Confidence and spending rise amid slower growth fears
Consumer spending increased 0.5 percent in April and incomes rose 0.3 percent while home sales jumped 7 percent to 5.79 million, marking the third-highest monthly pace on record. The Conference Board’s index edged to 109.8 in May as optimism moderated about six month prospects.
MENTIONED IN THIS ARTICLE
New York
Conference Board
Mark Witner
Wachovia Securities
Commerce Department
Assoct
United States
Dpeciatio Ags
Weds
U S cautions Argentina reforms needed
The Bush administration warned Argentina it may face civil unrest unless it overcomes a political deadlock and enacts immediate reforms. It urged bankruptcy reforms and repeal of an economic subversion law to unlock IMF support, citing 20 percent unemployment and rising poverty amid debt default.
MENTIONED IN THIS ARTICLE
Washington
Bush
Argentina
International Monetary Fund
Bush Administration
Eduardo Duhalde
Congress
IMF
Duhalde
Peronist Party
Dollar slides to eight month low versus euro
The dollar fell across the board to a fresh eight month low against the euro amid weak U.S. stocks and negative sentiment. May consumer sentiment rose modestly but investors doubt corporate profits can rebound in H2 2002. Markets shifted funds to gold as it rose to a more than two year high.
MENTIONED IN THIS ARTICLE
New York
Dow Jones/ AP
U.S
Daragh Maher
ING Barings
London
Bearish Research
Dynegy chief resigns as stock sinks after year of woes
Dynegy CEO Chuck Watson resigns amid questions over bogus trades and corporate problems that have driven the stock down as much as 88 percent in a year. Interim leadership named Glenn Tilton and Daniel Dienstbier as leaders while investors react positively to the management shuffle.
MENTIONED IN THIS ARTICLE
Houston
Dynegy
Chuck Watson
Enron Corp
California
CMS Energy Corp
William T. McCormick Jr
CMS
Dynergy
Watson
Glenn FE Tilton
ChevronTexaco
Daniel L. Dienstbier
Northern Natural Gas
Otis Winters
Wall Street
Stocks Slide on Weak Consumer Confidence and Spending
U S stocks fell as weaker than expected consumer confidence and spending data heightened fears of a slow economic recovery. The Dow dropped 122.68 points to 9,981.58, the Nasdaq shed 9.32, and the S P 500 declined 9.27 as investors priced in muted optimism. Major contributors included Home Depot and Intel with downgrades and earnings cuts, while Dynegy and Halliburton surged on corporate news. Existing home sales rose 7 percent to 5.79 million, easing some pressure.
MENTIONED IN THIS ARTICLE
Wall Street
Standard & Poor
New York
Dow
Home Depot
Intel
UBS Warburg
Wal- Mart
Merrill Lynch
Gateway
Dell
Dynegy
Halliburton
Oil Services Company
Also Mentioned on This Page
Ruben Marin
la Pampa
Santa Rosa
Buenos Aires
Intel Corp
Home Depot Inc
New York Stock Exchange
Enron
Security and Exchange Commission
Gail, Paul
Ill
Nancy & Jil
Chuenemann
Qur Family
Westlake
Oberlin
Sheffield Lake U
John Forelli
Independence Investment LLC
Bellwethers
Jack Francis
National Association of Realtors
United American Insurance Company
AM Best
Les
Aol
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