Snapshot of news and events for today
- The 225-issue Nikkei Stock Average climbed 251.60, or 2.8 percent,
to close at 9,290.29 in Tokyo. The Nikkei has increased 5.2 percent
so far in May, set for a third-straight monthly gain.
- The dollar depreciated to $1.3623 per euro from $1.3562, after
reaching $1.3660 earlier. The dollar was little changed against the
yen at 96.40, from 96.28 yesterday.
Monday's U.S. Markets...
- The Dow Jones Industrial Average jumped 235.44 points,
or 2.9 percent, to 8,504.08.
- The 10-year Treasury note yield was down 24/32 point, or $7.500
per $1,000 face value, at 99 9/32. Its yield rose to 3.211% from 3.125%
late Friday, as yields move inversely to prices. The 30-year bond was
down 1 19/32 points to yield 4.175%.
- Currencies: Late Monday in New York, the euro was
at $1.3553, up from $1.3491 late Friday. The dollar was at 96.38 yen
from 95.13 yen. The euro was at 130.62 yen from 128.34 yen. The U.K.
pound was at $1.5342 from $1.5168. The dollar was at 1.1142 Swiss francs
from 1.1222 francs late Friday.
| Ag futures
What happened the prior trading day...
- Corn: Futures opened weaker, but ended 2 to 4 cents higher,
as traders viewed a weaker open as a buying opportunity.
- Soybeans: Futures finished 11 to 16 cents higher, which was
near session highs. Meal also posted strong gains, while the price advance
in soyoil wasn't as pronounced.
- Wheat: Futures posted double-digit gains in most contracts
at all three exchanges.
- Cotton: Futures opened weaker, but quickly firmed on help from
- Lean Hogs: Lean hog futures closed higher in all but the July
contract, which finished just below unchanged.
- Live Cattle: Live cattle futures were firmer through the day
and closed 15 to 60 cents higher. Feeder futures favored a firmer tone,
but closed mixed.
reports affecting agriculture
to top news reports
with potential U.S. ag impact
Wall Street Journal (subscription to site required for
- Local Banks Face Big Losses Commercial real-estate
loans could generate losses of $100 billion by the end of next year
at over 900 small and midsize U.S. banks if economic woes deepen, according
to a Wall Street Journal analysis.
- U.S. Orders Stricter Fuel Goals for Autos The Obama
administration is pushing a plan to raise fuel-economy standards to
35 miles per gallon by 2016, four years faster than current federal
- Farms Start to Feel Credit Pinch Cash Shortage
Hits Once-Thriving Sector as Downturn Saps Rural Lenders The credit
crunch is trickling down to the farm as agricultural lenders tighten
credit standards, leaving some farmers short of money to feed their
animals or put in crops as the planting season nears its end.
- New Taxes Loom to Pay for Health-Care Overhaul To
pay for an overhaul of the nation's health system, Senate leaders have
formally laid out proposals for new taxes on everything from employer-sponsored
health-care benefits and nonprofit hospitals to alcohol and sugary drinks.
- Congress Is Left to Flesh Out Details President Barack
Obama is taking an unusual approach to dealing with Congress on his
top priorities of health care and energy: He's laying out the big picture,
and letting lawmakers fill in critical details.
- Obama Pursues Trade Pacts Set Up by Bush U.S. Trade
Representative Ron Kirk said he is seeking to wrap up some lingering
trade initiatives launched by the Bush administration, but signaled
a new priority for the Obama administration would be deepening U.S.
trade ties with Asia. U.S. Trade Representative Ron Kirk urged action
on trade deals at the U.S. Chamber of Commerce in Washington Monday.
Kirk, in a speech at the U.S. Chamber of Commerce on Monday, said the
administration is "working furiously" to finalize a free-trade
pact with Panama, and to push forward on a deal with Colombia. Both
agreements had been initiated under the Bush administration but got
bogged down after Democrats took control of Congress in 2007.
- Russia Sees Gloom Despite Rise in Oil Gloomy news
about Russia's economy -- figures on Monday showed April industrial
production plunged 17% year-on-year -- has been mixed with some rare
positives in recent weeks. Oil prices are surging, the ruble is up and
Russian stocks have taken off.
- FDIC Weighs Fee That Would Hit Big Banks Harder The
Federal Deposit Insurance Corp. is considering levying a one-time fee
to replenish the agency's deposit-insurance fund that would hit big
banks harder than it would hit small ones, according to people familiar
with the matter.
New York Times (registration to site required)
Emission Rules to Tighten U.S. Would Also Raise Fuel
Mileage Standards by 2016 The Obama administration today plans
to propose tough standards for tailpipe emissions from new automobiles,
establishing the first nationwide regulation for greenhouse gases.
to Check Immigration Status of People in Local Jails Obama
Administration's Enforcement Push Could Lead to Sharp Increase in Deportation
Cases The Obama administration is expanding a program initiated
by President George W. Bush aimed at checking the immigration status
of virtually every person booked into local jails. In four years, the
measure could result in a tenfold increase in illegal immigrants who
have been convicted of crimes and identified for deportation, current
and former U.S. officials said.
Flu Is Spreading Quickly in New York City, Mayor Bloomberg Says
With a dozen schools in New York City closed because of the swine flu
outbreak, Mayor Michael R. Bloomberg (I) said Monday that the flu is
spreading rapidly in the city and that officials will focus on minimizing
of Global Warming Have Their Say on Capitol Hill More
GOP Doubts Expressed as House Prepares to Take Up Emissions-Cap Bill
After the decade they've had, Capitol Hill's climate-change skeptics
might well feel like polar bears on a shrinking ice floe.
Confirm Obama's Pick to Head FDA The Senate yesterday confirmed
President Obama's pick to oversee food and drug safety, areas that are
vital to consumers and are widely seen as critically needing improvement.
Voices of Power: Interior Secretary Salazar Talks of ?Mess That Was
Left Here' Ken Salazar and Barack Obama both arrived at
the U.S. Senate in 2004, and if anyone is wondering just how close they
are, consider this little-known fact: They looked for housing together
and ended up renting in the same building on the same floor.
Court to Hear Challenge to Constitutionality of Sarbanes-Oxley Provision
Accounting Oversight Board Wields Too Much Power, Plaintiffs Say
The Supreme Court yesterday agreed to consider a challenge to the Sarbanes-Oxley
Act of 2002, the centerpiece of the government's response to the watershed
accounting scandals at Enron and Worldcom.
with, not at
Jay Leno: "General Motors announced they're closing
over a thousand dealerships. A lot of people are blaming GM's new CEO,
some guy named Barack Obama."
Jay Leno: "Well, another gaffe by Vice President
Joe Biden. God bless Joe Biden. ... He's been our savior here. 'Newsweek'
is reporting that at the Gridiron Dinner, Joe Biden started talking and
accidentally revealed Dick Cheney's secret hiding place. See, there's
more proof you don't need waterboarding to get secret information. Just
give Joe Biden a couple of drinks."
David Letterman: "Here's something that I am very
excited about. Joe Biden, the current vice president, was yakking away
over the weekend. And he -- remember when Dick Cheney...was in an undisclosed
location and everybody thought – where? ... So supposedly top secret
information, classified information. And Joe Biden just says, 'No, I know
where he was. He was hiding under his house. ... Joe Biden is living proof
that people can give up sensitive information without being tortured."
Jimmy Fallon: "In the new issue of 'Newsweek,'
they're calling Barack Obama 'Spock with global sex appeal,' which is
a bit of coincidence because 'Time' magazine is calling Joe Biden 'Chewbacca
with fur plugs.'"