Wednesday, March 31, 2010
Tuesday, March 30, 2010
The Heart of the Cross
1 Corinthians 1:18-31
Consider how illogical Jesus' crucifixion looked to first-century observers. The Romans, who were concerned with power, probably wondered how a mighty God could allow enemies to kill Him. The Greeks valued wisdom and no doubt thought, There must surely have been a better way than the cross! And the Jews, who longed for victory over oppressors, probably felt bewildered to see Jesus humbly let Himself be brutally killed.
Yet, what seemed foolish was actually a brilliant plan. Through the cross, the Lord powerfully revealed His character. First, we see His unconditional love in dying for those who sinned against Him (John 3:16). Second, His righteousness is apparent—only the perfect sacrifice of His own blood could satisfy the penalty for sin. Third, He shows His faithfulness by redeeming us at so great a cost. And fourth, Jesus demonstrates power by conquering sin and death.
In addition to all this, the cross exposed and disarmed Satan (Col. 2:15), who no longer has authority over Christians. Though he can tempt and try followers of Christ, the Holy Spirit is there to strengthen and guide believers to victory.
One last benefit of God's remarkable plan is that we are eternally secure because of the price Jesus paid. That gives us hope and confidence about our future.
Though the cross seems absurd to those who don't understand, God's children know it is the Father's wise design. We have assurance for today and security for tomorrow only because of this amazing event that occurred over 2000 years ago. We have no need to fear, but every reason to hope.
For more biblical teaching and resources from Dr. Charles Stanley, please visit www.intouch.org.
Consider how illogical Jesus' crucifixion looked to first-century observers. The Romans, who were concerned with power, probably wondered how a mighty God could allow enemies to kill Him. The Greeks valued wisdom and no doubt thought, There must surely have been a better way than the cross! And the Jews, who longed for victory over oppressors, probably felt bewildered to see Jesus humbly let Himself be brutally killed.
Yet, what seemed foolish was actually a brilliant plan. Through the cross, the Lord powerfully revealed His character. First, we see His unconditional love in dying for those who sinned against Him (John 3:16). Second, His righteousness is apparent—only the perfect sacrifice of His own blood could satisfy the penalty for sin. Third, He shows His faithfulness by redeeming us at so great a cost. And fourth, Jesus demonstrates power by conquering sin and death.
In addition to all this, the cross exposed and disarmed Satan (Col. 2:15), who no longer has authority over Christians. Though he can tempt and try followers of Christ, the Holy Spirit is there to strengthen and guide believers to victory.
One last benefit of God's remarkable plan is that we are eternally secure because of the price Jesus paid. That gives us hope and confidence about our future.
Though the cross seems absurd to those who don't understand, God's children know it is the Father's wise design. We have assurance for today and security for tomorrow only because of this amazing event that occurred over 2000 years ago. We have no need to fear, but every reason to hope.
For more biblical teaching and resources from Dr. Charles Stanley, please visit www.intouch.org.
FA...Stocks climb after fifth straight increase in consumer spending boosts hopes for economy
Tim Paradis, AP Business Writer, On Monday March 29, 2010, 5:44 pm EDT
NEW YORK (AP) -- Consumers are more willing to spend, and that's making investors more optimistic about the economy.
The Dow Jones industrial average rose 46 points Monday and broader indexes also climbed after the Commerce Department said consumer spending rose for the fifth straight month in February. The 0.3 percent gain was in line with economists' expectations and raised hopes that the biggest driver of the economy is continuing to rebound.
Job creation and solid consumer spending are considered crucial to a sustained recovery. At the end of the week, investors will get the Labor Department's monthly employment report. Analysts predict that employers added jobs in March for only the second time since the recession began in December 2007.
Meanwhile, easing concern about debt problems in Greece reduced demand for the safety of the dollar. The dollar's drop in turn lifted demand for commodities, which become more attractive to foreign investors when the dollar falls because most of them are priced in dollars. Energy and materials stocks including Exxon Mobil Corp. and Alcoa Inc. rose.
The debt-strapped Greek government raised $6.74 billion Monday by issuing seven-year bonds. The country's ability to borrow is an important sign of confidence after European leaders and the International Monetary Fund last week agreed to provide a financial safety net for Greece and other countries that use the euro if they couldn't issue debt.
Financial shares were mixed after the Treasury Department said it would start to sell the shares it owns in Citigroup Inc. The government took 7.7 billion Citigroup shares in exchange for $25 billion it gave the bank during the 2008 credit crisis. The planned sale during the next year could result in a profit of about $7.5 billion.
The advance Monday extended a run of incremental gains since early February on expectations that the economy is improving.
"It's more of a slow steady grind higher," said Ryan Detrick, senior technical strategist at Schaeffer's Investment Research in Cincinnati.
The Dow rose 45.50, or 0.4 percent, to 10,895.86. The index is at its highest level since September 2008 and closer to the psychological threshold of 11,000.
The broader Standard & Poor's 500 index rose 6.63, or 0.6 percent, to 1,173.22, and the Nasdaq composite index rose 9.23, or 0.4 percent, to 2,404.36.
Bond prices mostly fell, pushing yields higher. The yield on the benchmark 10-year Treasury note rose to 3.87 percent from 3.85 percent late Friday.
The Dow is up 987 points, or 10 percent, since its lowest close of the year on Feb. 8. Some analysts say the steady pace of the advance is a sign the market isn't getting ahead of itself by bursting higher.
"The market seems to be holding up pretty well and probably will for a while," said Frank Haines, chief investment officer at Christian Brothers Investment Services in New York. Haines said low interest rates will help stocks for now but that longer-term threats like uncertainty about policies in Washington and rising debt levels in the U.S. and other countries could eventually hurt markets.
Investors will be looking to the Labor Department's March employment report due Friday. The stock market will be closed for Good Friday.
Economists predict employers added 190,000 jobs. Some of the expected gain could come from hiring of temporary census workers.
The market's gain followed two mixed days. On Thursday and Friday, shares rallied in the morning only to retreat to near flat levels by the closing bell when buying faded. The Dow has climbed in 18 of the past 22 days.
The dollar fell against other major currencies. Gold rose.
Crude oil rose $2.17 to $82.17 per barrel on the New York Mercantile Exchange.
Shares of Citigroup fell 13 cents, or 3 percent, to $4.18.
Exxon Mobil rose 76 cents to $67.30, while aluminum-producer Alcoa rose 17 cents to $14.44.
More than two stocks rose for every one that fell on the New York Stock Exchange, where consolidated volume came to 4.4 billion shares compared with 4.7 billion Friday. Trading volume was light ahead of the start of Passover.
The Russell 2000 index of smaller companies rose 3.28, or 0.5 percent, to 682.25.
Britain's FTSE 100 rose 0.1 percent, Germany's DAX index rose 0.6 percent, and France's CAC-40 gained 0.3 percent. Japan's Nikkei stock average fell 0.1 percent.
NEW YORK (AP) -- Consumers are more willing to spend, and that's making investors more optimistic about the economy.
The Dow Jones industrial average rose 46 points Monday and broader indexes also climbed after the Commerce Department said consumer spending rose for the fifth straight month in February. The 0.3 percent gain was in line with economists' expectations and raised hopes that the biggest driver of the economy is continuing to rebound.
Job creation and solid consumer spending are considered crucial to a sustained recovery. At the end of the week, investors will get the Labor Department's monthly employment report. Analysts predict that employers added jobs in March for only the second time since the recession began in December 2007.
Meanwhile, easing concern about debt problems in Greece reduced demand for the safety of the dollar. The dollar's drop in turn lifted demand for commodities, which become more attractive to foreign investors when the dollar falls because most of them are priced in dollars. Energy and materials stocks including Exxon Mobil Corp. and Alcoa Inc. rose.
The debt-strapped Greek government raised $6.74 billion Monday by issuing seven-year bonds. The country's ability to borrow is an important sign of confidence after European leaders and the International Monetary Fund last week agreed to provide a financial safety net for Greece and other countries that use the euro if they couldn't issue debt.
Financial shares were mixed after the Treasury Department said it would start to sell the shares it owns in Citigroup Inc. The government took 7.7 billion Citigroup shares in exchange for $25 billion it gave the bank during the 2008 credit crisis. The planned sale during the next year could result in a profit of about $7.5 billion.
The advance Monday extended a run of incremental gains since early February on expectations that the economy is improving.
"It's more of a slow steady grind higher," said Ryan Detrick, senior technical strategist at Schaeffer's Investment Research in Cincinnati.
The Dow rose 45.50, or 0.4 percent, to 10,895.86. The index is at its highest level since September 2008 and closer to the psychological threshold of 11,000.
The broader Standard & Poor's 500 index rose 6.63, or 0.6 percent, to 1,173.22, and the Nasdaq composite index rose 9.23, or 0.4 percent, to 2,404.36.
Bond prices mostly fell, pushing yields higher. The yield on the benchmark 10-year Treasury note rose to 3.87 percent from 3.85 percent late Friday.
The Dow is up 987 points, or 10 percent, since its lowest close of the year on Feb. 8. Some analysts say the steady pace of the advance is a sign the market isn't getting ahead of itself by bursting higher.
"The market seems to be holding up pretty well and probably will for a while," said Frank Haines, chief investment officer at Christian Brothers Investment Services in New York. Haines said low interest rates will help stocks for now but that longer-term threats like uncertainty about policies in Washington and rising debt levels in the U.S. and other countries could eventually hurt markets.
Investors will be looking to the Labor Department's March employment report due Friday. The stock market will be closed for Good Friday.
Economists predict employers added 190,000 jobs. Some of the expected gain could come from hiring of temporary census workers.
The market's gain followed two mixed days. On Thursday and Friday, shares rallied in the morning only to retreat to near flat levels by the closing bell when buying faded. The Dow has climbed in 18 of the past 22 days.
The dollar fell against other major currencies. Gold rose.
Crude oil rose $2.17 to $82.17 per barrel on the New York Mercantile Exchange.
Shares of Citigroup fell 13 cents, or 3 percent, to $4.18.
Exxon Mobil rose 76 cents to $67.30, while aluminum-producer Alcoa rose 17 cents to $14.44.
More than two stocks rose for every one that fell on the New York Stock Exchange, where consolidated volume came to 4.4 billion shares compared with 4.7 billion Friday. Trading volume was light ahead of the start of Passover.
The Russell 2000 index of smaller companies rose 3.28, or 0.5 percent, to 682.25.
Britain's FTSE 100 rose 0.1 percent, Germany's DAX index rose 0.6 percent, and France's CAC-40 gained 0.3 percent. Japan's Nikkei stock average fell 0.1 percent.
FA...Stocks Soar, but Many Analysts Ask Why
The unemployment rate remains locked in a range that recalls the economic doldrums of the early 1980s. Housing is stuck in a ditch, with foreclosures rising. And consumers are still reluctant to part with the little cash they do have.
More from NYTimes.com:
• Does This Bank Watchdog Have a Bite?
• Death of a Loophole, and Swiss Banks Will Mourn
• Krugman: Punks and Plutocrats
Yet the stock markets are partying like it's 2003, when hiring was brisk, real estate was booming, wallets were fat -- and the major stock indexes started a four-year rally that would double their value and push them to new heights just before the financial crisis hit.
Judging from stock prices alone, one would think the economy was poised for a roaring comeback. But the federal government plans to unplug the economic life-support programs that stimulated production, kept interest rates low and placed a thick cushion under the real estate market.
Some analysts see ample reason for caution in equities, with many economists, including those at the Federal Reserve, forecasting tepid growth in the near term.
"The market is as overvalued now as it was undervalued a year ago," said David A. Rosenberg, chief economist and strategist for Gluskin Sheff, an investment firm. "There's a very high degree of complacency."
More from Yahoo! Finance:
• Is the Market Topping Out?
• Wall Street Braces for Derivatives Reform
• As Red-Hot Economy Cools, Stocks Face Midyear Challenge
--------------------------------------------------------------------------------
Visit the Banking & Budgeting Center
The incongruity of it all can be seen clearly in an analysis of price-to-earnings ratios, a gauge of how expensive stocks are relative to their performance.
