Snapshot of news and events for today
||Major world indicators
- The 225-issue Nikkei Stock Average rose 1171.14 points, or 14.2 percent -- to 9,447.57 -- its largest percentage gain on record.
- The dollar slid against the yen to 102.2 yen.
Monday's U.S. Markets...
- The Dow Jones Industrial Average surged 936.42 points, or 11.1 percent, to 9,387.61 -- its largest one-day point gain ever. The Nasdaq Composite Index rose 194.74, or 11.81 percent, to 1,844.25.
- The bond market did not trade due to the Columbus Day holiday.
- The dollar was at 101.90 yen, up from 100.25 yen, while the euro was at $1.3599, up from $1.3413 late Friday.
||Yesterday's action and
What happened yesterday...
- Corn: Futures finished 3 1/4 to 3 3/4 cents higher in 2008-crop contracts, while far-deferred contracts were 6-plus cents lower.
- Soybeans: Futures closed 16 1/2 to 18 cents higher.
- Wheat: Futures closed 20-plus cents higher at all three exchanges.
- Cotton: Futures finished with moderate to sharp gains on support from price-positive outside markets.
- Lean Hogs: Lean hog futures closed $1.22 to $2.47 higher in all but the front-month October contract, which closed 2 cents lower ahead of today's expiration.
- Live Cattle: Live cattle futures posted strong gains today, but finished well off session highs.
||Other reports affecting agriculture
||Links to top news reports
with potential U.S. ag impact
Wall Street Journal (subscription to site required for access)
- We're Laying the Groundwork for Recovery The necessary policy tools are in place. Opinion item by Fed Chairman Ben Bernanke. The Fed chief says that the policy steps that are being announced today will set the stage for a recovery in the nation's financial situation. He also notes that the Fed has "actively used all its powers and authority to try to help our economy through this difficult time." He further notes, "The most immediate responsibility of policy makers and elected officials is to restore confidence in our credit markets."
- U.S. to Buy Stakes in Nation's Largest Banks Recipients Include Citi, Bank of America, Goldman; Government Pressures All to Accept Money as Part of Broadened Rescue Effort The government today is expected to announce it will buy preferred equity stakes in Goldman Sachs Group Inc., Morgan Stanley, J.P. Morgan Chase & Co., Bank of America Corp. -- including the soon-to-be acquired Merrill Lynch -- Citigroup Inc., Wells Fargo & Co., Bank of New York Mellon and State Street Corp., according to people familiar with the matter. Also expected in the plan are equity investments in possibly thousands of other banks; lifting the cap on deposit insurance for certain bank accounts, such as those used by small businesses; and guaranteeing certain types of bank lending.
Next Move in European Bailouts: Paying for Them
UK Chiefs Repair Image With Bailout
Fed Opens Cash Spigot to Overseas Credit Markets
Qatar to Tap State Funds To Shore Up Its Banks
Gulf Countries Unveil Measures to Back Banks
International Groups Offer Latin America More Loans
Shouting 'Fannie!' In a Crowded Congress
How to Rescue the Banks Op-ed item by Sen. Charles Schumer (D-N.Y.).
- Obama Bulks Up His Economic Agenda Sen. Obama continued to push on the economy, unveiling a plan calling for moratorium on mortgage and other provisions. Plus, his campaign is working with House Democrats to craft another economic stimulus plan, with some pushing for a package that would tally some $300 billion.
- Pace of China's Imports Slows for Second Month The pace of China's increase in imports declined slightly in September, according to data released in China. The value of imports in September rose 21.3% compared with a 23.1% gain in August and 33.7% in July.
- Scientists Try to Domesticate Mother Nature, 'Super Bugs' for Fuel. The rise in oil prices this year has helped build more support for research into alternative fuels that as the article says are "clean, cheap, easy to make" and are ones that don't "compete with food stocks."
- Wahaha Considers Sanlu Purchase China's Scandal Over Tainted Milk Could Force Acquisitions in Dairy Industry. The company at the center of China's tainted milk situation may be bought out by another Chinese firm -- Hangzhou Wahaha Group. The report says the action could save Wahaha the cost of importing 150,000 tons of milk powder a year.
New York Times (registration to site required)
|Laughing with, not at
||From political humorists
David Letterman: 10.Spent thousands of tax-payer dollars pimpin' her dog sled 9. Terminated her hairstylist after receiving a bad beehive 8. Palin claims she hasn't seen this kind of misuse of justice since Supreme Court case of... umm, lemme think of one 7. In her adult life has never gone more than ten minutes without saying, "You betcha!" 6. No number 6 -- writer looking for his hairbrush 5. Report's conclusion: "Hey, at least she didn't shoot a guy like Cheney!" 4. Spent 8 weeks in rehab for addiction to lip gloss 3. When asked to respond to charges said, "Instead of answering your question, I'm going to talk about energy" 2. Printed in extra-large font so McCain can read it! 1. Palin's excuse: "It wasn't me, it was Tina Fey"