corp
ISG
Bethlehem Steel
New York
Bethlehem
John Lefiey
Rodney Matt
Lefler
Mott
Lesler
Wilbur Ross Jr
LTY Corp
S Mills
Oil prices fall as war fears mount and supply fears ease
Oil futures drop nine percent to around 31.67 a barrel on the New York Mercantile Exchange amid expectations the Iraq invasion may proceed smoothly and stockpiles offset any disruption. Traders cite tight inventories and robust OPEC output as a hedge against demand declines.
MENTIONED IN THIS ARTICLE
New York
United States
Iraq
New York Mercantile Exchange
U.S
Middle East
Tom Bentz
BNY Paribas
Energy Department
Venezuela
Bentz
OPEC
Leo Drollas
Cen
High intensity headlights spark public glare concerns
Thousands of complaints reached the National Highway Traffic Safety Administration over high intensity headlights and glare. NHTSA opened a docket in 2001 amid rising comments on headlamp brightness, placement, and high mounted SUV beams. Regulators plan five proposals and research to curb glare while preserving illumination.
MENTIONED IN THIS ARTICLE
National Highway Traffic Safety Administration
NHTSA
Stephen Kratzke
Partic
Ularly
DOT
Cynthia Kruse
Merritt Island
Fla
Brinda George
Highland Spring
Housing starts drop sharply in February amid bad weather
February housing starts fell 2 percent to a seasonally adjusted 1.62 million units, the Commerce Department reported. Economists forecast 1.75 million, as weather and economic uncertainty damped residential construction and builders grew more cautious about prospects into spring.
MENTIONED IN THIS ARTICLE
Washington
Ruary
Commerce Department
Joel Naroff
Naroff Economic Advisors
Kent Conine
National Association of Home Builders
Freddie Mac
LaBranche
Raymond James
Centex
ConocoPhilips
First Albany
Oil and Gas Company
Market rises for fifth straight session in cautious trading
Wall Street extended gains for a fifth day as investors awaited Iraq war developments and Fed policy. The Dow rose 52.31 to 8194.23 while Nasdaq gained 3.28 to 1400.55 and S&P 500 added 3.66 to 865.45 amid light NYSE volume and mixed earnings and corporate news.
MENTIONED IN THIS ARTICLE
New York
Wall Street
Iraq
Federal Reserve Board
Standard & Poor
Dollar climbs as Iraq war risk persists in forex market
The dollar strengthened against most major currencies as diplomatic efforts to avert a US led attack on Iraq failed. Analysts warned wild swings lie ahead due to war, with the euro at 1.0633 dollars, the yen at 118.86, the Swiss franc at 1.3834, and the pound at 1.5667 dollars.
MENTIONED IN THIS ARTICLE
New York
Dow Jones/AP
Iraq
Lara Rhame
Brown Brothers Harriman
Market Summary Stocks Edge Higher on Global Trading
Advancing issues outnumbered decliners on the NYSE by 4 to 3 as the Russell 2000 rose 2.60 to 368.00, 0.7 percent. Japan's Nikkei ended up 1.1 percent. In Europe, CAC-40 fell 1.9 percent while FTSE 100 rose 0.7 percent and DAX climbed 3.9 percent.
MENTIONED IN THIS ARTICLE
NYSE
Japan
Europe
France
Britain
Germany
Also Mentioned on This Page
Ter
Saudi Arabia
Drollas
Fadel Gheit
Falmestock & Co
Gheit
The
Washington Post
Jack Caffrey
J.P. Morgan
Consolidated
New York Stock Exchange
Saddam Hussein
Iran
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