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Markets mixed after Wednesday's surge

NEW YORK, July 16 (UPI) -- U.S. markets were mixed Thursday morning, following a strong surge Wednesday pushed by financial firm quarterly reports.

JP Morgan Chase said second quarter net profits rose 36 percent. The report follows news that profits soared at Goldman Sachs Group in the second quarter.

In late morning trading, the Dow Jones industrial average added 4.46 points, or 0.05 percent, to 8,620.67. The Standard & Poor's 500 fell 0.33 percent, 3.07 points, to 929.61. The Nasdaq composite index gained 0.15 points, 0.01 percent, to 1,863.05.

The benchmark 10-year U.S. Treasury bond rose 18/32 to yield 3.544 percent.

The euro rose to $1.425 Thursday, compared to Wednesday's $1.4107. Against the Japanese yen, the dollar fell to 93.63 yen, compared to Wednesday's 94.35 yen.

In Tokyo, the Nikkei average added 74.91 points, 0.81 percent, to 9,344.16.

Paulson says he was right to pressure BOA

WASHINGTON, July 16 (UPI) -- Former U.S. Treasury Secretary Henry Paulson Jr. said he pressured Bank of America to purchase Merrill Lynch, as no deal would have been "unthinkable."

"It would have been unthinkable for Bank of America to take this destructive action," by canceling the deal to purchase the ailing New York bank, Paulson said in a statement prepared for an appearance before the House Committee on Oversight and Government Reform Thursday.

The controversy arose when Bank of America's Chief Executive Officer Kenneth Lewis testified that regulators threatened to remove bank executives from their jobs if the deal did not go through, The Washington Post reported.

Federal Reserve Chairman Ben Bernanke testified that he did nothing unethical in consulting with Lewis prior to early January, when the deal closed.

Escalating losses at Merrill Lynch last winter had given Lewis pause. At question is whether regulators went too far pressuring Bank of America or counseling executives not to divulge losses to shareholders.

Two weeks after the deal closed, Bank of America was given $20 billion in government funds to offset losses.

But Paulson makes no bones about threatening jobs at the bank. Canceling the deal threatened the greater financial system and had "no legal basis," Paulson said.

TD Bank challenges NYPD over barriers

NEW YORK, July 16 (UPI) -- The New York Police Department's proposed law that all banks have bullet-proof barriers is being challenged by Canada's Toronto Dominion Bank.

TD has 73 branches in the city since acquiring New Jersey-based Commerce Bancorp last year for $8.5-billion, and is lobbying against the proposed security feature, the Globe and Mail reported Thursday.

TD Bank spokesman Neil Parmenter told the newspaper the clear barriers the NYPD wants to protect tellers from robbers have drawbacks.

"There's no evidence at all that they're in any way an effective deterrent," Parmenter said. "Much more troubling in our view is that they greatly enhance the risk of violence and potential harm to customers or employees," referring to the likelihood a thief would use a customer as a hostage.

TD Bank uses off-duty police officers as security guards at all of its branches, which are marketed as being customer-friendly and open, the report said.

The New York (State's) Bankers Association is also opposed to the proposed municipal bylaw, the Globe said.

Sears Tower name change rattles admirers

CHICAGO, July 16 (UPI) -- The iconic Sears Tower in Chicago has a new name and more than a few disgruntled fans, an online group protesting the change said.

Originally named after its first tenant, Sears Roebuck & Co., the 110-story skyscraper, still the tallest building in North America, will be officially renamed the Willis Tower after its current occupant, Willis Group Holdings, a British insurance company, CNN reported.

The name change officially takes place Thursday, but a group called "People Against the Sears Tower Name Change," now has 90,000 members and has collected 34,000 signatures protesting the change.

"This name change is absurd. Would Paris change the name of the Eiffel Tower? Or London change Buckingham Palace? Or New York, the Statue of Liberty?" one member wrote in an online blog.

"I believe the Illinois Congress needs to proclaim the Sears Tower a recognizable landmark that is known all over the world by people who have traveled to Chicago," the blog said.

The protest maybe too late.

Chicago Mayor Richard Daley was scheduled to attend a ceremony commemorating the name change Thursday.

Willis Chief Executive Officer Joseph Plumeri said the change "underscores our commitment to this great city and recognizes Chicago's importance as a major financial hub and international business center."