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U.S. indexes up on Standard & Poor's news

NEW YORK, March 13 (UPI) -- A morning slump turned around on U.S. stock indexes Thursday, after Standard & Poor's announced it spotted light at the end of the write-down tunnel.

After estimating subprime write-downs would reach $285 billion, the firm said, "the end of the write-downs is now in sight for large financial institutions."

The Dow Jones industrial average found its footing on the announcement. Down more than 200 points in midmorning trading, it rallied to a 35.50 point gain on the day.

The index closed at 12,145.74, up 0.29 percent. The Standard & Poor's 500 index also gained, up 6.71 points to 1,315.48, up 0.51 percent. The Nasdaq composite index rose 0.29 percent to 2,263.61, up 19.74 points.

The 10-year U.S. Treasury note declined 24/32 to yield 3.528 percent.

The euro traded at $1.5621 from $1.5567 Wednesday, while the dollar traded at 100.67 yen from 101.65 yen Tuesday.

In Tokyo, the Nikkei index closed at 12,433.44 points, down 427.69 points Thursday, a loss of 3.33 percent.

In London, the FTSE 100 index closed Thursday down 97.50 points, off 1.69 percent at 5,678.90 points.

Gold prices top the $1,000 an ounce mark

NEW YORK, March 13 (UPI) -- The price of April gold topped the $1,000 an ounce mark Thursday, as the weak U.S. dollar and turbulent markets continue to drive commodity speculation.

Oil, sometimes called black gold, also hit a record price, climbing above $111 a barrel.

The climb in gold prices has startled even the experts. Before 2008, the highest price for the precious metal was $850 an ounce.

Gold on the New York Mercantile Exchange reached $1001.50 an ounce, a precipitous climb from August 1999, when gold sold for $253 an ounce.

The run on commodities -- including wheat, corn, silver and others -- has increased steeply in recent weeks as the dollar has declined against the euro and yen.

The dollar is close to trading at 100 yen, another symbolic number. On Thursday the greenback was at 101.12 yen, while the euro traded at $1.5572.

Diamonds are forever on MasterCard

DUBAI, United Arab Emirates, March 13 (UPI) -- Diamonds are a girl's best friend, and they're the friends of well-heeled holders of the Dubai First Royale Black MasterCard.

Targeted at invitation-only clients in the Middle East and North Africa, the no-limit card is bordered by a golden metallic border and embedded with a certified diamond, the New York Post reported.

"The MENA region has one of the highest numbers of high net worth individuals in the world," said Ibrahim Al Ansari, spokesman for Dubai First Royale, headquartered in the United Arab Emirates.

The flashy diamond on the card isn't the only perk for cardholders. Benefits include having any transaction processed regardless of size, preferential access to the Burj Al Arab Hotel in Dubai and special deals on yachts.

Paulson unveils tighter regulation plans

WASHINGTON, March 13 (UPI) -- U.S. Treasury Secretary Henry Paulson announced sweeping regulatory changes Thursday meant to reign in the current credit market crisis.

But, he stressed there was "no silver bullet" that would correct all the market's current woes.

Speaking for the President's Working Group on Financial Markets, which represents the Treasury, the Federal Reserve Bank, and the Securities Exchange Commission, Paulson called for greater "transparency" from banks and stronger risk management regulations.

He also called for greater scrutiny of credit rating firms like Standard & Poor's and Moody's.

The mortgage crisis is thought to originate, in part, with independent mortgage brokers, who passed on mortgages to finance companies before they were repackaged and resold to investors around the world, The New York Times reported.

Critics say the independent brokers wrote deals with little regard to credit risk.

Paulson said rating concerns would need to disclose all conflicts of interest and "clearly differentiate" between complicated and standard corporate bonds and municipal securities.

The first move that would reveal if rating companies were receiving kickbacks.

"No silver bullet exists to prevent past excesses from recurring," Paulson said at the National Press Club in Washington. But, the new regulations were "a good start," he said.