GGN- Economic News :: October 19, 2010

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PLEASE SUBSCRIBE!!! (Wall Street Journal) The Dow Jones Industrial Average had its worst day since mid-August, falling below 11000 and wiping out two weeks of gains. The average remains up 5.3% for the year-to-date. Bank stocks slid. Crude-oil futures fell below $80 a barrel in its biggest one-day decline in eight months, and gold dropped 2.6%. – (Reuters) – The safe-haven dollar headed for its best day in two months on Tuesday, while the euro and commodity-sensitive Australian dollar tumbled after a surprise interest rate increase from China prompted investors to cut risk exposure. – (Reuters) – Gold fell as much as 2.7 percent on Tuesday, set for its largest one-day fall since early July, as the dollar surged after China unexpectedly raised interest rates and the United States said it will not devaluate the dollar. – (Reuters) – US stocks posted their biggest loss in two months on Tuesday on fears banks might be on the hook for billions of dollars in souring mortgage bonds. – (Wall Street Journal) Two major lenders at the center of the foreclosure crisis took steps Monday to put the mess behind them by restarting home seizures that were frozen by documentation concerns. HEADLINES Dow Drops 165.07 Points, Finishing Below 11000 bit.ly Dollar has best day in 2 mths after China rate hike www.reuters.com China rate surprise knocks 2 pct off gold www.reuters.com China surprises with first rate rise since 2007 www.reuters.com China’s yuan hits new high at 6.6582 against US …

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GGN- Economic News :: October 19, 2010