Ratios in the Standard & Poor's 500-stock index are hovering about 13 percent above the average since 2005; a year ago, they were about 40 percent below the average. That suggests that investors are betting on robust earnings through the end of the year, a view that many economists do not embrace.
"The stock market has priced in a bit more than what we've got so far," said Jeffrey A. Hirsch, editor of The Stock Trader's Almanac. "We're due for a pause."
Recent rallies have been narrow, with a modest number of stocks reaching 52-week highs even when the broader market surged. There is a sense in some corners that stock prices will decline: investors are betting more on stocks' falling now than they have since July.
Mr. Hirsch, citing historical patterns, predicts a 20 to 30 percent dip in the markets before they can climb again. The Dow Jones industrial average is more than 60 percent above its lows a year ago, flirting with 11,000 for the first time since the onset of the financial crisis, though it remains more than 3,000 off its prerecession peak.
The S.& P. 500 is up nearly 75 percent from a year ago, and the Nasdaq is up nearly 90 percent.
The first part of this year had glittering reports on fourth-quarter earnings and mildly upbeat news on economic indicators like retail sales and orders for durable goods.
In response, the broad-based S.& P. 500 has climbed 4.6 percent this year. Autos, consumer electronics, regional banks and home builders -- all losers in 2009 -- have led the way. Banking stocks, which drove much of last year's rally, continue to surge, with many regional banks up more than 40 percent.
Even during some of the stock markets' better weeks, jitters have seemed to lurk just beneath the surface. The Dow rode a rare eight-day winning streak this month, but trading was light and day-to-day gains were small, casting doubt on the significance of the uptick.
During much of the financial crisis, traders clung to bond funds for safety. But as the appetite for risk has returned, investors have begun snapping up stocks: over the last several weeks, new cash has poured into American equity funds at a brisk pace, and mutual funds have shown particular strength.
Many market participants expect the momentum to continue, with stocks ending the year 10 to 20 percent higher. While few expect strong economic growth this year, investors believe that the recovery is intact and that earnings will continue to grow.
"A lot of people believe the government will just keep pumping money into this," said Doug Roberts, chief investment strategist for Channel Capital Research.
There are signs that some of investors' optimism may be excessive.
Interest rates, kept at historical lows by the Fed during the financial crisis, are starting to rise because of the flight from bonds and concern over rising debt, particularly that of the United States.
Standard mortgage rates hovered near 5 percent last week after auctions of seven-year Treasury notes were met with weak demand, sending yields higher. A sustained rise in interest rates would crimp growth by making borrowing more expensive for consumers, businesses and governments. It could also attract some investors away from equities and into bonds.
Another concern is the nation's intractable unemployment rate, which has hampered consumer spending and worsened a foreclosure crisis in the housing market. Employers are still not adding jobs, though the rate of job losses has declined in recent months, raising hopes that a turning point is at hand.
Consumer confidence has improved modestly from its low a year ago, but spending is still weak.
Some clarity may come to the market on Friday, when the government releases its monthly snapshot of the labor market. Forecasters expect the data to show 200,000 new jobs, with the unemployment rate holding steady at 9.7 percent.
When first-quarter earnings results begin trickling in next month, investors will be looking for signs that companies have put cost-cutting behind them and strengthened revenue.
"We've managed to at least temporarily suspend the financial crisis," Mr. Roberts said. "The question now is, 'You've gotten past the first act; what's the encore?'"
More from NYTimes.com:
• Does This Bank Watchdog Have a Bite?
• Death of a Loophole, and Swiss Banks Will Mourn
• Krugman: Punks and Plutocrats
Yet the stock markets are partying like it's 2003, when hiring was brisk, real estate was booming, wallets were fat -- and the major stock indexes started a four-year rally that would double their value and push them to new heights just before the financial crisis hit.
Judging from stock prices alone, one would think the economy was poised for a roaring comeback. But the federal government plans to unplug the economic life-support programs that stimulated production, kept interest rates low and placed a thick cushion under the real estate market.
Some analysts see ample reason for caution in equities, with many economists, including those at the Federal Reserve, forecasting tepid growth in the near term.
"The market is as overvalued now as it was undervalued a year ago," said David A. Rosenberg, chief economist and strategist for Gluskin Sheff, an investment firm. "There's a very high degree of complacency."
More from Yahoo! Finance:
• Is the Market Topping Out?
• Wall Street Braces for Derivatives Reform
• As Red-Hot Economy Cools, Stocks Face Midyear Challenge
--------------------------------------------------------------------------------
Visit the Banking & Budgeting Center
The incongruity of it all can be seen clearly in an analysis of price-to-earnings ratios, a gauge of how expensive stocks are relative to their performance.
Ratios in the Standard & Poor's 500-stock index are hovering about 13 percent above the average since 2005; a year ago, they were about 40 percent below the average. That suggests that investors are betting on robust earnings through the end of the year, a view that many economists do not embrace.
"The stock market has priced in a bit more than what we've got so far," said Jeffrey A. Hirsch, editor of The Stock Trader's Almanac. "We're due for a pause."
Recent rallies have been narrow, with a modest number of stocks reaching 52-week highs even when the broader market surged. There is a sense in some corners that stock prices will decline: investors are betting more on stocks' falling now than they have since July.
Mr. Hirsch, citing historical patterns, predicts a 20 to 30 percent dip in the markets before they can climb again. The Dow Jones industrial average is more than 60 percent above its lows a year ago, flirting with 11,000 for the first time since the onset of the financial crisis, though it remains more than 3,000 off its prerecession peak.
The S.& P. 500 is up nearly 75 percent from a year ago, and the Nasdaq is up nearly 90 percent.
The first part of this year had glittering reports on fourth-quarter earnings and mildly upbeat news on economic indicators like retail sales and orders for durable goods.
In response, the broad-based S.& P. 500 has climbed 4.6 percent this year. Autos, consumer electronics, regional banks and home builders -- all losers in 2009 -- have led the way. Banking stocks, which drove much of last year's rally, continue to surge, with many regional banks up more than 40 percent.
Even during some of the stock markets' better weeks, jitters have seemed to lurk just beneath the surface. The Dow rode a rare eight-day winning streak this month, but trading was light and day-to-day gains were small, casting doubt on the significance of the uptick.
During much of the financial crisis, traders clung to bond funds for safety. But as the appetite for risk has returned, investors have begun snapping up stocks: over the last several weeks, new cash has poured into American equity funds at a brisk pace, and mutual funds have shown particular strength.
Many market participants expect the momentum to continue, with stocks ending the year 10 to 20 percent higher. While few expect strong economic growth this year, investors believe that the recovery is intact and that earnings will continue to grow.
"A lot of people believe the government will just keep pumping money into this," said Doug Roberts, chief investment strategist for Channel Capital Research.
There are signs that some of investors' optimism may be excessive.
Interest rates, kept at historical lows by the Fed during the financial crisis, are starting to rise because of the flight from bonds and concern over rising debt, particularly that of the United States.
Standard mortgage rates hovered near 5 percent last week after auctions of seven-year Treasury notes were met with weak demand, sending yields higher. A sustained rise in interest rates would crimp growth by making borrowing more expensive for consumers, businesses and governments. It could also attract some investors away from equities and into bonds.
Another concern is the nation's intractable unemployment rate, which has hampered consumer spending and worsened a foreclosure crisis in the housing market. Employers are still not adding jobs, though the rate of job losses has declined in recent months, raising hopes that a turning point is at hand.
Consumer confidence has improved modestly from its low a year ago, but spending is still weak.
Some clarity may come to the market on Friday, when the government releases its monthly snapshot of the labor market. Forecasters expect the data to show 200,000 new jobs, with the unemployment rate holding steady at 9.7 percent.
When first-quarter earnings results begin trickling in next month, investors will be looking for signs that companies have put cost-cutting behind them and strengthened revenue.
"We've managed to at least temporarily suspend the financial crisis," Mr. Roberts said. "The question now is, 'You've gotten past the first act; what's the encore?'"
FA...Commodities lift Wall St; Verizon, Apple up late
By Ellis Mnyandu
NEW YORK (Reuters) - U.S. stocks rose on Monday as miners and energy companies advanced on dollar weakness and investors bought recent high fliers as the quarter's end approached.
The dollar's decline boosted commodities prices, including crude oil. Exxon Mobil Corp (NYSE:XOM - News) was up 1.1 percent to $67.30 and the S&P energy index (SNP:^GSPE - News) rose 1.8 percent.
Major manufacturers and industrials, the quarter's top-performing sector, also fared well, with Boeing Co (NYSE:BA - News), up 2.1 percent and Caterpillar Inc (NYSE:CAT - News) up 1.7 percent. They were both the Dow's top boosts. The S&P industrials index (^GSPI - News) has risen 13 percent so far in the first quarter.
But overall volume was light at the start of a holiday-shortened week that will cap the S&P 500's (^SPX - News) fourth straight positive quarter. Although the underlying tone was positive, slippage in financial shares, including a 3.3 percent drop by Citigroup (NYSE:C - News), curbed a broader market advance.
"It's kind of a slow day. The move today is being led by energy and materials, and we're seeing commodities markets bounce. That is helping to push things higher," said Mike O'Rourke, chief market strategist at brokerage BTIG LLC in New York.
Slippage in the dollar underpinned the advance in commodities as the dollar index (^DXY - News) slipped 0.5 percent as the euro strengthened on news of another successful bond sale by debt-laden Greece.
The Dow Jones industrial average (DJI:^DJI - News) rose 45.50 points, or 0.42 percent, to 10,895.86 -- it's highest close since September 2008. The Standard & Poor's 500 Index (^SPX - News) climbed 6.63 points, or 0.57 percent, to 1,173.22. The Nasdaq Composite Index (Nasdaq:^IXIC - News) jumped 9.23 points, or 0.39 percent, to 2,404.36.
U.S. equity markets will be closed on Friday in observance of the Good Friday holiday.
The benchmark S&P 500 as a whole is up 5.2 percent for the quarter thus far, compared with the fourth quarter's gain of 5.5 percent. The S&P 500 is up 73.4 percent since bottoming in March 2009.
On Nasdaq, Apple Inc (NasdaqGS:AAPL - News) shares were a top boost, ending at a record $232.39 after the iPhone maker said shoppers can buy its newest portable iPad computer this weekend at Apple and Best Buy (NYSE:BBY - News) stores. Best Buy is the largest U.S. electronics retailer.
After the bell there was more news on Apple as the Wall Street Journal reported that the company was developing a new iPhone for Verizon Wireless, sparking an after-hours run-up in the shares of Apple and Verizon Communications Inc (NYSE:VZ - News).
Apple shares rose more than 1 percent to $235.44 after the closing bell, while Verizon, a Dow component, jumped almost 4 percent to $31.62. Both could be active in Tuesday's session.
The Dow is up 4.5 percent for the quarter so far, down from gains of 7.4 percent in previous quarter, while the Nasdaq is on track for a 6 percent gain this quarter versus an increase of 6.9 percent in the fourth quarter.
Money managers typically scour the market for high fliers close to quarter-end to spruce up portfolios by selling laggards in a practice known as "window dressing."
"It's not a bad way to start a holiday-shortened week," said Fred Dickson, chief market strategist at D.A. Davidson & Co in Lake Oswego, Oregon. "What we're seeing is some quarter-end rebalancing by institutional portfolio managers."
Among decliners, Citigroup Inc (NYSE:C - News) fell 3.02 percent to $4.18 after the U.S. Treasury announced a plan to sell the 7.7 billion shares of the bank it owns over the course of this year. That sparked some profit-taking after the stock's recent run-up.
The KBW bank index (Philadelphia:^BKX - News) slipped 0.3 percent.
In economic news, U.S. consumer spending rose as expected in February for a fifth straight month, while stagnant incomes pushed savings to their lowest level since October 2008, the government said.
On Friday, the government will release its monthly non-farm payrolls report, which analysts expect will show a turnaround in new jobs added by the U.S. labor market in March.
About 7.49 billion shares traded on the New York Stock Exchange, the American Stock Exchange and Nasdaq, below last year's estimated daily average of 9.65 billion.
