News Of Another Bailout Fund Pushes Dow Into The Positive: Acadiana Business Index
Markets popped up in the final hour, as traders reacted to a newswire that said there will be a second bailout fund for Europe as the Dow Jones Industrial Average added 52 points. Mark Lasseigne has your market report on today's Acadiana Business Index.
- Standard & Poor’s said it placed the credit rating of Europe’s bailout fund on credit watch negative. The move comes after S&P yesterday puts France, Germany and 13 other euro-zone nations on review for credit downgrades.
- U.S. Treasury Secretary Tim Geithner said the U.S. continues to support the International Monetary Fund but denied reports of the U.S. Federal Reserve making huge loans to the IMF.
- And, the House Financial Services Committee is holding a hearing on congressional insider trading. The committee will look into allegations Members have enriched themselves through legal stock trades based on non-public information.
- Darden Restaurants, owner of restaurant chains Red Lobster, Olive Garden and Longhorn Steakhouse, forecasted lower earnings for the quarter and reduced its 2012 projections. Shares dropped over 12%.
- Crude oil closed higher at $101.28 a barrel,
- Gold settled at $1,732 an ounce.