UPI NewsTrack Business
Published: March 18, 2008 at 11:45 AM
U.S. markets poised to hear from Fed
NEW YORK, March 18 (UPI) -- U.S. markets were poised for an expected announcement from the U.S. Federal Reserve Tuesday, anticipating further reductions in key lending rates.
Major indexes started upbeat. The Dow Jones industrial average sprang ahead 202.47 points in midmorning trading Tuesday, up 1.69 percent to 12,174.72 points.
The Standard & Poor's index also shot up, gaining 2.08 percent to 1,303.13 points on a gain of 26.53 points.
The Nasdaq composite index also rose, up 44.31 points to 2,221.32 points, a 2.04 percent advance.
The 10-year U.S. Treasury note dropped 28.32 to yield 3.42 percent.
The dollar was mixed. The euro traded at $1.5776 from $1.5747 Monday, while the dollar traded at 98.37 yen from 97.38 yen Monday.
In Tokyo, the Nikkie index also advanced Tuesday, gaining 1.5 percent on a 176.65 point rise to 11,964.16 points.
NASA awards lunar lander contract
WASHINGTON, March 18 (UPI) -- The U.S. space agency has selected five companies to receive contracts for a 210-day study to evaluate the agency's design concept for a lunar lander.
The National Aeronautics and Space Administration's Constellation Program scientists produced the concept for the lander that will deliver four astronauts to the surface of the moon by 2020.
The awards total approximately $1.5 million, with a maximum individual award of $350,000. NASA said the recommendations will be used to increase the technical maturity of the existing design in preparation for the development of vehicle requirements.
The Constellation Program involves NASA's next generation fleet of spacecraft -- including the Ares I and Ares V rockets, the Orion crew capsule and the Altair lunar lander.
"These studies will provide valuable input for developing a sound set of requirements for the Altair lunar lander," said Jeff Hanley, the Constellation Program manager at NASA's Johnson Space Center in Houston. "Industry collaboration will provide insight for our planning and early design efforts for the spacecraft."
The selected companies are Andrews Space Inc., the Boeing Co., the Lockheed Martin Space Systems Co., the Northrop Grumman Corp., and Odyssey Space Research of Houston.
Rebate checks to go out by May 2
WASHINGTON, March 18 (UPI) -- The first tax rebate checks will be in the mail by May 2, the U.S. Internal Revenue Service said.
Payments will be sent in numerical order, based on the last two digits of U.S. taxpayer's social security numbers, the agency said.
USA Today reported Tuesday that the IRS will also put a calculator on their Web site, so those receiving checks can calculate how large they will be.
Most parents will receive a check of $300 every child under 17 years of age. But, millions of people exempt from filing taxes will need to remember to file this year to receive the rebate.
"People just need to file their tax returns," IRS Acting Commissioner Linda Stiff told the newspaper.
The agency expects to send more than 34 million rebate checks in May and have most checks mailed by July 11, the report said.
Those filing late will also receive checks. The agency said Oct. 15 would be the deadline for filing for anyone to receive a check this year.
The online service to determine eligibility and calculate the size of a check is at
www.irs.gov/app/espc.
Fed move worries and cheers Wall Street
NEW YORK, March 18 (UPI) -- The U.S. Federal Reserve's move to help finance the purchase of Bear Stearns left investors split on whether it was the right move.
The Fed lent J.P. Morgan Chase and Co. $30 billion, which it lent to Bear Stearns before Morgan Chase purchased Bear Stearns at a fire-sale price of $356 million.
The Fed took the risks, standing to loose if the value of the bank's assets decline.
"They stand committed to protect the system," Richard S. Fuld Jr., chief executive officer of Lehman Brothers told The New York Times.
But, analysts said they are worried Lehman Brothers, with exposure to the mortgage securities market, may be in a risky position itself.
"The government is taking all the downside and none of the upside," said CEO of First Principles Capital Douglas A. Dachille.
Investors expressed concern that the central bank can only take on so much risk and backing deals only buys time, delaying corrections that should naturally occur.
"The Fed can do no good at all if they effectively print money and give it to the banks and the banks dig a hole in the ground and put it in there," one hedge fund manager told the Times.