Advancing stocks on the New York Stock Exchange beat decliners by a ratio of about 9 to 4, while on Nasdaq about seven stocks rose for every five that fell.
(Additional reporting by Caroline Valetkevitch; editing by Kenneth Barry
NEW YORK (Reuters) - U.S. stocks rose on Monday as miners and energy companies advanced on dollar weakness and investors bought recent high fliers as the quarter's end approached.
The dollar's decline boosted commodities prices, including crude oil. Exxon Mobil Corp (NYSE:XOM - News) was up 1.1 percent to $67.30 and the S&P energy index (SNP:^GSPE - News) rose 1.8 percent.
Major manufacturers and industrials, the quarter's top-performing sector, also fared well, with Boeing Co (NYSE:BA - News), up 2.1 percent and Caterpillar Inc (NYSE:CAT - News) up 1.7 percent. They were both the Dow's top boosts. The S&P industrials index (^GSPI - News) has risen 13 percent so far in the first quarter.
But overall volume was light at the start of a holiday-shortened week that will cap the S&P 500's (^SPX - News) fourth straight positive quarter. Although the underlying tone was positive, slippage in financial shares, including a 3.3 percent drop by Citigroup (NYSE:C - News), curbed a broader market advance.
"It's kind of a slow day. The move today is being led by energy and materials, and we're seeing commodities markets bounce. That is helping to push things higher," said Mike O'Rourke, chief market strategist at brokerage BTIG LLC in New York.
Slippage in the dollar underpinned the advance in commodities as the dollar index (^DXY - News) slipped 0.5 percent as the euro strengthened on news of another successful bond sale by debt-laden Greece.
The Dow Jones industrial average (DJI:^DJI - News) rose 45.50 points, or 0.42 percent, to 10,895.86 -- it's highest close since September 2008. The Standard & Poor's 500 Index (^SPX - News) climbed 6.63 points, or 0.57 percent, to 1,173.22. The Nasdaq Composite Index (Nasdaq:^IXIC - News) jumped 9.23 points, or 0.39 percent, to 2,404.36.
U.S. equity markets will be closed on Friday in observance of the Good Friday holiday.
The benchmark S&P 500 as a whole is up 5.2 percent for the quarter thus far, compared with the fourth quarter's gain of 5.5 percent. The S&P 500 is up 73.4 percent since bottoming in March 2009.
On Nasdaq, Apple Inc (NasdaqGS:AAPL - News) shares were a top boost, ending at a record $232.39 after the iPhone maker said shoppers can buy its newest portable iPad computer this weekend at Apple and Best Buy (NYSE:BBY - News) stores. Best Buy is the largest U.S. electronics retailer.
After the bell there was more news on Apple as the Wall Street Journal reported that the company was developing a new iPhone for Verizon Wireless, sparking an after-hours run-up in the shares of Apple and Verizon Communications Inc (NYSE:VZ - News).
Apple shares rose more than 1 percent to $235.44 after the closing bell, while Verizon, a Dow component, jumped almost 4 percent to $31.62. Both could be active in Tuesday's session.
The Dow is up 4.5 percent for the quarter so far, down from gains of 7.4 percent in previous quarter, while the Nasdaq is on track for a 6 percent gain this quarter versus an increase of 6.9 percent in the fourth quarter.
Money managers typically scour the market for high fliers close to quarter-end to spruce up portfolios by selling laggards in a practice known as "window dressing."
"It's not a bad way to start a holiday-shortened week," said Fred Dickson, chief market strategist at D.A. Davidson & Co in Lake Oswego, Oregon. "What we're seeing is some quarter-end rebalancing by institutional portfolio managers."
Among decliners, Citigroup Inc (NYSE:C - News) fell 3.02 percent to $4.18 after the U.S. Treasury announced a plan to sell the 7.7 billion shares of the bank it owns over the course of this year. That sparked some profit-taking after the stock's recent run-up.
The KBW bank index (Philadelphia:^BKX - News) slipped 0.3 percent.
In economic news, U.S. consumer spending rose as expected in February for a fifth straight month, while stagnant incomes pushed savings to their lowest level since October 2008, the government said.
On Friday, the government will release its monthly non-farm payrolls report, which analysts expect will show a turnaround in new jobs added by the U.S. labor market in March.
About 7.49 billion shares traded on the New York Stock Exchange, the American Stock Exchange and Nasdaq, below last year's estimated daily average of 9.65 billion.
Advancing stocks on the New York Stock Exchange beat decliners by a ratio of about 9 to 4, while on Nasdaq about seven stocks rose for every five that fell.
(Additional reporting by Caroline Valetkevitch; editing by Kenneth Barry
Monday, March 29, 2010
Be humble.......
Luke 18:10-14:
Two men went up into the temple to pray; the one a Pharisee, and the other a publican. The Pharisee stood and prayed thus with himself, God, I thank thee, that I am not as other men are, extortioners, unjust, adulterers, or even as this publican. I fast twice in the week, I give tithes of all that I possess. And the publican, standing afar off, would not lift up so much as his eyes unto heaven, but smote upon his breast, saying, God be merciful to me a sinner. I tell you, this man went down to his house justified rather than the other: for every one that exalteth himself shall be abased; and he that humbleth himself shall be exalted.
Two men went up into the temple to pray; the one a Pharisee, and the other a publican. The Pharisee stood and prayed thus with himself, God, I thank thee, that I am not as other men are, extortioners, unjust, adulterers, or even as this publican. I fast twice in the week, I give tithes of all that I possess. And the publican, standing afar off, would not lift up so much as his eyes unto heaven, but smote upon his breast, saying, God be merciful to me a sinner. I tell you, this man went down to his house justified rather than the other: for every one that exalteth himself shall be abased; and he that humbleth himself shall be exalted.
FA...World markets, euro gain as concerns about debt recede in the wake of EU aid plan for Greece
Carlo Piovano, Associated Press Writer, On Monday March 29, 2010, 5:51 am
LONDON (AP) -- World markets rose and the euro strengthened Monday in the wake of the announcement of a eurozone aid plan for Greece, which the debt-ridden country followed up by planning a new bond issue.
The 16-country common currency has been the main beneficiary of the deal announced at an EU summit last week, with stocks gains more modest and Greek borrowing rates slow to show a rapid improvement.
The euro was at $1.3495 in European morning trade Monday, up from $1.3401 late Friday in New York. On Thursday it had hit a 10-month low below $1.33.
Britain's FTSE 100 benchmark index was up 0.4 percent at 5,725.97, Germany's DAX rose 0.7 percent to 6,163.78 and France's CAC-40 up 0.5 percent at 4,008.70.
After gains in Asia, Wall Street was also expected to gain on the open. Dow industrials futures were up 0.3 percent at 10,850.00 while Standard & Poor's 500 futures gained 0.6 percent at 1,169.80.
"Last week's agreement on an aid package to Greece helped return a semblance of confidence to markets and the euro," said Mitul Kotecha, analyst at Credit Agricole CIB.
He warned, however, that the plan does not signal the all clear, noting that Portugal -- another country with troubled finances -- saw a downgrade.
"Further austerity measures, fiscal issues in other EU countries -- as reflected in Portugal's ratings downgrade -- and the negative impact on growth that all of this implies, suggest that Europe and the euro will be plagued by various problems for some time yet," he said.
The aid plan for Greece entails bilateral loans from willing eurozone nations -- with part of it from the International Monetary Fund -- but only as a last resort, if Greece is unable to raise money on markets. No money is being made available to Greece now, and analysts warn that because the bailout loans would come at market rates, the effectiveness of such a plan is unclear.
Such details were not lost on investors, who remained skeptical of Greek debt as an investment.
The interest rate gap, or spread, between Greek 10-year bonds and equivalent German issues -- a key indicator of market trust -- hovered at 306 basis points Monday morning, almost unchanged from the 305 basis points on Friday. The spread narrowed from 330 points in the wake of Thursday's aid announcement, but is still too high for Greece to raise cash over the longer term.
Greece said Monday that it will issue 7-year bonds, but declined to give a size for the offering or a precise date. It needs to raise about euro20 billion ($27 billion) by the end of April and the interest rate negotiated will be crucial. Borrowing at higher rates will keep its finances under strain, neutralizing any positive effects from its painful spending cuts.
Meanwhile, economic indicators were mostly positive in Europe, with a European Commission survey showing business and consumer confidence improved in March, suggesting the recovery has not yet stalled.
In Asia, stock markets mostly rose as stronger earnings from Chinese companies helped buoy sentiment.
Chinese shares led the region after mega lender China Construction Bank and refiner Sinopec reported robust profits for 2009, supporting optimism about the world's third-largest economy and an engine for part of Asia's growth since the recession.
The Shanghai index jumped 2 percent to 3,122.15 and Hong Kong's Hang Seng rose 0.8 percent to 21,217.44. Markets in Taiwan, Australia and India also gained.
Japanese and South Korean markets were modestly lower. Japan's benchmark Nikkei 225 stock average was down 0.3 percent at 10,963.78. Japan's government said retail sales were higher for the second month in a row in February, rising 4.2 percent. In January, sales were up 2.3 percent.
But sales at larger retailers, including supermarkets and department stores, fell during the month.
The dollar rose to 92.51 yen from 92.35 yen.
The benchmark oil contract rose 78 cents to $80.78 a barrel.
LONDON (AP) -- World markets rose and the euro strengthened Monday in the wake of the announcement of a eurozone aid plan for Greece, which the debt-ridden country followed up by planning a new bond issue.
The 16-country common currency has been the main beneficiary of the deal announced at an EU summit last week, with stocks gains more modest and Greek borrowing rates slow to show a rapid improvement.
The euro was at $1.3495 in European morning trade Monday, up from $1.3401 late Friday in New York. On Thursday it had hit a 10-month low below $1.33.
Britain's FTSE 100 benchmark index was up 0.4 percent at 5,725.97, Germany's DAX rose 0.7 percent to 6,163.78 and France's CAC-40 up 0.5 percent at 4,008.70.
After gains in Asia, Wall Street was also expected to gain on the open. Dow industrials futures were up 0.3 percent at 10,850.00 while Standard & Poor's 500 futures gained 0.6 percent at 1,169.80.
"Last week's agreement on an aid package to Greece helped return a semblance of confidence to markets and the euro," said Mitul Kotecha, analyst at Credit Agricole CIB.
He warned, however, that the plan does not signal the all clear, noting that Portugal -- another country with troubled finances -- saw a downgrade.
"Further austerity measures, fiscal issues in other EU countries -- as reflected in Portugal's ratings downgrade -- and the negative impact on growth that all of this implies, suggest that Europe and the euro will be plagued by various problems for some time yet," he said.
The aid plan for Greece entails bilateral loans from willing eurozone nations -- with part of it from the International Monetary Fund -- but only as a last resort, if Greece is unable to raise money on markets. No money is being made available to Greece now, and analysts warn that because the bailout loans would come at market rates, the effectiveness of such a plan is unclear.
Such details were not lost on investors, who remained skeptical of Greek debt as an investment.
The interest rate gap, or spread, between Greek 10-year bonds and equivalent German issues -- a key indicator of market trust -- hovered at 306 basis points Monday morning, almost unchanged from the 305 basis points on Friday. The spread narrowed from 330 points in the wake of Thursday's aid announcement, but is still too high for Greece to raise cash over the longer term.
Greece said Monday that it will issue 7-year bonds, but declined to give a size for the offering or a precise date. It needs to raise about euro20 billion ($27 billion) by the end of April and the interest rate negotiated will be crucial. Borrowing at higher rates will keep its finances under strain, neutralizing any positive effects from its painful spending cuts.
Meanwhile, economic indicators were mostly positive in Europe, with a European Commission survey showing business and consumer confidence improved in March, suggesting the recovery has not yet stalled.
In Asia, stock markets mostly rose as stronger earnings from Chinese companies helped buoy sentiment.
Chinese shares led the region after mega lender China Construction Bank and refiner Sinopec reported robust profits for 2009, supporting optimism about the world's third-largest economy and an engine for part of Asia's growth since the recession.
