The Other Side of Life 24/7: Daily Investor Briefing: S&P hits 1,400 as ECB-inspired rally...

Tuesday, August 7, 2012

Daily Investor Briefing: S&P hits 1,400 as ECB-inspired rally...

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08/7/2012

Reuters Election 2012 Daily round-up of the day's top news from the campaign trail, the White House and all the politics in between

S&P hits 1,400 as ECB-inspired rally persists

NEW YORK (Reuters) - Stocks rose for a third straight day on Tuesday, pushing the S&P above 1,400 for the first time since early May, on growing optimism the European Central Bank would act soon to contain the euro zone's debt crisis.

Bernanke: low rates still needed to help economic recovery

WASHINGTON (Reuters) - Federal Reserve Chairman Ben Bernanke said on Tuesday the U.S. economic recovery is still fragile and low rates are necessary to promote stronger growth and bring down the jobless rate.

Job openings at 4-year high in June but hiring slows

WASHINGTON (Reuters) - U.S. job openings rose to a four-year high in June, but a slowdown in hiring underscored recent weakness in the labor market that has been blamed on an uncertain economic outlook.

Consumer credit posts tepid growth in June

WASHINGTON (Reuters) - U.S. consumer credit posted its weakest growth in eight months in June as Americans reduced credit card debt, a potentially negative sign for an economy that has struggled to create jobs.

Watchdog's Iran ambush leaves StanChart reeling

HONG KONG/LONDON (Reuters) - A New York bank regulator's broadside against Standard Chartered Plc for allegedly hiding $250 billion in transactions tied to Iran left investors and the bank questioning the motive for the ambush, which wiped $17 billion off its value.

Chesapeake swears off big spending; shares jump

(Reuters) - Chesapeake Energy Corp, bowing to investor pressure, said on Tuesday it plans to stop spending heavily on oil and gas properties next year in a strategic shift from land acquisition to resource development.

Wells Fargo could lose more on mortgage repurchases: filing

(Reuters) - Wells Fargo & Co said in a filing on Tuesday that it could lose $2.6 billion in addition to the reserves it has already set aside for investor requests to buy back soured mortgage loans, a 13 percent increase from three months ago.

Pfizer settles foreign bribery case with U.S. government

(Reuters) - Pfizer Inc has agreed to pay $60.2 million to settle a U.S. government probe of the drugmaker's use of illegal payments to win business overseas, government officials said on Tuesday.

Knight shares jump; analysts see discount to book value

(Reuters) - Knight Capital Group Inc shares jumped almost 4 percent on Tuesday, as the embattled market maker began to regain some of its share volume as a market maker before a software glitch caused a huge trading loss last week.

Exclusive: H&F, Bain among Deltek bidders - sources

NEW YORK (Reuters) - Hellman & Friedman LLC and Bain Capital LLC are among a handful of parties that have made offers for software maker Deltek Inc , as bidders move into a second stage of due diligence, two sources close to the matter said.