Verizon Reports Sabotage as Workers Continue Strike
August 10th, 2011Via: Boston Herald:
Verizon Communications Inc. reported a dozen cases of sabotaged cable lines and warned of delays in repairs and customer service on the second day of a strike involving about 45,000 employees.
The telecommunications company said there have been 12 acts of sabotage to telephone lines and to Internet and television services in Massachusetts, Maryland, New Jersey, and New York since the strike began.
Fiber-optic lines were intentionally cut in Tewksbury and several other municipalities on the East Coast, the company said.
Stolen equipment in Cedar Grove, N.J., affected service to a police department, and a heat system was tampered with at a central office in Manhattan.
“This could be a dangerous situation if people need to reach fire, police, or emergency responders and can’t use their phone,’’ said Phil Santoro, a spokesman for Verizon.
Verizon is offering a $50,000 reward “for information leading to the arrest and prosecution of individuals that intentionally damage Verizon cables or facilities or cause or attempt to cause physical injury to any Verizon employee or contractor.’’
“Markets Spasm” Rally
August 9th, 2011It's that time
Via: AP:
Stocks are rising at the closing of trading after the Federal Reserve said it has discussed policy moves it can make to spur the economy. The Fed also said growth has been slower than expected.
The Dow Jones industrial average is closing up 429 points, or 4 percent, to 11,239.77.
Stocks rallied in the last hour of trading. Stocks initially fell after the Fed made its statement, which included a pledge to keep interest rates at their record low until at least the middle of 2013.
Britain: Photography in Public Places
August 9th, 2011HA, it’s attack of the reflective vest zombie army.
Via: YouTube:
Research Credit: JH
Gold Hits $1,778 in Biggest 3-Day Rally Since 2008
August 9th, 2011Via: Reuters:
Gold hit a record high on Tuesday in its biggest three-day rally since the depths of the financial crisis in 2008, as investor fears over the threat to the global economy from the European and U.S. debt crises hit assets seen as higher risk.
Though spot prices retreated from highs as stock markets opened higher in the United States, they remained up 1.4 percent on the day at $1,739.60 an ounce at 9:42 a.m. EDT, having earlier peaked at $1,778.29.
S&P Cuts AAA Ratings on Thousands of Municipal Bonds After U.S. Downgrade
August 9th, 2011Via: Bloomberg:
Standard & Poor’s lowered the AAA ratings of thousands of municipal bonds tied to the federal government, including housing securities and debt backed by leases, following its Aug. 5 downgrade of the U.S.
The rating company assigned AA+ scores to securities in the $2.9 trillion municipal bond market including school- construction bonds in Irving, Texas; debt backed by a federal lease in Miami; and a bond series for multifamily housing in Oceanside, California. Olayinka Fadahunsi, an S&P spokesman, said he couldn’t provide a dollar figure on the affected debt.
Surprise: Fed May Print More Money
August 9th, 2011Via: Bloomberg:
Federal Reserve officials may strengthen their commitment to record monetary stimulus as soon as today after a faltering economic recovery and a U.S. credit- rating cut provoked a rout in global stocks.
By a 52 percent to 48 percent margin, respondents in a Bloomberg News survey said the Fed would ease policy this year through monetary tools or statement language. If the central bank acts, 59 percent said it would communicate that the federal funds rate, balance sheet or both will remain especially stimulative for a longer period or more specific amount of time.
Chairman Ben S. Bernanke and his colleagues are weighing the use of more untested policy tools after two rounds of bond buying totaling $2.3 trillion failed to spur sufficient economic growth and reduce unemployment below 9 percent. The Federal Open Market Committee holds its regular meeting today in Washington following the worst day for U.S. stocks since December 2008.
ES TANKING AGAIN
August 9th, 2011Warning: This is not a recommendation to buy, sell or hold any financial instrument.
Update: ESU11 riding higher on declining dollar. Up 2.4% now.
—
Update: ESU11 is now flat to up under 1% overnight. Something has changed with the dollar. It had been up over the last day, but over the last few hours, it’s selling off. This is why the ES came back. In general, dollar index down, ES up. [It’s this: Fed May Boost Stimulus Pledge]
—
S&P 500 futures are down another 2% in overnight trading.
ESU11 Sep 2011 1087.25 -24.00 -2.00%
SPOT GOLD CLEARS $1750
August 9th, 2011Warning: This is not a recommendation to buy, sell or hold any financial instrument.
Update: $1771.82. It’s easing more than usual over the past 24 hours; probably going to define a harder pivot at $1746.
—
$1751.03
HANG SENG DOWN 6.6%
August 9th, 2011Market alert.
SOUTH KOREA HALTS PROGRAM TRADING
August 9th, 2011Via: Bloomberg:
Program trading on Kospi shares was stopped for five minutes from 1:23 p.m. local time after Kospi 200 Index (KOSPI2) futures fell more than 5 percent for more than a minute, Korea Exchange Inc. said. Trading of shares on the Kosdaq, which has 1,030 stocks, was temporarily halted after the index tumbled in excess of 10 percent for more than a minute, triggering automatic curbs. The tech-heavy gauge plunged 6.6 percent today, its worst performance since November 2008.