The Shanghai index jumped 2 percent to 3,122.15 and Hong Kong's Hang Seng rose 0.8 percent to 21,217.44. Markets in Taiwan, Australia and India also gained.
Japanese and South Korean markets were modestly lower. Japan's benchmark Nikkei 225 stock average was down 0.3 percent at 10,963.78. Japan's government said retail sales were higher for the second month in a row in February, rising 4.2 percent. In January, sales were up 2.3 percent.
But sales at larger retailers, including supermarkets and department stores, fell during the month.
The dollar rose to 92.51 yen from 92.35 yen.
The benchmark oil contract rose 78 cents to $80.78 a barrel.
China's Geely inks binding deal to buy Sweden's Volvo Cars from Ford for $1.8 billion
Louise Nordstrom, Associated Press Writer, On Sunday March 28, 2010, 3:28 pm EDT
STOCKHOLM (AP) -- Zhejiang Geely Holding Group signed a binding deal Sunday to buy Ford Motor Co.'s Volvo Cars unit for $1.8 billion, representing a coup for the independent Chinese automaker which is aiming to expand in Europe.
The purchase gives Geely a European luxury car brand with a reputation for safety and quality at a time when China, which last year surpassed the U.S. as the world's largest car market, is eager to improve its competitiveness by acquiring foreign automotive brands that might help it improve its technology and expand into overseas markets.
The price, which includes a $200 million note with the remainder to be paid out in cash, is far less than the $6.45 billion Ford paid for the Swedish automaker in 1999. The U.S. automaker has been trying to sell Volvo since late 2008 to focus its resources on managing its core Ford, Lincoln and Mercury brands.
"We think it's a fair price for a good business, and yes, we're happy with the deal we've achieved with Geely," said Ford Chief Financial Officer Lewis Booth on Sunday at a news conference at Volvo Cars headquarters in Goteborg, on Sweden's west coast. Booth added that his company believes that, under Geely, "Volvo can continue to build its business and return to profitability."
The agreement was signed by Booth and Geely's chairman, Li Shufu, and witnessed by Li Yizhong, the Chinese minister of industry and information technology, as well as Swedish Minister for Enterprise and Energy Maud Olofsson.
In a statement, Geely said it has secured all the financing necessary to complete the deal, as well as "significant working capital facilities to fund Volvo Cars' ongoing business." The sale is expected to be completed in the third quarter, subject to regulatory approvals.
The deal also covers further agreements on intellectual property rights, supply, and research and development arrangements between Volvo Cars, Geely and Ford. The U.S. automaker has committed to provide engineering support, information technology, access to tooling for common parts and certain other services for a transition period to smooth the separation.
Li, whose comments were translated by an interpreter, described the deal as "a milestone" for both Geely and Volvo, adding that his group will make a Volvo CEO public "in due course."
Geely said it aims to keep Volvo's existing manufacturing facilities in Sweden and Belgium, but that it also will explore manufacturing opportunities in China. Volvo Cars will remain separate from Geely's other operations, with its own Sweden-based management team and a new board of directors, the company said.
"China, the largest car market in the world, will become Volvo's second home market. Volvo will be uniquely positioned as a world-leading premium brand, tapping into the opportunities in the fast-growing China market," Li said.
As Western automakers unload unprofitable assets, they are finding keen buyers in Asia.
In 2008, Ford sold its Jaguar and Land Rover brands to India's Tata Motors Ltd. for $1.7 billion, a third of what it paid for them. In addition, General Motors Co. attempted to sell its rugged Hummer brand to a Chinese heavy equipment maker, but is now winding that brand down as the deal collapsed. China's Beijing Automotive Industry Holdings has also agreed to buy some powertrain technology from GM's Swedish Saab unit.
Geely, an independent automaker that has struggled to upgrade its image in overseas markets, has long coveted a bigger foothold in Europe and has earlier been rumored to be bidding for Opel and Saab. The long-awaited Volvo acquisition is therefore important for the company, which has gradually built its business with little government support.
Analyst Zhang Xin, with Guotai Junan Securities in Beijing, said Geely's pledge to keep Volvo's factory and business teams in Sweden after the takeover limits its leeway to cut costs.
"Reality is always much crueler than what people would wish. Geely wants to build itself as a new 'international Geely,' so they sought a strong foreign brand like Volvo," Zhang said. "Geely should foresee many difficulties. How will it manage to run Volvo well? How will it deal with the factory and employees? How much more will Geely have to spend to operate Volvo?"
Volvo, whose first car left its Swedish factory in 1927, employs nearly 20,000 workers, most of them based in Sweden. The group, initially a subsidiary of ballbearing maker SKF, was listed on the stock exchange in 1935. In 2009, it sold 334,808 cars. It currently has 10 models on the global market, with its crossover XC60 being the best-seller. The United States, Sweden and Britain account for its three biggest markets.
In a statement Sunday, Volvo Cars CEO Stephen Odell said Volvo managers fully endorse the sale to Geely.
"We believe this is the right outcome for the business, and will provide Volvo Cars with the necessary resources, including the capital investment, to strengthen the business and to continue to move it forward in the future," he said.
Volvo dealers in the U.S. said Sunday that Geely's assurance that the cars will still be made in Sweden has allayed customers' concerns about quality control. Chinese automakers seeking to expand into U.S. markets have faced quality questions from consumers concerned about defects and problems with a number of Chinese exports ranging from drugs and foods to furniture and appliances.
"They do show concern, but we are assuring them the quality of the car is still going to be there," said Chris Gastmeyer, sales manager at Volvo of Orange County in Santa Ana, California, on Sunday.
He said customers are comforted by the fact that the cars are still made in Sweden and that it's business as usual at this point.
Mike Kessler, new car sales manager at Volvo of Santa Monica, said he isn't seeing much worry from shoppers as it appears the manufacturing will remain the same. But staff are eager to see what changes are in store after the transfer in ownership.
"We are dying to see what happens because we need a jump-start," he said.
The sales staff hasn't received any information yet about the plans of its new owners but Kessler hopes Geely has plans to help build new car sales and leases.
"We are basically on hold," he said. "I'm hoping it gets exciting."
AP Business Writers Elaine Kurtenbach in Shanghai and Sarah Skidmore in Portland, Oregon, contributed to this report.
STOCKHOLM (AP) -- Zhejiang Geely Holding Group signed a binding deal Sunday to buy Ford Motor Co.'s Volvo Cars unit for $1.8 billion, representing a coup for the independent Chinese automaker which is aiming to expand in Europe.
The purchase gives Geely a European luxury car brand with a reputation for safety and quality at a time when China, which last year surpassed the U.S. as the world's largest car market, is eager to improve its competitiveness by acquiring foreign automotive brands that might help it improve its technology and expand into overseas markets.
The price, which includes a $200 million note with the remainder to be paid out in cash, is far less than the $6.45 billion Ford paid for the Swedish automaker in 1999. The U.S. automaker has been trying to sell Volvo since late 2008 to focus its resources on managing its core Ford, Lincoln and Mercury brands.
"We think it's a fair price for a good business, and yes, we're happy with the deal we've achieved with Geely," said Ford Chief Financial Officer Lewis Booth on Sunday at a news conference at Volvo Cars headquarters in Goteborg, on Sweden's west coast. Booth added that his company believes that, under Geely, "Volvo can continue to build its business and return to profitability."
The agreement was signed by Booth and Geely's chairman, Li Shufu, and witnessed by Li Yizhong, the Chinese minister of industry and information technology, as well as Swedish Minister for Enterprise and Energy Maud Olofsson.
In a statement, Geely said it has secured all the financing necessary to complete the deal, as well as "significant working capital facilities to fund Volvo Cars' ongoing business." The sale is expected to be completed in the third quarter, subject to regulatory approvals.
The deal also covers further agreements on intellectual property rights, supply, and research and development arrangements between Volvo Cars, Geely and Ford. The U.S. automaker has committed to provide engineering support, information technology, access to tooling for common parts and certain other services for a transition period to smooth the separation.
Li, whose comments were translated by an interpreter, described the deal as "a milestone" for both Geely and Volvo, adding that his group will make a Volvo CEO public "in due course."
Geely said it aims to keep Volvo's existing manufacturing facilities in Sweden and Belgium, but that it also will explore manufacturing opportunities in China. Volvo Cars will remain separate from Geely's other operations, with its own Sweden-based management team and a new board of directors, the company said.
"China, the largest car market in the world, will become Volvo's second home market. Volvo will be uniquely positioned as a world-leading premium brand, tapping into the opportunities in the fast-growing China market," Li said.
As Western automakers unload unprofitable assets, they are finding keen buyers in Asia.
In 2008, Ford sold its Jaguar and Land Rover brands to India's Tata Motors Ltd. for $1.7 billion, a third of what it paid for them. In addition, General Motors Co. attempted to sell its rugged Hummer brand to a Chinese heavy equipment maker, but is now winding that brand down as the deal collapsed. China's Beijing Automotive Industry Holdings has also agreed to buy some powertrain technology from GM's Swedish Saab unit.
Geely, an independent automaker that has struggled to upgrade its image in overseas markets, has long coveted a bigger foothold in Europe and has earlier been rumored to be bidding for Opel and Saab. The long-awaited Volvo acquisition is therefore important for the company, which has gradually built its business with little government support.
Analyst Zhang Xin, with Guotai Junan Securities in Beijing, said Geely's pledge to keep Volvo's factory and business teams in Sweden after the takeover limits its leeway to cut costs.
"Reality is always much crueler than what people would wish. Geely wants to build itself as a new 'international Geely,' so they sought a strong foreign brand like Volvo," Zhang said. "Geely should foresee many difficulties. How will it manage to run Volvo well? How will it deal with the factory and employees? How much more will Geely have to spend to operate Volvo?"
Volvo, whose first car left its Swedish factory in 1927, employs nearly 20,000 workers, most of them based in Sweden. The group, initially a subsidiary of ballbearing maker SKF, was listed on the stock exchange in 1935. In 2009, it sold 334,808 cars. It currently has 10 models on the global market, with its crossover XC60 being the best-seller. The United States, Sweden and Britain account for its three biggest markets.
In a statement Sunday, Volvo Cars CEO Stephen Odell said Volvo managers fully endorse the sale to Geely.
"We believe this is the right outcome for the business, and will provide Volvo Cars with the necessary resources, including the capital investment, to strengthen the business and to continue to move it forward in the future," he said.
Volvo dealers in the U.S. said Sunday that Geely's assurance that the cars will still be made in Sweden has allayed customers' concerns about quality control. Chinese automakers seeking to expand into U.S. markets have faced quality questions from consumers concerned about defects and problems with a number of Chinese exports ranging from drugs and foods to furniture and appliances.
"They do show concern, but we are assuring them the quality of the car is still going to be there," said Chris Gastmeyer, sales manager at Volvo of Orange County in Santa Ana, California, on Sunday.
He said customers are comforted by the fact that the cars are still made in Sweden and that it's business as usual at this point.
Mike Kessler, new car sales manager at Volvo of Santa Monica, said he isn't seeing much worry from shoppers as it appears the manufacturing will remain the same. But staff are eager to see what changes are in store after the transfer in ownership.
"We are dying to see what happens because we need a jump-start," he said.
The sales staff hasn't received any information yet about the plans of its new owners but Kessler hopes Geely has plans to help build new car sales and leases.
"We are basically on hold," he said. "I'm hoping it gets exciting."
AP Business Writers Elaine Kurtenbach in Shanghai and Sarah Skidmore in Portland, Oregon, contributed to this report.
Sunday, March 28, 2010
The richest man on earth........
Mexico’s Carlos Slim Helu, 70, beat Bill Gates and Warren Buffett for the top spot on 2010 Forbes magazine’s annual list of billionaires making him the first person from outside the U.S. to lead the rankings in 16 years. Slim’s net worth, 80% are held in five public stocks, rose US$18.5 billion to US$53.5 billion slightly more than Bill Gates, 54, chairman of Microsoft Corp. (Nasdaq: MSFT, stock) whose net worth increased US$13 billion to US$53 billion. Warren Buffett, chairman of Berkshire Hathaway's (NYSE: BRK.A, stock) was third with US$47 billion, a rise of US$10 billion.