NEW YORK, March 18 (UPI) -- U.S. markets were poised for an expected announcement from the U.S. Federal Reserve Tuesday, anticipating further reductions in key lending rates.
Major indexes started upbeat. The Dow Jones industrial average sprang ahead 202.47 points in midmorning trading Tuesday, up 1.69 percent to 12,174.72 points.
The Standard & Poor's index also shot up, gaining 2.08 percent to 1,303.13 points on a gain of 26.53 points.
The Nasdaq composite index also rose, up 44.31 points to 2,221.32 points, a 2.04 percent advance.
The 10-year U.S. Treasury note dropped 28.32 to yield 3.42 percent.
The dollar was mixed. The euro traded at $1.5776 from $1.5747 Monday, while the dollar traded at 98.37 yen from 97.38 yen Monday.
In Tokyo, the Nikkie index also advanced Tuesday, gaining 1.5 percent on a 176.65 point rise to 11,964.16 points.
NASA awards lunar lander contract
WASHINGTON, March 18 (UPI) -- The U.S. space agency has selected five companies to receive contracts for a 210-day study to evaluate the agency's design concept for a lunar lander.
The National Aeronautics and Space Administration's Constellation Program scientists produced the concept for the lander that will deliver four astronauts to the surface of the moon by 2020.
The awards total approximately $1.5 million, with a maximum individual award of $350,000. NASA said the recommendations will be used to increase the technical maturity of the existing design in preparation for the development of vehicle requirements.
The Constellation Program involves NASA's next generation fleet of spacecraft -- including the Ares I and Ares V rockets, the Orion crew capsule and the Altair lunar lander.
"These studies will provide valuable input for developing a sound set of requirements for the Altair lunar lander," said Jeff Hanley, the Constellation Program manager at NASA's Johnson Space Center in Houston. "Industry collaboration will provide insight for our planning and early design efforts for the spacecraft."
The selected companies are Andrews Space Inc., the Boeing Co., the Lockheed Martin Space Systems Co., the Northrop Grumman Corp., and Odyssey Space Research of Houston.
Rebate checks to go out by May 2
WASHINGTON, March 18 (UPI) -- The first tax rebate checks will be in the mail by May 2, the U.S. Internal Revenue Service said.
Payments will be sent in numerical order, based on the last two digits of U.S. taxpayer's social security numbers, the agency said.
USA Today reported Tuesday that the IRS will also put a calculator on their Web site, so those receiving checks can calculate how large they will be.
Most parents will receive a check of $300 every child under 17 years of age. But, millions of people exempt from filing taxes will need to remember to file this year to receive the rebate.
"People just need to file their tax returns," IRS Acting Commissioner Linda Stiff told the newspaper.
The agency expects to send more than 34 million rebate checks in May and have most checks mailed by July 11, the report said.
Those filing late will also receive checks. The agency said Oct. 15 would be the deadline for filing for anyone to receive a check this year.
The online service to determine eligibility and calculate the size of a check is at
www.irs.gov/app/espc.
Fed move worries and cheers Wall Street
NEW YORK, March 18 (UPI) -- The U.S. Federal Reserve's move to help finance the purchase of Bear Stearns left investors split on whether it was the right move.
The Fed lent J.P. Morgan Chase and Co. $30 billion, which it lent to Bear Stearns before Morgan Chase purchased Bear Stearns at a fire-sale price of $356 million.
The Fed took the risks, standing to loose if the value of the bank's assets decline.
"They stand committed to protect the system," Richard S. Fuld Jr., chief executive officer of Lehman Brothers told The New York Times.
But, analysts said they are worried Lehman Brothers, with exposure to the mortgage securities market, may be in a risky position itself.
"The government is taking all the downside and none of the upside," said CEO of First Principles Capital Douglas A. Dachille.
Investors expressed concern that the central bank can only take on so much risk and backing deals only buys time, delaying corrections that should naturally occur.
"The Fed can do no good at all if they effectively print money and give it to the banks and the banks dig a hole in the ground and put it in there," one hedge fund manager told the Times.
© 2008 United Press International. All Rights Reserved.
This material may not be reproduced, redistributed, or manipulated in any form.
This material may not be reproduced, redistributed, or manipulated in any form.
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