U.S. markets pull out of early slump
NEW YORK, March 11 (UPI) -- Equity markets in New York regained traction Thursday, overcoming early losses to forge into positive territory.
The Department of Commerce reported that the U.S. trade gap fell 6.6 percent in January to $37.3 billion. Economists had predicted it would rise to $40.8 billion.
The Labor Department said there were 6,000 fewer first-time unemployment claims in the week ending March 6.
By close, the Dow Jones industrial average added 44.51 points, 0.42 percent, to 10,611.84. The Standard & Poor's 500 index gained 0.4 percent, 4.63 points, to 1,150.24. The Nasdaq composite index of tech-dominated stock rose 0.4 percent, 9.52 points, to 2,368.46.
On the New York Stock Exchange, 1,794 shares advanced and 1,215 declined on a volume of 4.6 billion shares traded.
The 10-year U.S. Treasury note was unchanged, yielding 3.722 percent.
The euro rose to $1.3677 from Wednesday's $1.3651. Against the yen, the dollar was unchanged, trading at 90.54 yen.
In Japan, the Nikkei 225 index added 101.03 points, 0.96 percent, to 10,664.95.
In Britain, the FTSE 100 index dropped 0.41 percent, 23.31, to 5,617.26,
Dodd, without GOP, to present bill
WASHINGTON, March 11 (UPI) -- U.S. Sen. Christopher Dodd, D-Conn., said Thursday he would press forward with a regulatory reform bill despite the lack of Republican support.
Dodd, chairman of the Senate Banking Committee, first negotiated with committee member Richard Shelby, R-Ala., and then Bob Corker, R-Tenn., to put a bipartisan stamp on a bill that includes dozens of sticking points.
But Dodd said he would unveil a bill on Monday and present it to the banking committee a week later on March 22, despite reaching stalemates with both Shelby and Corker, The New York Times reported.
Corker said Dodd's decision to press ahead without more talks was "very disappointing."
He added, "I understand the pressure that he is under. I have enjoyed immensely working with Chairman Dodd and his team. I think his staff has negotiated with us in absolute good faith."
Dodd said, "Clearly we need to move along. What I'm facing mostly is what I call the 101st senator, and that is called the clock, and particularly, in an election year, that clock becomes a rather demanding member."
Bank data theft involves 24,000 clients
GENEVA, Switzerland, March 11 (UPI) -- HSBC Private Bank in Switzerland said Thursday a data theft previously revealed to include fewer than 10 clients, in fact involved 24,000 clients.
The theft occurred in October 2006, but was not discovered by the bank until December 2008, The Times of London Online reported.
The bank said Thursday the stolen data involved 15,000 active accounts and 9,000 inactive accounts and that it was contacting Swiss account holders, which the bank said were the only ones affected.
Since 2008, the HSBC has invested $93 million in upgrades to its security system. In July 2009, three insurance companies owned by the bank were fined $4.5 million for using inadequate data security systems.
The theft, allegedly perpetrated by former information technology employee Herve Falciani, has sparked some international controversy after French tax authorities seized the files for tax investigation purposes, The Times said.
DOT touts low highway fatality rate
WASHINGTON, March 11 (UPI) -- The U.S. Department of Transportation said Thursday the traffic fatality rate in 2009 dropped to the lowest level on record.
The fatality rate measures highway fatalities against the number of miles driven.
It is estimated that 33,963 people died in vehicle accidents in 2009, a drop of 8.9 percent from 2008, when 37,261 deaths were attributed to car accidents.
The fatality rate for 2009 came out to 1.16 fatalities per 100 million Vehicle Miles Traveled, the department said.
In 2008 the rate was 1.25 fatalities per million VMT.
Transportation Secretary Ray LaHood said, "This is exciting news, but there are still far too many people dying in traffic accidents.
"Drivers need to keep their hands on the steering wheel and their focus on the road in order to stay safe," he said.
National Highway Traffic Safety Administrator David Strickland said: "We want to see those numbers drop further. We will not stop as long as there are still lives lost on our nation's highways. We must continue our efforts to ensure seat belts are always used and stay focused on reducing distracted and impaired driving."