Slim’s empire in Mexico extend from retail to banking and construction. Slim’s Telefonos de Mexico SAB remains the biggest landline phone company in Mexico monopolizing about 80 percent of the lines. His Telmex Internacional SAB controls Brazil’s biggest long-distance and cable TV companies as well as phone and video carriers in Colombia, Peru and other South American countries. Carlos Slim also holds stakes in U.S. companies including the New York Times Co., Saks Inc. and Bronco Drilling Co.
U.S. billionaires still dominate the ranks but their grip is slipping - fast. Americans account for 40% of the world's billionaires, down from 45% a year ago. While still commands 38% of the $3.6 trillion net worth of the world’s richest, this figure however is down from 44% a year ago. It was the Asian that stole the light when the number of of Asian billionaires spiked to 234 people from just 130 the year before – representing 23% (from 16% a year ago) of the 1,011 billionaires around the globe.
The combined wealth of Asian billionaires has also more than doubled to US$ 729 billion compared with US$ 357 billion a year ago. This rate of increase far outpaces that of European tycoons who saw their collective fortune rise by 50% while their US counterparts enjoyed only an 18% increase.
China continues to lead the Asia’s assault by more than doubling its number of billionaires to 64 from 28 last year. India follows behind, increasing its billionaires to 49 from 24 previously. Third is Hong Kong with 25 billionaires, followed by 22 from Japan, 18 from Taiwan, 11 each from Australia and South Korea, 9 from Malaysia, 7 from Indonesia, 5 from Kazakhstan, 4 from Singapore, 3 each from New Zealand and Thailand, 2 from the Philippines, and 1 from Pakistan.
Of the 234 Asian tycoons on the list, 62 are first-time billionaires out of a total of 97 new billionaires in the world. China accounts for the lion’s share of Asia’s first-time billionaires, supplying 27 new faces, followed by India with 11, Taiwan with 10, Hong Kong and Japan with three each, Australia, Indonesia and South Korea with two each, and Malaysia and Pakistan with one each.
Malaysia has the most number of billionaires in South-East Asia with Robert Kuok, former Sugar King, sharing his 33rd spot with Microsoft Corp.’s Steve Balmer. The richest man in Malaysia who is also the seventh richest man in Asia jumped from 62nd spot (Forbes ranking) last year with a net worth of US$14.5 billion. The second was Maxis Berhad’s (KLSE: MAXIS, stock-code 6012) tycoon Ananda Krishnan (US$7.6 billion) follows by IOI Corp.’s Lee Shin Cheng (US$4.4 billion) while Hong Leong Group’s Quek Leng Chan and Public Bank’s Teh Hong Piow share the same spot with US$3.4 billion each.
The latest who joined the Forbes 2010 world billionaire club is of course the Chef King (named by StockTube *ahem* after his ability to fry his stocks up as can be seen in his latest Berjaya Corporation Berhad’s (KLSE: BJCORP, stock-code 3395) flying to RM1.00 a share), Vincent Tan, whose name is also linked to political figures in Malaysia including the controversial Parkasa’s Ibrahim Ali who made numerous racist and seditious remark about Chinese taking over the country (but can walk away as if the). Strangely Ibrahim Ali served under Vincent Tan’s empire, making his claims laughable.
Of course one can argue that just like Vincent Tan, the new richest man on earth, Carlos Slim, achieved his success not because of his financial knowhow but rather his close relationship with the government or politicians. Slim was accused of robbing the Mexicans, charging very high rate for phone calls in a country where the minimum wage is 50 cents an hour. But Slim has already showed his talent in business world when he started selling drinks and snacks to his family at the age of 10.
By 11, he was investing in government saving bonds and by 15 he had bought a small quantity of stocks in Mexico's biggest bank. He was worth US$40 million by the age of 26 but his fortune skyrocket when he saw opportunity during Mexico’s 1982 recession when businesses were rock bottom cheap. Slim live a modest lifestyle and just like Hong Kong’s richest man Li Ka Shing who wore Seiko or Citizen watches; Slim is proud of his cheap plastic watch that acts as calculator as well. Slim empire is so huge (or dominating) that Mexicans continue to contribute US$30 million a day to his coffer.
Slim’s empire in Mexico extend from retail to banking and construction. Slim’s Telefonos de Mexico SAB remains the biggest landline phone company in Mexico monopolizing about 80 percent of the lines. His Telmex Internacional SAB controls Brazil’s biggest long-distance and cable TV companies as well as phone and video carriers in Colombia, Peru and other South American countries. Carlos Slim also holds stakes in U.S. companies including the New York Times Co., Saks Inc. and Bronco Drilling Co.
U.S. billionaires still dominate the ranks but their grip is slipping - fast. Americans account for 40% of the world's billionaires, down from 45% a year ago. While still commands 38% of the $3.6 trillion net worth of the world’s richest, this figure however is down from 44% a year ago. It was the Asian that stole the light when the number of of Asian billionaires spiked to 234 people from just 130 the year before – representing 23% (from 16% a year ago) of the 1,011 billionaires around the globe.
The combined wealth of Asian billionaires has also more than doubled to US$ 729 billion compared with US$ 357 billion a year ago. This rate of increase far outpaces that of European tycoons who saw their collective fortune rise by 50% while their US counterparts enjoyed only an 18% increase.
China continues to lead the Asia’s assault by more than doubling its number of billionaires to 64 from 28 last year. India follows behind, increasing its billionaires to 49 from 24 previously. Third is Hong Kong with 25 billionaires, followed by 22 from Japan, 18 from Taiwan, 11 each from Australia and South Korea, 9 from Malaysia, 7 from Indonesia, 5 from Kazakhstan, 4 from Singapore, 3 each from New Zealand and Thailand, 2 from the Philippines, and 1 from Pakistan.
Of the 234 Asian tycoons on the list, 62 are first-time billionaires out of a total of 97 new billionaires in the world. China accounts for the lion’s share of Asia’s first-time billionaires, supplying 27 new faces, followed by India with 11, Taiwan with 10, Hong Kong and Japan with three each, Australia, Indonesia and South Korea with two each, and Malaysia and Pakistan with one each.
Malaysia has the most number of billionaires in South-East Asia with Robert Kuok, former Sugar King, sharing his 33rd spot with Microsoft Corp.’s Steve Balmer. The richest man in Malaysia who is also the seventh richest man in Asia jumped from 62nd spot (Forbes ranking) last year with a net worth of US$14.5 billion. The second was Maxis Berhad’s (KLSE: MAXIS, stock-code 6012) tycoon Ananda Krishnan (US$7.6 billion) follows by IOI Corp.’s Lee Shin Cheng (US$4.4 billion) while Hong Leong Group’s Quek Leng Chan and Public Bank’s Teh Hong Piow share the same spot with US$3.4 billion each.
The latest who joined the Forbes 2010 world billionaire club is of course the Chef King (named by StockTube *ahem* after his ability to fry his stocks up as can be seen in his latest Berjaya Corporation Berhad’s (KLSE: BJCORP, stock-code 3395) flying to RM1.00 a share), Vincent Tan, whose name is also linked to political figures in Malaysia including the controversial Parkasa’s Ibrahim Ali who made numerous racist and seditious remark about Chinese taking over the country (but can walk away as if the). Strangely Ibrahim Ali served under Vincent Tan’s empire, making his claims laughable.
Of course one can argue that just like Vincent Tan, the new richest man on earth, Carlos Slim, achieved his success not because of his financial knowhow but rather his close relationship with the government or politicians. Slim was accused of robbing the Mexicans, charging very high rate for phone calls in a country where the minimum wage is 50 cents an hour. But Slim has already showed his talent in business world when he started selling drinks and snacks to his family at the age of 10.
By 11, he was investing in government saving bonds and by 15 he had bought a small quantity of stocks in Mexico's biggest bank. He was worth US$40 million by the age of 26 but his fortune skyrocket when he saw opportunity during Mexico’s 1982 recession when businesses were rock bottom cheap. Slim live a modest lifestyle and just like Hong Kong’s richest man Li Ka Shing who wore Seiko or Citizen watches; Slim is proud of his cheap plastic watch that acts as calculator as well. Slim empire is so huge (or dominating) that Mexicans continue to contribute US$30 million a day to his coffer.
Trading tips....
(A very helpful trading article from Mr.Joe Ross. He is a well known trading guru who changed my trading life. www.tradingeducators.com)
OUR OWN WORST ENEMY
As traders, we are often our own worst enemies. Although some people have an unconscious desire to fail, most of us want to succeed. Despite a strong desire for achievement, however, we often underestimate the difficulty of trading. We think it is easier to make profitable trades than it actually is, and we end up making unnecessary trading errors and thwarting our own efforts. But there's a simple solution. You can become aware of how you sabotage your efforts and make sure that you don't fall prey to these common ways of interfering with your own success.
First, try to hold realistic expectations. Many novice traders set expectations that are just too high. They set themselves up for failure by trying to trade beyond their skill level or expecting outcomes that are virtually impossible to achieve. When you push yourself beyond your comfort zone, or beyond your skill level, you tend to become so stressed that you feel anxious, ill at ease, and frustrated. You then start making trading errors that hamper even the best-laid plans.
Second, don't try to be superhuman. Indeed, you are merely human. The human mind and body has limited energy. Trading is physically, intellectually, and emotionally demanding. You wouldn't enter a triathlon without proper mental and physical preparation, so why trade when you are not physically and mentally prepared? You must be rested, relaxed, and ready for action. If you don't get enough sleep, for example, it will be difficult for you to control your emotions and to concentrate. Make sure that you get plenty of sleep, good nutrition, and exercise. In addition, don't overwork. It will eventually catch up with you. By pacing yourself as if you were running a marathon, you can meet the physical and mental challenges of trading.
Third, don't think you are bigger than the markets. Don't fool yourself into thinking that you have complete control of your destiny. Indeed, you are a slave to fate just like everyone else. Work around it. Don't try to control it. You don't need to be in complete control. You can manage risk to cope with uncertainty. If you know that relatively little is on the line, you'll trade more calmly and be ready to accept what the markets have to offer at any particular time. Just as you wouldn't try to fight nature, you must see what the "weather" is like out there and conform to market conditions. Be humble and accept what you can get. You're not as omnipotent as you wish you were.
OUR OWN WORST ENEMY
As traders, we are often our own worst enemies. Although some people have an unconscious desire to fail, most of us want to succeed. Despite a strong desire for achievement, however, we often underestimate the difficulty of trading. We think it is easier to make profitable trades than it actually is, and we end up making unnecessary trading errors and thwarting our own efforts. But there's a simple solution. You can become aware of how you sabotage your efforts and make sure that you don't fall prey to these common ways of interfering with your own success.
First, try to hold realistic expectations. Many novice traders set expectations that are just too high. They set themselves up for failure by trying to trade beyond their skill level or expecting outcomes that are virtually impossible to achieve. When you push yourself beyond your comfort zone, or beyond your skill level, you tend to become so stressed that you feel anxious, ill at ease, and frustrated. You then start making trading errors that hamper even the best-laid plans.
Second, don't try to be superhuman. Indeed, you are merely human. The human mind and body has limited energy. Trading is physically, intellectually, and emotionally demanding. You wouldn't enter a triathlon without proper mental and physical preparation, so why trade when you are not physically and mentally prepared? You must be rested, relaxed, and ready for action. If you don't get enough sleep, for example, it will be difficult for you to control your emotions and to concentrate. Make sure that you get plenty of sleep, good nutrition, and exercise. In addition, don't overwork. It will eventually catch up with you. By pacing yourself as if you were running a marathon, you can meet the physical and mental challenges of trading.
Third, don't think you are bigger than the markets. Don't fool yourself into thinking that you have complete control of your destiny. Indeed, you are a slave to fate just like everyone else. Work around it. Don't try to control it. You don't need to be in complete control. You can manage risk to cope with uncertainty. If you know that relatively little is on the line, you'll trade more calmly and be ready to accept what the markets have to offer at any particular time. Just as you wouldn't try to fight nature, you must see what the "weather" is like out there and conform to market conditions. Be humble and accept what you can get. You're not as omnipotent as you wish you were.
