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Consumer Corner: Foreclosure settlement no magic bullet for economy
NEW YORK, Jan. 12 (UPI) -- U.S. markets closed lower Monday with financial firms among those leading the decline.
Citigroup Inc., under pressure to sell a portion of Smith Barney, fell 19.26 percent. Bank of America shares dropped 12.24 percent.
By close, the Dow Jones industrial average lost 125.13 points, or 1.46 percent, to 8,474.05. The Standard & Poor's 500 fell 2.26 percent, 20.09 points, to 870.26. The Nasdaq composite index fell 32.80 points, 2.09 percent, to 1,538.79.
On the New York Stock Exchange, 731 stocks advanced and 2,362 declined on a volume of 5.1 billion shares traded.
The benchmark 10-year U.S. Treasury bond rose 24/32, to yield 2.316 percent.
The euro fell to $1.3371, compared to Friday's $1.3431. Against the Japanese yen, the dollar fell to 89.14 yen from Friday's 90.24 yen.
In Tokyo, the Nikkei average lost 39.62 points to 8,836.80, down 0.45 percent.
In London, the FTSE 100 index dropped 0.5 percent, 22.35 points, to 4,426.19.
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SYDNEY, Feb. 13 (UPI) --
Researchers in Australia are developing a solar roof system that uses wasted energy to warm air and water.
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WASGHINGTON, D.C., Feb. 13 (UPI) --
Defense industries are weighing the potential impact of proposed defense cuts running into tens of billions of dollars over the next 10 years.
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Local markets will probably not be swamped by waves of foreclosures following the multi-state mortgage settlement announced yesterday. Rather, the huge inventory of one to two million foreclosures will enter markets gradually....
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Investors will not have the distraction of financial reports to look forward to this week. They will have to look at the spot news headlines instead.
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