Fed cuts rate half point to spur economy amid Iraq war
The Federal Reserve reduced the key rate by 0.5 percent on Wednesday, taking the target federal funds rate to 1.75 percent from 2.25. Analysts viewed the move as a bold step to stabilize a fragile economy amid wars and rising unemployment while signaling potential further action or a pause for the year. Banks quickly followed by cutting prime rates to 4.35 percent, the lowest since 1959, with further adjustments anticipated in the coming days.
MENTIONED IN THIS ARTICLE
Washington
Federal Reserve
America
Iraq
Federae
Fed
Iber
Tae Fed
New York
Wall Street
Lott urges Bush to name SEC chair with public trust
Senate Republican leader Trent Lott urged President Bush to appoint an SEC chairman who has the confidence of the American people and markets to replace Harvey Pitt. White House officials say a permanent replacement could take weeks or months as Pitt leaves amid investor confidence and corporate scandal fallout. Pitt attended a commission meeting briefly before stepping down, and the five commissioners moved ahead on proposed rule changes.
MENTIONED IN THIS ARTICLE
Owashington
Senate
Bush
Harvey Pitt
SEC
White House
Pitt
Securities and Exchange Commission
Ari Fleischer
Enron Corp
WorldCom Inc
Global Crossing Ltd
Trent Lott
Lott
Pfizer
Dow
Wall Street
Securities Regnat
EU sues over cigarette smuggling and money laundering
The European Union filed a U.S. lawsuit alleging Reynolds Tobacco affiliates ran a long running scheme moving cash through clandestine cigarette shipments from Venezuela into Colombia and onward. The suit portrays cigarettes as a currency used to launder money for drug crimes tax evasion and other illicit funding.
MENTIONED IN THIS ARTICLE
Colombia
Venezuela
U.S
European Union
R.J. Reynolds Tobacco Co
Reynolds
Big Tobacco appeals $145B Florida award
Miami based appeals court hears tobacco industry challenges to a record 145 billion verdict awarded to Florida smokers. Attorneys push to overturn the award as unconstitutional and argue class action status was improper while noting potential bankrupting fines and ongoing juror remarks during the trial.
MENTIONED IN THIS ARTICLE
Big Tobacco
Florida
Miami
3Rd District Court of Appeal
Eliot Scherker
Scherker
Philip Morris
R.J. Reynolds
Brown & Williamson
Lonard
Alvi Davis
Liggett
David Gersten
David Levy
Stanley Rosenblatt
Gersten
Rosenblatt
Ex-Enron CFO pleads not guilty in 78-count indictment
Former Enron chief financial officer Andrew Fastow pleaded not guilty to a 78-count federal indictment alleging masterminding complex schemes to enrich himself and hasten Enron’s collapse. He said I am not guilty to each charge. Fastow, 40, faces up to 860 years if convicted and is free on 5 million bond. A pretrial conference is set for January 13 before Judge Kenneth Hoyt.
MENTIONED IN THIS ARTICLE
Enron
Houston
Fastow
Jeffrey Skilling
Kenneth Lay
U.S
Kenneth Hoyt
Stocks gain after Fed cuts rates amid market jitters
The Fed reduced the federal funds target to 1.25 percent triggering mixed Wall Street moves. The Dow rose 192.74 to 8,771.01 as blue chips swung between gains and losses before rallying, while the Nasdaq climbed 17.69 to 1416.66 and the S P 500 added 8.37 to 923.76 amid cautious sentiment about the economy and holiday spending.
MENTIONED IN THIS ARTICLE
Standard & Poor
Dollar dips after Fed rate cut sparks mixed market read
The dollar jumped briefly after the Fed cut rates by half a point but fell later as traders questioned the economy’s health. The euro rose above parity, while Wall Street eyed Wednesday gains amid election results and earnings previews for Cisco. Analysts warned of volatility and cautious sentiment as markets digest the policy move and political outcomes.
MENTIONED IN THIS ARTICLE
Wall Street
Senate
House
White House
Abe
Also Mentioned on This Page
Said Sung Won Sohn
Wells Fargo
Taman Tet Ceinoe Yuu Wa Gusiat Asc
M&t Bank
AmSouth
Jala Ee
File Proto
Commission
Jack Caffrey
J.P. Morgan
Sung Won Sohe
Dow Jones/ AP
Thomas Molloy
Bank Leumi
Wells Fargo & Co
Alan) Greenspan
Kevin Caron
Ryan, Beck & Co
Lockheed Martin
Northrop Grumman
Cisco
Thomson First Call
This is just the beginning! Our collection holds over 300 years of history, including rare newspapers, obituaries, marriage records, birth records, and so much more—most of which you won’t find anywhere else!