Armageddon
Armageddon (Arabic أرمجدون, Late Latin: Armagedōn,[1] Ancient Greek: Ἁρμαγεδών Harmagedōn,[2][3] Hebrew: הר מגידו har məgiddô) is the site of an epic battle associated with the end time prophecies of the Abrahamic religions.
According to some premillennial Christian interpretations, the Messiah, the "Lamb", Jesus Christ, will return to earth and defeat the Antichrist (the "beast") in the battle of Armageddon. Then Satan will be put into the bottomless pit or abyss for 1,000 years, known as the Millennial age. After being released from the abyss, Satan will gather Gog and Magog from the four corners of the earth. They will encamp surrounding the holy ones and the "beloved city". Fire will come down from God, out of heaven and devour Gog and Magog after the Millenium, and the Devil who deceived them is thrown into Gehenna (the lake of fire and brimstone) where the Beast and the False Prophet have been since just before the 1,000 years.[4]
Other Christian scholars interpret Armageddon as being an idealized location, or a reference to Mount Sinai.[5]
The word Armageddon appears only once in the Greek New Testament.[6] The word comes from Hebrew har məgiddô (הר מגידו), meaning "Mountain of Megiddo or "place surrounded by hills". Megiddo was the location of many decisive battles in ancient times (see Battle of Megiddo). The town Megiddo is approximately 25 miles (40 km) west of the southern tip of the Sea of Galilee (or Lake Tiberias to the Romans) in the Kishon River area.
In modern usage, especially in literature, films and music, the term has become synonymous with any cataclysmic event. Variants have been coined such as "Snowmageddon" to describe a serious snow storm; U.S. President Barack Obama used this term for the blizzard that hit the U.S. capital in February 2010.[7]
Since Megiddo is described in Scripture as being a plain, some Christian scholars conclude the "Mount of Megiddo" must be an idealized location. Rushdoony says, "There are no mountains of Megiddo, only the Plains of Megiddo. This is a deliberate destruction of the vision of any literal reference to the place."[8]
Other scholars, including C. C. Torrey, Kline and Jordan argue that the word is derived from the Hebrew moed (מועד), meaning "assembly". Thus, "Armageddon" would mean "Mountain of Assembly," which Jordan says is "a reference to the assembly at Mount Sinai, and to its replacement, Mount Zion."[5]
Dispensationalism
The Dispensational viewpoint interprets biblical prophecy literally and expects that the fulfillment of prophecy will also be literal, depending upon the context of scripture. In his discussion of Armageddon, J. Dwight Pentecost has devoted an entire chapter to the subject, titled "The Campaign of Armageddon", in which he discusses Armageddon as a campaign and not a specific battle, which will be fought in the Middle East. Pentecost writes:
It has been held commonly that the battle of Armageddon is an isolated event transpiring just prior to the second advent of Christ to the earth. The extent of this great movement in which God deals with "the kings of the earth and of the whole world" (Rev. 16:14) will not be seen unless it is realized that the "battle of that great day of God Almighty" (Rev. 16:14)[9] is not an isolated battle, but rather a campaign that extends over the last half of the tribulation period. The Greek word "polemo", translated "battle" in Revelation 16:14, signifies a war or campaign, while "machē" signifies a battle, and sometimes even single combat. This distinction is observed by Trench, (see Richard C. Trench, New Testament Synonyms, pp.301-2) and is followed by Thayer (see Joseph Henry Thayer, Greek-English Lexicon of the New Testament, p. 528) and Vincent (see Marvin R. Vincent, Word Studies in the New Testament, II, 541). The use of the word polemos (campaign) in Revelation 16:14 would signify that the events that culminate in the gathering at Armageddon at the second advent are viewed by God as one connected campaign.
—Pentecost, p.340
Pentecost then discusses the location of this campaign, and mentions the "hill of Megiddo" and other geographic locations such as "the valley of Jehoshaphat"[10] and "the valley of the passengers"[11], "Lord coming from Edom or Idumea, south of Jerusalem, when He returns from the judgment"; and Jerusalem itself.[12][13]
Pentecost further describes the area involved:
This wide area would cover the entire land of Israel and this campaign, with all its parts, would confirm what Ezekiel pictures when he says the invaders will 'cover the land'.[14] This area would conform to the extent pictured by John in Revelation 14:20."[15]
Pentecost then outlines the biblical time period for this campaign to occur and with further arguments concludes that it must take place with the 70th week of Daniel. The invasion of Israel by the Northern Confederacy "will bring the Beast and his armies to the defense of Israel as her protector". He then uses Daniel to further clarify his thinking: (Dan. 11:40b-45).[16]
Again, events are listed by Pentecost in his book:
"The movement of the campaign begins when the King of the South moves against the Beast-False Prophet coalition, which takes place 'at the time of the end.'"[17]
"The King of the South is joined by the Northern Confederacy, who attacks the Wilful King by a great force over land and sea (11:40). Jerusalem is destroyed as a result of this attack,[18] and, in turn, the armies of the Northern Confederacy are destroyed"[19]
"The full armies of the Beast move into Israel (11:41) and shall conquer all that territory (11:41-42). Edom, Moab, and Ammon alone escape. . . ."
". . . a report that causes alarm is brought to the Beast"[20]
"The Beast moves his headquarters into the land of Israel and assembles his armies there."[21]
"It is there that his destruction will come. (11:45)."[22]
After the destruction of the Beast at the Second Coming of Jesus, the promised Kingdom is set up, in which Jesus and the Saints will rule for a thousand years. Satan is then loosed "for a season" and goes out to deceive the nations, specifically, Gog and Magog.[23] The army mentioned attacks the Saints in the New Jerusalem, they are defeated by a judgment of fire coming down from Heaven, and then comes the Great White Throne judgment, which includes all of those through the ages[24] and these are cast into the Lake of Fire, which event is also known as the "second death" and Gehenna, not to be confused with Hell, which is Satan's domain. Pentecost describes this as follows:
The destiny of the lost is a place in the lake of fire (Rev. 19:20; 20:10, 14-15; 21:8). This lake of fire is described as everlasting fire (Matt. 25:41)[25] (Matt. 18:8)[26] and as unquenchable fire (Mark 9:43-44[27], 46-48,[28] emphasizing the eternal character of retribution of the lost.
—Pentacost, p. 555
[edit] Jehovah's Witnesses
See also: Eschatology of Jehovah's Witnesses
Jehovah's Witnesses believe that Armageddon is a battle in which Satan unites the kings of the earth against God's appointed king, Christ. Unlike other Christian groups, Witnesses believe that the 'Antichrist' is not an individual, that the war is not one of nations fighting against each other,[29][30] and that Megiddo refers to a symbolic gathering of all the kings of the earth.
According to The Watchtower magazine, prior to Armageddon the United Nations will attack all religions, and then focus their attack on the Witnesess, who will continue to preach.[31][32] The world's leaders will then battle against God and his forces, provoked by expressions and signs inspired by demons;[33] after they are destroyed God's kingdom will be established over earth for a thousand years.[34] The final judgment and purification of the earth's sin occurs at the end of the millennium.[35]
[edit] Seventh-day Adventist
See also: Seventh-day Adventist eschatology
Seventh-day Adventist understanding of Revelation 13-22The teachings of the Seventh-day Adventist Church state that the terms "Armageddon", "Day of the Lord" and "The Second Coming of Christ" all describe the same event.[36] Seventh-day Adventists further teach that the current religious movements taking place in the world are setting the stage for Armageddon, and they are concerned by the growing unity between spiritualism, American Protestantism and Roman Catholicism. A further significant difference in Seventh-day Adventist theology is the teaching that the events of Armageddon will leave the earth desolate for the duration of the millennium.[37] They teach that the righteous will be taken to heaven while the rest of humanity will be destroyed, leaving Satan with no one to tempt and effectively "bound."[38] The final re-creation of a "new heaven and a new earth."[39] then follows the millennium.
[edit] Islam
Some Muslims believe that the Islamic Prophet Muhammad prophesied several events to occur just before the advent of the Day of Judgment (Yawm al-Qiyamah). Al Messiah Al Dajaal (the Antichrist) will fool people into believing that he is God and ask people to worship him. True believers will reject him but will not be able to defeat him on their own. God will then send the Messiah to earth to fight the Antichrist in the battle of Armageddon, and he will defeat the unlawful Messiah (Antichrist) and his followers. Although no such thing is mentioned in the text of the Quran.[citation needed]
[edit] Ahmadiyya
In Ahmadiyya Islam, Armageddon is viewed as a spiritual battle or struggle in the present age between the forces of good, i.e. righteousness, purity and virtue, and the forces of evil. The final struggle between the two comes as satanic influence is let loose with the emergence of Gog and Magog. Satan gathers all his powers, and uses all his methods by which to mislead people, introducing an age where iniquity, promiscuity, atheism, and materialism abound. According to Ahmadi teachings, the present age has as a result been a witness to the wrath of God with the occurrence of the First and Second World Wars and the frequency of natural disasters.[40]
Ahmadiseee believe that God appointed Ghulam Ahmad (d.1908) as the promised Messiah and Mahdi, for the spiritual reformation and moral direction of mankind. The moral teachings of Islam as elucidated by Ghulam Ahmad in accordance with the present age (the seventh and last of the millennial ages from the time of the biblical man, Adam) would eventually protect from and overcome these evil things, and establish the unity and sincere worship of God and an age of peace on earth. This age continues for approximately one thousand years as per Judeo-Christian and Islamic prophecies of the Apocalypse; it is characterised by the assembling of mankind under one faith i.e. Islam as per Ahmadiyya belief.[41]
[edit] Bahá'í faith
Bahá'í literature provides three interpretations of the expectations surrounding the Battle of Armageddon, which they associated with events surrounding the World Wars.[42]
The first interpretation deals with a series of tablets written by Bahá'u'lláh, founder of the Bahá'í Faith, to be sent to various kings and rulers.[42]
The second, and best-known one, relates to events near the end of World War I involving General Allenby and the Battle of Megiddo (1918) wherein World Powers are said to have drawn soldiers from many parts of the world to engage in battle at Megiddo. In winning this battle Allenby also prevented the Turks from killing 'Abdu'l-Baha, then head of the Baha'i Faith, whom they had intended to crucify. [43]
A third interpretation reviews the overall progress of the World Wars, and the situation in the world before and after.[42]
According to some premillennial Christian interpretations, the Messiah, the "Lamb", Jesus Christ, will return to earth and defeat the Antichrist (the "beast") in the battle of Armageddon. Then Satan will be put into the bottomless pit or abyss for 1,000 years, known as the Millennial age. After being released from the abyss, Satan will gather Gog and Magog from the four corners of the earth. They will encamp surrounding the holy ones and the "beloved city". Fire will come down from God, out of heaven and devour Gog and Magog after the Millenium, and the Devil who deceived them is thrown into Gehenna (the lake of fire and brimstone) where the Beast and the False Prophet have been since just before the 1,000 years.[4]
Other Christian scholars interpret Armageddon as being an idealized location, or a reference to Mount Sinai.[5]
The word Armageddon appears only once in the Greek New Testament.[6] The word comes from Hebrew har məgiddô (הר מגידו), meaning "Mountain of Megiddo or "place surrounded by hills". Megiddo was the location of many decisive battles in ancient times (see Battle of Megiddo). The town Megiddo is approximately 25 miles (40 km) west of the southern tip of the Sea of Galilee (or Lake Tiberias to the Romans) in the Kishon River area.
