Occidental Petroleum chairman Ray Irani lost his job Friday after 76% of shareholders opposed his reelection, the latest high-profile executive to be shown the doors.
By Michael Santoli The Dow Jones Industrial Average jumped above 15,000 for the first time in its long history Friday morning on the strength of a thousand fears going unrealized. The employment report for April — showing a greater-than-forecast 165,000 new jobs and an unemployment rate slipping down to 7.5% — was just the latest bit of economic news that looked merely OK but was good enough to allay widespread anxiety that the U.S.
The BRICs? So yesterday. China?
As was widely expected, the European Central Bank cut interest rates for the first time in close to a year from 0.75% to 0.50%. The rate cut was driven by an economy in recession, with unemployment hitting a record high in April and inflation dropping the most in more than four years
An estimated 11 million immigrants are living illegally in the U.S. That could change if Congress approves immigration reform, now making its way on the Hill. The Senate has a bill developed by a bipartisan group of eight including Republican John McCain of Arizona and Democrat Michael Bennett of Colorado that would put undocumented immigrants on a 13-year path to U.S
Housing data out this week continues to support the case that a recovery is in the making. Home prices jumped 8.6% and 9.3% since February 2012, according to the latest reading of the S&P/Case-Shiller Home Price Index for its 10- and 20-city composites. Those are the biggest gains since 2006
Many market strategists credit the Federal Reserve with the rally that has pushed the Dow and the S&P 500 to record highs.
The Commodity Futures Trading Committee is currently holding a hearing on the market impact of the April 23 rd Twitter attack.
More good news on the housing market.
One of the big problems in the U.S. economy right now is that big corporations are generating record profits not by growing revenues but by cutting costs. "Costs," as everyone who works for a big corporation knows, are a synonym for employees, employee wages, employee perks, capital investment, and research and development