Stocks News

The IDS Center, the U.S. Bancorp building, the Wells Fargo Center and other Minneapolis skyscrapers will go completely dark for one hour tonight.

The Stone Arch Bridge and some buildings in the theater district will also turn out the lights as the city joins the global Earth Hour event.

Earth Hour is an event designed to encourage the world to conserve energy.

Earth Hour already started on the other side of the globe, as the lights went out in Sydney, Australia. After Australia, lights will go out in major Asian cities before moving to Europe and North America as the clock ticks on. Read more

"We're still in that high volatile period where we have various cross currents. On the negative side will probably be the macro data and news on banks, and on the positive side, any signs the Fed's actions are bearing fruit."

Wall Street Investors are keeping a close eye on the credit markets to determine if the Federal Reserve's actions to provide liquidity are taking effect NEW YORK: Stocks may struggle to make headway next week, ... via Gulf Times

"Bank of America will hopefully correct the bad practices Countrywide put in place. But enriching people who specialized in deceiving borrowers for the sake of their bottom line will not help that cause."

Countrywide Financial Corp. CEO Angelo Mozilo and President David Sambol will receive $19 million in stock next week as part of the company's pending takeover by Bank of America Corp, according to a regulatory filing.

The payments of stock valued at $10 million for Mozilo and $9 million for Sambol were disclosed in a regulatory filing late Thursday by Bank of America. The payments, described as 'performance-based' stock rights and grants, are required by agreements the executives struck with Countrywide less than a year before the sub-prime meltdown forced the Calabasas mortgage lender to sell itself, according to the filing. Read more

The dollar headed for its biggest weekly decline in a month against the euro as traders increased bets that the Federal Reserve will cut interest rates to avert a recession and curb credit-market losses. via Bloomberg

"I expect the companies to determine the amount within a broad range based upon mortgage market needs, the expected return to their shareholders and the advice they receive from investment bankers"

Fannie Mae and Freddie Mac regulator on Friday said it is up to the housing finance companies to determine how much money they must raise to buoy the U.S. housing market. via BNET

"We are moving ahead on this issue with great caution. You are innovators of instruments, and I am a regulator. I have to keep ahead of you by one step."

Finance Minister P Chidambaram said that the government was trying to remove the vast disparities in tax structures implemented in several states, which was hindering development of a seamless corporate bonds ... via Hindustan Times

Federal and state banking regulators have given financial services company Fremont General Corp. via Hampton Roads Daily Press

"Crude being down added fuel to the fire."

Other futures also traded lower in a broad commodities sell-off that saw silver, copper, corn and soybeans drop sharply. via SFGate

H&R Block Inc. said Friday that it had served 1.2 percent more clients and received 9 percent more tax service revenue than last year during the filing season so far.

The tax preparation network, which is based in Kansas City, reported it served 14.8 million clients between Nov. 1 and March 15, up from 14.6 million last year. About 2 million clients visited Block between March 1 and March 15, which is 5.7 percent more than in the comparable period last year.

Clients paid, on average, $169.15, or 5.5 percent more than last year for Block tax work, contributing to a 9 percent increase in tax preparation revenue to $1.96 billion. Company-owned operations reported slightly better growth than franchise operations, up 9.3 percent, compared with an 8.4 percent increase at franchise locations. Read more

U.S. stocks retreated again Friday with all indices ending in negative territory. via Toronto News.Net