In modern usage, especially in literature, films and music, the term has become synonymous with any cataclysmic event. Variants have been coined such as "Snowmageddon" to describe a serious snow storm; U.S. President Barack Obama used this term for the blizzard that hit the U.S. capital in February 2010.[7]
Since Megiddo is described in Scripture as being a plain, some Christian scholars conclude the "Mount of Megiddo" must be an idealized location. Rushdoony says, "There are no mountains of Megiddo, only the Plains of Megiddo. This is a deliberate destruction of the vision of any literal reference to the place."[8]
Other scholars, including C. C. Torrey, Kline and Jordan argue that the word is derived from the Hebrew moed (מועד), meaning "assembly". Thus, "Armageddon" would mean "Mountain of Assembly," which Jordan says is "a reference to the assembly at Mount Sinai, and to its replacement, Mount Zion."[5]
Dispensationalism
The Dispensational viewpoint interprets biblical prophecy literally and expects that the fulfillment of prophecy will also be literal, depending upon the context of scripture. In his discussion of Armageddon, J. Dwight Pentecost has devoted an entire chapter to the subject, titled "The Campaign of Armageddon", in which he discusses Armageddon as a campaign and not a specific battle, which will be fought in the Middle East. Pentecost writes:
It has been held commonly that the battle of Armageddon is an isolated event transpiring just prior to the second advent of Christ to the earth. The extent of this great movement in which God deals with "the kings of the earth and of the whole world" (Rev. 16:14) will not be seen unless it is realized that the "battle of that great day of God Almighty" (Rev. 16:14)[9] is not an isolated battle, but rather a campaign that extends over the last half of the tribulation period. The Greek word "polemo", translated "battle" in Revelation 16:14, signifies a war or campaign, while "machē" signifies a battle, and sometimes even single combat. This distinction is observed by Trench, (see Richard C. Trench, New Testament Synonyms, pp.301-2) and is followed by Thayer (see Joseph Henry Thayer, Greek-English Lexicon of the New Testament, p. 528) and Vincent (see Marvin R. Vincent, Word Studies in the New Testament, II, 541). The use of the word polemos (campaign) in Revelation 16:14 would signify that the events that culminate in the gathering at Armageddon at the second advent are viewed by God as one connected campaign.
—Pentecost, p.340
Pentecost then discusses the location of this campaign, and mentions the "hill of Megiddo" and other geographic locations such as "the valley of Jehoshaphat"[10] and "the valley of the passengers"[11], "Lord coming from Edom or Idumea, south of Jerusalem, when He returns from the judgment"; and Jerusalem itself.[12][13]
Pentecost further describes the area involved:
This wide area would cover the entire land of Israel and this campaign, with all its parts, would confirm what Ezekiel pictures when he says the invaders will 'cover the land'.[14] This area would conform to the extent pictured by John in Revelation 14:20."[15]
Pentecost then outlines the biblical time period for this campaign to occur and with further arguments concludes that it must take place with the 70th week of Daniel. The invasion of Israel by the Northern Confederacy "will bring the Beast and his armies to the defense of Israel as her protector". He then uses Daniel to further clarify his thinking: (Dan. 11:40b-45).[16]
Again, events are listed by Pentecost in his book:
"The movement of the campaign begins when the King of the South moves against the Beast-False Prophet coalition, which takes place 'at the time of the end.'"[17]
"The King of the South is joined by the Northern Confederacy, who attacks the Wilful King by a great force over land and sea (11:40). Jerusalem is destroyed as a result of this attack,[18] and, in turn, the armies of the Northern Confederacy are destroyed"[19]
"The full armies of the Beast move into Israel (11:41) and shall conquer all that territory (11:41-42). Edom, Moab, and Ammon alone escape. . . ."
". . . a report that causes alarm is brought to the Beast"[20]
"The Beast moves his headquarters into the land of Israel and assembles his armies there."[21]
"It is there that his destruction will come. (11:45)."[22]
After the destruction of the Beast at the Second Coming of Jesus, the promised Kingdom is set up, in which Jesus and the Saints will rule for a thousand years. Satan is then loosed "for a season" and goes out to deceive the nations, specifically, Gog and Magog.[23] The army mentioned attacks the Saints in the New Jerusalem, they are defeated by a judgment of fire coming down from Heaven, and then comes the Great White Throne judgment, which includes all of those through the ages[24] and these are cast into the Lake of Fire, which event is also known as the "second death" and Gehenna, not to be confused with Hell, which is Satan's domain. Pentecost describes this as follows:
The destiny of the lost is a place in the lake of fire (Rev. 19:20; 20:10, 14-15; 21:8). This lake of fire is described as everlasting fire (Matt. 25:41)[25] (Matt. 18:8)[26] and as unquenchable fire (Mark 9:43-44[27], 46-48,[28] emphasizing the eternal character of retribution of the lost.
—Pentacost, p. 555
[edit] Jehovah's Witnesses
See also: Eschatology of Jehovah's Witnesses
Jehovah's Witnesses believe that Armageddon is a battle in which Satan unites the kings of the earth against God's appointed king, Christ. Unlike other Christian groups, Witnesses believe that the 'Antichrist' is not an individual, that the war is not one of nations fighting against each other,[29][30] and that Megiddo refers to a symbolic gathering of all the kings of the earth.
According to The Watchtower magazine, prior to Armageddon the United Nations will attack all religions, and then focus their attack on the Witnesess, who will continue to preach.[31][32] The world's leaders will then battle against God and his forces, provoked by expressions and signs inspired by demons;[33] after they are destroyed God's kingdom will be established over earth for a thousand years.[34] The final judgment and purification of the earth's sin occurs at the end of the millennium.[35]
[edit] Seventh-day Adventist
See also: Seventh-day Adventist eschatology
Seventh-day Adventist understanding of Revelation 13-22The teachings of the Seventh-day Adventist Church state that the terms "Armageddon", "Day of the Lord" and "The Second Coming of Christ" all describe the same event.[36] Seventh-day Adventists further teach that the current religious movements taking place in the world are setting the stage for Armageddon, and they are concerned by the growing unity between spiritualism, American Protestantism and Roman Catholicism. A further significant difference in Seventh-day Adventist theology is the teaching that the events of Armageddon will leave the earth desolate for the duration of the millennium.[37] They teach that the righteous will be taken to heaven while the rest of humanity will be destroyed, leaving Satan with no one to tempt and effectively "bound."[38] The final re-creation of a "new heaven and a new earth."[39] then follows the millennium.
[edit] Islam
Some Muslims believe that the Islamic Prophet Muhammad prophesied several events to occur just before the advent of the Day of Judgment (Yawm al-Qiyamah). Al Messiah Al Dajaal (the Antichrist) will fool people into believing that he is God and ask people to worship him. True believers will reject him but will not be able to defeat him on their own. God will then send the Messiah to earth to fight the Antichrist in the battle of Armageddon, and he will defeat the unlawful Messiah (Antichrist) and his followers. Although no such thing is mentioned in the text of the Quran.[citation needed]
[edit] Ahmadiyya
In Ahmadiyya Islam, Armageddon is viewed as a spiritual battle or struggle in the present age between the forces of good, i.e. righteousness, purity and virtue, and the forces of evil. The final struggle between the two comes as satanic influence is let loose with the emergence of Gog and Magog. Satan gathers all his powers, and uses all his methods by which to mislead people, introducing an age where iniquity, promiscuity, atheism, and materialism abound. According to Ahmadi teachings, the present age has as a result been a witness to the wrath of God with the occurrence of the First and Second World Wars and the frequency of natural disasters.[40]
Ahmadiseee believe that God appointed Ghulam Ahmad (d.1908) as the promised Messiah and Mahdi, for the spiritual reformation and moral direction of mankind. The moral teachings of Islam as elucidated by Ghulam Ahmad in accordance with the present age (the seventh and last of the millennial ages from the time of the biblical man, Adam) would eventually protect from and overcome these evil things, and establish the unity and sincere worship of God and an age of peace on earth. This age continues for approximately one thousand years as per Judeo-Christian and Islamic prophecies of the Apocalypse; it is characterised by the assembling of mankind under one faith i.e. Islam as per Ahmadiyya belief.[41]
[edit] Bahá'í faith
Bahá'í literature provides three interpretations of the expectations surrounding the Battle of Armageddon, which they associated with events surrounding the World Wars.[42]
The first interpretation deals with a series of tablets written by Bahá'u'lláh, founder of the Bahá'í Faith, to be sent to various kings and rulers.[42]
The second, and best-known one, relates to events near the end of World War I involving General Allenby and the Battle of Megiddo (1918) wherein World Powers are said to have drawn soldiers from many parts of the world to engage in battle at Megiddo. In winning this battle Allenby also prevented the Turks from killing 'Abdu'l-Baha, then head of the Baha'i Faith, whom they had intended to crucify. [43]
A third interpretation reviews the overall progress of the World Wars, and the situation in the world before and after.[42]
TA....hmmmm..awesome
DJI retraces..strong support at 61.8% Fibonacci retracement level.....
DJI is in a downtrending tunnel..........
DJI RSI showing a prolonged overbought level, drop imminent....
DJI spike up 1000 points...strong resistance at 20,000.....Jesus Christ, defeated the Antichrist (the "beast") in the battle of Armageddon
DJI is in a downtrending tunnel..........
DJI RSI showing a prolonged overbought level, drop imminent....
DJI spike up 1000 points...strong resistance at 20,000.....Jesus Christ, defeated the Antichrist (the "beast") in the battle of Armageddon
FA....hahahahahaha
Stocks surrender early gains for 2nd straight day on concerns that market has risen too fast........
Stocks declined for 3rd straight day on concerns with Greece economic weakness.....
Stocks continue to drop for 4th straight day on concerns that there will be more bank failures.....
Stocks rebounded on bargain hunting.........
Stocks continue its gain with favourable economic figures....
........................... Stocks tumbles worldwidwe....Christ has return,,,,,,
Stocks declined for 3rd straight day on concerns with Greece economic weakness.....
Stocks continue to drop for 4th straight day on concerns that there will be more bank failures.....
Stocks rebounded on bargain hunting.........
Stocks continue its gain with favourable economic figures....
........................... Stocks tumbles worldwidwe....Christ has return,,,,,,
FA...Stocks surrender early gains for 2nd straight day on concerns that market has risen too fast
Stephen Bernard and Tim Paradis, AP Business Writers, On Friday March 26, 2010, 6:03 pm EDT
NEW YORK (AP) -- The stock market looks tired.
Stocks closed mixed for a second day after investors grew pessimistic about the market's ability to keep its rally going.
The Dow Jones industrial average rose 9 points Friday. It had been up as much as 68 after European leaders announced a plan to help Greece with its debts. A similar advance and retreat occurred Thursday.
There wasn't a clear reason for stocks' retrenchment Friday. But analysts said the market does need a break from a climb that has now gone on for two months with few interruptions. The Dow has advanced 17 of the last 21 days.
"The market is extremely vulnerable to a pullback," said Christian Bendixen, director of technical research at Bay Crest Partners in New York.
Even with the mixed finish Friday, major stock indexes still managed to rise for a fourth straight week.
The early gain in stocks came after the European Union and International Monetary Fund created a bailout program that will help Greece and other European nations facing rising debt. The deal reached late Thursday will not make money immediately available to Greece, but instead act more as a safety net.
"It reinforces there will be a rescue and support for Greece," said Oliver Pursche, executive vice president at Gary Goldberg Financial Services. "It lays the groundwork for future rescue packages."
Investors have worried that mounting debt problems in places like Greece, Portugal and Spain would spread to other countries and hamper a global economic rebound.
The reassurance that Greece will get aid, if necessary, helped the euro rise against the dollar. The euro hit 10-month lows during the week.
But the gains faded as traders became uneasy after the extended string of advances, which have come on light volume. When trading volume is weak, investors often worry that only a small number of buyers are driving the market higher.
"Investors may be trigger-happy to lock in gains at any sign of selling," said Michael Sheldon, chief market strategist at RDM Financial Group.
The Dow rose 9.15, or 0.1 percent, to 10,850.36. The Standard & Poor's 500 index rose 0.86, or 0.1 percent, to 1,166.59, while the Nasdaq composite index fell 2.28, or 0.1 percent, to 2,395.13.
For the week, the Dow is up 1 percent. It hasn't risen for four straight weeks since August.
The S&P 500 index rose 0.6 percent and the Nasdaq gained 0.9 percent.
Bond prices rose, pushing down yields. Weak demand at the government's latest auctions for Treasury notes sent prices tumbling and interest rates sharply higher during the week.
The yield on the benchmark 10-year Treasury note fell to 3.85 percent from 3.89 percent late Thursday. The 10-year note is often used as a benchmark for interest rates on consumer loans.
