"We keep rotating from top to bottom, bottom to top"
Treasurys fell Friday after rising oil prices had investors worrying about inflation's impact on fixed-income returns. via StarTribune
"Our economy is structurally sound, with long-term fundamentals that compare favorably to any other place in the world"
US Treasury Secretary Henry Paulson said Friday he believes the financial crisis is winding down, but that it would take some time to fully emerge from the economic malaise. via Raw Story
"Consumer confidence continued to slip in early May due to surging food and fuel prices"
By Burton Frierson
NEW YORK (Reuters) - Consumer confidence tumbled to its lowest in 28 years this month, a survey showed on Friday, as short-term inflation expectations reached the highest levels since the stagflationary early 1980s.
The news heightens the dilemma for the Federal Reserve, which has bet that slowing economic growth will tame inflation pressures. The report also showed that lower-income households were the focus of the downturn in sentiment.
The Reuters/University of Michigan Surveys of Consumers' preliminary index of confidence fell to 59.5 in May, the lowest since June 1980. In April it was at 62.6. Read more
Carlyle Group, the private-equity firm run by David Rubenstein , agreed to acquire Booz Allen Hamilton Inc.'s U.S. government-consulting business for $2.54 billion, its biggest buyout since the credit markets ... via Bloomberg Business News
British Airways overcomes Heathrow Terminal 5 fiasco with a huge leap in annual profits. via Reuters Video
Oil prices soared more than $3 a barrel, surpassing $127 for the first time Friday and putting more pressure on already lofty gasoline and diesel prices ahead of the summer driving season in the northern hemisphere.
Also pushing oil prices up were speculation that China's demand for diesel needed to fuel its power plants would rise due to reconstruction efforts after this week's earthquakes and an upward revision of an oil price forecast by investment bank Goldman Sachs from $107 to $141 a barrel for the second half of the year. Read more
"Perhaps the most noticeable aspect of the past 24 hours has been the U.S. dollar's ability to hold its ground despite better-than-expected economic data from both the euro zone and Japan"
The dollar extended losses Friday, despite better-than-expected housing data, after a weak consumer sentiment index reading kept alive doubts about the strength of the U.S. economy. via MarketWatch
"It's a recognition that there is not anything that is untouchable at this point."
General Electric Co. said Friday that it plans to sell or spin off its iconic appliance business that for a century sold refrigerators, air conditioners and ovens for millions of homes.
The industrial conglomerate said in a statement the move is part of an ongoing plan to exit "slower growth and more volatile businesses."
GE's 101-year-old appliance business, headquartered in Louisville, Ky., has been hurt by the housing slump and economic slowdown in the U.S. The appliance division had revenues of $7 billion last year and employs about 13,000 people worldwide. Read more
U.S. stock indexes climbed to the close Thursday in spite of news U.S. industrial production slowed in April. via UPI
"Countrywide was in deep doo-doo, and he recognized it"
The head of the nation's largest consumer bank said Thursday the country's economic downturn will accelerate consolidation across the banking industry. via Myrtle Beach Online
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