May 12, 2013 |
NEW YORK - Small was beautiful this week. The Dow Jones industrial average closed above 15,000 for the first time Tuesday, then held above that milestone for the next three days. But an index of small-company stocks put the blue-chip gauge to shame for the week. On Friday, the Russell 2000 closed the week up 2.2 percent, more than double the Dow's gain. Small stocks stand a greater chance of surging than those of global companies do if the U.S. economy continues to fare better than those of Europe and Asia.
April 4, 2013 |
Trainer Naazim Richardson shouted down from the ring apron toward his fighter: "You're not in Europe anymore, baby. " The crowd, he said, will be behind West Philadelphia's Steve "U.S.S. " Cunningham on April 20 when he fights heavyweight Tyson Fury in a 12-round afternoon bout at Madison Square Garden. And Livvy Cunningham, Steve's wife, prays that Richardson is right. Too many times, Cunningham sat alone in European stadiums cheering for her husband as he fought European fighters.
March 30, 2013 |
FRANKFURT, Germany - This week's deal to rescue Cyprus and its banks from financial collapse has renewed fears about Europe's shaky financial system and where trouble might next appear. Many banks have been struggling for more than three years as losses on government bonds and bad loans pile up. Some governments, meanwhile, have taken on more debt trying to prop up their banks, to the point where they needed bailouts themselves. In Cyprus' case, the banking sector became bigger than the government could afford to rescue, seven times the size of the economy.
March 28, 2013 |
NEW YORK - Investors just can't get past Europe. Renewed worries about the long-running debt crisis weighed on the Dow Jones industrial average Wednesday and held the Standard & Poor's 500 index back from reaching an all-time high. Investors are watching to see whether Cyprus can shore up its banking system. They are also keeping an eye on Italy, where political parties are struggling to form a new government in the eurozone's third-largest economy. The Dow fell 33.49 points to close at 14,526.16, a loss of 0.2 percent.
March 27, 2013 |
BRUSSELS - Europe's leading institutions clashed Tuesday in a rare sign of public discord over what shape future financial rescues will take following the bailout for Cyprus, creating further uncertainty and concern about the safety of keeping large deposits in European banks. In a 10 billion euro ($12.9 billion) bailout deal clinched early Monday, Cyprus agreed to dissolve the country's second-largest bank, inflicting significant losses - possibly up to 40 percent - on all deposits larger than 100,000 euros ($130,000)
March 26, 2013 |
Stocks reversed early gains on Wall Street Monday as traders returned to worrying about the European economy. Optimism about a deal to prevent financial collapse in Cyprus had briefly pushed the Standard and Poor's 500 index to within a quarter-point of its record closing high, but stocks soon turned negative. The S&P 500 closed down 5.2 points, or 0.3 percent, at 1,551.69. The loss was offset in part by jumps for Apollo Group and McGraw-Hill. The Dow Jones industrial average fell 64.28 points, or 0.4 percent, to close at 14,447.75.
March 23, 2013 |
The drugmaker AstraZeneca, which announced big job cuts Monday in research and development, said Thursday morning that it was would lay off 2,300 more people from sales and administrative departments over the next three years throughout its worldwide operation. AstraZeneca has facilities in Wilmington and Newark, Del. A company spokesman declined to specify the immediate local impact. The spokesman said that the majority of the 2,300 workers had been notified or soon would be, and that those people were largely in sales in Europe.
March 21, 2013 |
NEW YORK - The latest twists in Europe's debt drama weighed down the stock market Tuesday, offsetting good news on the U.S. housing market. The Dow Jones industrial average managed a gain of just four points, while other indexes closed slightly lower. The Dow rose 3.76 points, or 0.03 percent, to close at 14,455.82. The Standard & Poor's 500 fell 3.76 points, or 0.2 percent, to 1,548.34. The Nasdaq composite fell 8.50 points, or 0.3 percent, to 3,229.10. Investors were focused on Cyprus, whose lawmakers voted against a proposed bailout plan for banks that would have called for raiding the savings accounts of ordinary citizens, setting a new precedent in Europe's ongoing debt crisis.
March 19, 2013 |
NICOSIA, Cyprus - A plan to seize up to 10 percent of people's savings in this small Mediterranean island nation sent shock waves across Europe on Monday as households realized the money they have in the bank may not be safe. A weekend agreement between Cyprus and its European partners called for the government to raid bank accounts as part of a $20.4 billion financial bailout, the first time in the eurozone's crisis that the prospect of seizing individuals' savings has been raised.
March 8, 2013 |
Data backup and protection provider PHD Virtual Technologies, of Philadelphia, said it raised $4 million in funding. The company said it secured $2 million in funding from existing investors, Insight Venture Partners and Citrix. Another $2 million in venture debt financing came from Wellington Financial L.P. The money will be used, in part, for expansion into Europe, and for product development.