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US stocks rebound after Monday’s rout

US stocks rebounded strongly in early trade Tuesday, surging well over one percent one day after their steepest plunge since the 2008 financial crisis. The Dow Jones Industrial Average added more than two percent in early trade before falling back slightly, while the Nasdaq’s early gain topped 2.6 percent. At 1415 GMT the…

Airplane banner calls for S&P officials to ‘all be fired’

Public backlash over the decision to downgrade U.S. credit has finally reached Standard & Poor’s doorstep — or at least their airspace. An airplane was seen flying over the credit ratings agency’s Wall Street headquarters Tuesday that said, “Thanks for the downgrade, you should all be fired.” (Business Insider has…

Apple becomes largest U.S. company

SAN FRANCISCO/NEW YORK (Reuters) - Apple Inc briefly edged past oil majorExxon Mobil to become the most valuable company in the United States after days of volatile stock market action. The market value of Apple rose on Tuesday to $341.5 billion, just above Exxon’s at $341.4 billion, even as the oil major rakes in more…

‘London riots facial recognition’ group forms on Google

A new Google Group called “London Riots Facial Recognition” emerged online in the wake of the London riots in an effort to identify the perpetrators. The group’s reported aim is to use tools similar to Facebook’s photo recognition to identify the looters who appear on photos of the riots on…

U.S. Fed under pressure to take action in wake of market meltdown

WASHINGTON (Reuters) – The Federal Reserve gathers on Tuesday under growing pressure to take some type of action to stem a financial market meltdown linked to fears of a new U.S. recession. The trouble is, the Fed’s policy toolkit looks rather depleted, making some question the likely effectiveness of any…

Murdoch to address News Corps investors during earnings report

NEW YORK (Reuters) – News Corp is taking a risk in putting boss Rupert Murdoch, famous for his off-script comments, on the media conglomerate’s quarterly earnings call on Wednesday with succession questions sure to be asked. Murdoch, 80, will be speaking to Wall Street for the first time since the…

Tensions are high after second day of Verizon strikes

NEW YORK (Reuters) – The second day of a strike by Verizon workers turned ugly after union representatives accused managers of injuring three workers while driving past picket lines, and the phone giant complained of a spike in network sabotage cases. About 45,000 workers in Verizon Communications’ Northeast wireline unit,…

HSBC to sell credit card business

HSBC said Tuesday it is in talks to sell its United States credit card and retail services business as the global banking giant shifts focus to fast-growing markets, particularly in Asia. The lender has unveiled massive cost-cutting measures in recent months, including plans to save up to $3.5 billion by 2013…

Wall Street plunges after S&P’s U.S. debt downgrade

NEW YORK (Reuters) – U.S. stocks plummeted for the second straight session, driving the S&P 500 and the Nasdaq down 6 percent on Monday in the first session since Standard & Poor’s cut the nation’s perfect AAA credit rating. The downgrade — the first in the country’s history — reflected investors’ rising fear…

Downgrade batters U.S. stock markets

US stocks dropped sharply on Monday, while Treasury bond prices actually rose in the wake of Standard & Poor’s unprecedented downgrade of the United States’s credit rating. The Dow Jones Industrial Average plummeted 334.68 points (2.9 percent) to 11,109.93 at 1630 GMT. The broader S&P 500 dropped 45.64 points (3.8…

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