Stocks edge mostly higher; Microsoft drags Nasdaq
NEW YORK - Major stock indicators climbed 11 percent in the past two weeks to their best levels since last fall as hopes for an economic recovery take hold. A series of strong earnings reports has many traders more optimistic about business conditions, while some are simply afraid to miss another rally. Over the past 10 days the Dow Jones industrial average jumped 947 points and broke through the 9,000 barrier for the first time since January. Investors who had been cautious after a powerful three-month rally fizzled last month are scrambling to keep up with the market's latest upward momentum. Disappointing results from Microsoft Corp. and Amazon.com Inc. hit technology shares, however, and dragged the Nasdaq composite index lower. The Dow rose 23.95, or 0.3 percent, to 9,093.24 on Friday. For the week, the Dow is up 349.30, or 4.0 percent; the S&P is up 38.88, or 4.1 percent; and the Nasdaq is up 79.35, or 4.2 percent.
- Associated Press
Regulators shut 6 Ga. banks, 1 in New York state
WASHINGTON - Regulators have shut six banks in Georgia and a small bank in New York state, boosting to 64 the number of federally insured banks to fail this year. The Federal Deposit Insurance Corp. was appointed receiver of the banks: Six subsidiaries of Security Bank Corp., based in Macon, Ga., and Waterford Village Bank of Clarence, N.Y. The six Security banks had total assets of $2.8 billion and deposits of $2.4 billion as of March 31. State Bank and Trust Co., based in Pinehurst, Ga., has agreed to assume all of the deposits and $2.4 billion of the assets, the FDIC said Friday. Evans Bank, based in Angola, N.Y., will assume all of the assets and deposits of Waterford Village Bank.
- Associated Press
Treasury's Geithner defends financial oversight reform
WASHINGTON - Treasury Secretary Timothy F. Geithner said Friday that a new agency focused on protecting consumers is needed because the mission is too scattered among various regulators. The administration's plan to create a Consumer Financial Protection Agency has bumped up against opposition from Republicans, industry and federal regulators. Federal Reserve Chairman Ben S. Bernanke has argued that the Fed is best suited for the role. Monitoring risk and protecting consumers are "closely related, and thus entail both informational advantages and resource savings," Bernanke said in prepared testimony.
-Associated Press