The coming week is a short one for investors. Markets will be closed for Good Friday. But there will be plenty of economic data to digest, including consumer confidence figures on Tuesday and a manufacturing report on Thursday. The government will release its March employment report on Friday, but investors will have to wait to Monday to trade on the news.
Investors brushed aside Friday's final update to the gross domestic product report that showed the U.S. economy grew at a 5.6 percent pace in the fourth quarter, just below the 5.9 percent forecast by economists polled by Thomson Reuters.
Much of the growth was tied to a surge in spending from government stimulus measures and manufacturing as businesses restocked exceptionally low inventories. Those gains are seen as temporary, so GDP likely has slowed sharply in the first quarter.
Consumer spending also remains weak and has not been able to replace the slack from a slowdown in government measures. Consumers are cautious because unemployment remains high, analysts say.
The Reuters/University of Michigan consumer sentiment index for March was revised to 73.6 from a previous estimate of 72.5. The revised number was better than the 73 reading economists had forecast, but only even with February's figure.
Daniel Egan, president of the Massachusetts Credit Union League, said the sentiment reading is likely to remain in its current range until there are signs of jobs growth.
Consumers are "frozen" right now because they are still unsure about their jobs, Egan said. The updated GDP report showed consumer spending was even slower at the end of 2009 than previously estimated.
High unemployment has made consumers cautious, which has been reflected in mixed consumer confidence surveys in recent months. The Labor Department's employment report next Friday is expected to show that employers added jobs in March for only the second month since the recession began in December 2007.
Economists predict employers added 168,000 jobs in March after shedding 36,000 in February.
Advancing stocks narrowly outpaced those that rose on the New York Stock Exchange, where consolidated volume came to 4.7 billion shares, compared with 5.7 billion Thursday.
The Russell 2000 index of smaller companies fell 0.13, or less than 0.1 percent, to 678.97.
Overseas, Britain's FTSE 100 fell 0.4 percent, Germany's DAX index dropped 0.2 percent, and France's CAC-40 fell 0.3 percent. Japan's Nikkei stock average rose 1.6 percent.
The Dow Jones industrial average closed the week up 108.38 points, or 1 percent, at 10,850.36. The Standard & Poor's 500 index rose 6.69, or 0.6 percent, to 1,166.59. The Nasdaq composite index rose 20.72, or 0.9 percent, to 2,395.13.
The Russell 2000 index, which tracks the performance of small company stocks, rose 5.08, or 0.8 percent, for the week to 678.97.
The Dow Jones U.S. Total Stock Market Index -- which measures nearly all U.S.-based companies -- ended at 12,003.94, up 70.27, or 0.6 percent.
NEW YORK (AP) -- The stock market looks tired.
Stocks closed mixed for a second day after investors grew pessimistic about the market's ability to keep its rally going.
The Dow Jones industrial average rose 9 points Friday. It had been up as much as 68 after European leaders announced a plan to help Greece with its debts. A similar advance and retreat occurred Thursday.
There wasn't a clear reason for stocks' retrenchment Friday. But analysts said the market does need a break from a climb that has now gone on for two months with few interruptions. The Dow has advanced 17 of the last 21 days.
"The market is extremely vulnerable to a pullback," said Christian Bendixen, director of technical research at Bay Crest Partners in New York.
Even with the mixed finish Friday, major stock indexes still managed to rise for a fourth straight week.
The early gain in stocks came after the European Union and International Monetary Fund created a bailout program that will help Greece and other European nations facing rising debt. The deal reached late Thursday will not make money immediately available to Greece, but instead act more as a safety net.
"It reinforces there will be a rescue and support for Greece," said Oliver Pursche, executive vice president at Gary Goldberg Financial Services. "It lays the groundwork for future rescue packages."
Investors have worried that mounting debt problems in places like Greece, Portugal and Spain would spread to other countries and hamper a global economic rebound.
The reassurance that Greece will get aid, if necessary, helped the euro rise against the dollar. The euro hit 10-month lows during the week.
But the gains faded as traders became uneasy after the extended string of advances, which have come on light volume. When trading volume is weak, investors often worry that only a small number of buyers are driving the market higher.
"Investors may be trigger-happy to lock in gains at any sign of selling," said Michael Sheldon, chief market strategist at RDM Financial Group.
The Dow rose 9.15, or 0.1 percent, to 10,850.36. The Standard & Poor's 500 index rose 0.86, or 0.1 percent, to 1,166.59, while the Nasdaq composite index fell 2.28, or 0.1 percent, to 2,395.13.
For the week, the Dow is up 1 percent. It hasn't risen for four straight weeks since August.
The S&P 500 index rose 0.6 percent and the Nasdaq gained 0.9 percent.
Bond prices rose, pushing down yields. Weak demand at the government's latest auctions for Treasury notes sent prices tumbling and interest rates sharply higher during the week.
The yield on the benchmark 10-year Treasury note fell to 3.85 percent from 3.89 percent late Thursday. The 10-year note is often used as a benchmark for interest rates on consumer loans.
The coming week is a short one for investors. Markets will be closed for Good Friday. But there will be plenty of economic data to digest, including consumer confidence figures on Tuesday and a manufacturing report on Thursday. The government will release its March employment report on Friday, but investors will have to wait to Monday to trade on the news.
Investors brushed aside Friday's final update to the gross domestic product report that showed the U.S. economy grew at a 5.6 percent pace in the fourth quarter, just below the 5.9 percent forecast by economists polled by Thomson Reuters.
Much of the growth was tied to a surge in spending from government stimulus measures and manufacturing as businesses restocked exceptionally low inventories. Those gains are seen as temporary, so GDP likely has slowed sharply in the first quarter.
Consumer spending also remains weak and has not been able to replace the slack from a slowdown in government measures. Consumers are cautious because unemployment remains high, analysts say.
The Reuters/University of Michigan consumer sentiment index for March was revised to 73.6 from a previous estimate of 72.5. The revised number was better than the 73 reading economists had forecast, but only even with February's figure.
Daniel Egan, president of the Massachusetts Credit Union League, said the sentiment reading is likely to remain in its current range until there are signs of jobs growth.
Consumers are "frozen" right now because they are still unsure about their jobs, Egan said. The updated GDP report showed consumer spending was even slower at the end of 2009 than previously estimated.
High unemployment has made consumers cautious, which has been reflected in mixed consumer confidence surveys in recent months. The Labor Department's employment report next Friday is expected to show that employers added jobs in March for only the second month since the recession began in December 2007.
Economists predict employers added 168,000 jobs in March after shedding 36,000 in February.
Advancing stocks narrowly outpaced those that rose on the New York Stock Exchange, where consolidated volume came to 4.7 billion shares, compared with 5.7 billion Thursday.
The Russell 2000 index of smaller companies fell 0.13, or less than 0.1 percent, to 678.97.
Overseas, Britain's FTSE 100 fell 0.4 percent, Germany's DAX index dropped 0.2 percent, and France's CAC-40 fell 0.3 percent. Japan's Nikkei stock average rose 1.6 percent.
The Dow Jones industrial average closed the week up 108.38 points, or 1 percent, at 10,850.36. The Standard & Poor's 500 index rose 6.69, or 0.6 percent, to 1,166.59. The Nasdaq composite index rose 20.72, or 0.9 percent, to 2,395.13.
The Russell 2000 index, which tracks the performance of small company stocks, rose 5.08, or 0.8 percent, for the week to 678.97.
The Dow Jones U.S. Total Stock Market Index -- which measures nearly all U.S.-based companies -- ended at 12,003.94, up 70.27, or 0.6 percent.
Eternal Life: You Can Be Sure
John 3:16-17
I have heard many reasons why people are uncertain about their eternal future. "I sin too much," says one. "I don't feel saved, Pastor," says another. Someone else worries that she did not follow the "right procedure" to ask for forgiveness. Still others have erroneously learned from their families or churches that no one can be sure of salvation.
My response to all of these rationales is the same: If you believe that Jesus Christ is the Son of God and that His death on the cross purchased God's forgiveness for your sins, then you are saved. And you can be sure.
God's promises never change. He said that those who trust in His Son would have eternal life (John 5:24). What's more, a believer cannot be snatched from God's hand (John 10:27-30).
The Lord loves us unconditionally. Nothing can separate a believer from God's love (Rom. 8:35-39). Satan's charges against us can never change how precious we are to our Father.
The Savior's work on the cross is finished. Jesus Christ made one perfect sacrifice—His own life. In this single act, He atoned for every sinful deed, word, and thought (Heb. 9:11-12, 26). When we receive His salvation, it is ours forever.
God loved us so much that He sent His Son to die for our sins so we could live eternally in His presence. It really is that simple. Whatever your doubts, ask the Holy Spirit to confront them with biblical truth. He will quietly assure your heart that you are God's child forever (Rom. 8:16).
For more biblical teaching and resources from Dr. Charles Stanley, please visit www.intouch.org.
I have heard many reasons why people are uncertain about their eternal future. "I sin too much," says one. "I don't feel saved, Pastor," says another. Someone else worries that she did not follow the "right procedure" to ask for forgiveness. Still others have erroneously learned from their families or churches that no one can be sure of salvation.
My response to all of these rationales is the same: If you believe that Jesus Christ is the Son of God and that His death on the cross purchased God's forgiveness for your sins, then you are saved. And you can be sure.
God's promises never change. He said that those who trust in His Son would have eternal life (John 5:24). What's more, a believer cannot be snatched from God's hand (John 10:27-30).
The Lord loves us unconditionally. Nothing can separate a believer from God's love (Rom. 8:35-39). Satan's charges against us can never change how precious we are to our Father.
The Savior's work on the cross is finished. Jesus Christ made one perfect sacrifice—His own life. In this single act, He atoned for every sinful deed, word, and thought (Heb. 9:11-12, 26). When we receive His salvation, it is ours forever.
God loved us so much that He sent His Son to die for our sins so we could live eternally in His presence. It really is that simple. Whatever your doubts, ask the Holy Spirit to confront them with biblical truth. He will quietly assure your heart that you are God's child forever (Rom. 8:16).
For more biblical teaching and resources from Dr. Charles Stanley, please visit www.intouch.org.
Don't look down or under-estimate anyone or anything.....not even a moth...
Tracie Cone, Associated Press Writer, On Saturday March 27, 2010, 6:05 pm EDT
FRESNO, Calif. (AP) -- One of the dirty secrets of California's wine country is now on everyone's lips.
Somehow a voracious grape-eating moth has found its way nonstop from Europe to the heart of the Napa Valley, the land of three-figure cabernet. With valuable fruit at risk, the region's fast and loose play with federal agriculture quarantine laws is getting new scrutiny from investigators and researchers.
Suitcase smuggling is the winked-at act of sneaking in cane cuttings to clone vines from France's premier vineyards, hoping to replicate success. Vintners say it helped build a handful of exceptional vineyards in the 1980s when U.S. plant choices were limited and import testing took seven years.
As California clamps a quarantine across the heart of Napa Valley and farmers ready their pesticides, nobody is winking anymore. A new Napa reality is setting in-- that lax attitudes invite costly invasions of new pests that can threaten the country's most expensive and economically productive farmland.
"There are people who continue to spin their tales of smuggled plant material. People like a story with a glass of wine, and what that tends to do is legitimize behavior that not only threatens the industry, it's illegal," said Greg Clark, deputy agricultural commissioner for Napa County. "Knock it off."
A handful of California's best vintners today admit to having used "suitcase cloning" to avoid yearslong waits in USDA quarantine for their vines.
Their stories of success after stuffing cane buds down pants legs and in backpacks romanticized an outlaw behavior that, even if it's not directly responsible for a coming wave of vineyard spraying over most of Napa Valley, has reminded growers that one person's miscalculation can affect them all.
"The question is 'Who brought it in?" asks Jim Lincoln, who manages 400 acres of grapes in the quarantine area.
Theories are swirling around Napa like cabernet in a Riedel glass: smuggled grape cuttings; imported vineyard machinery mislabeled to avoid scrutiny, as is suspected in Chile's similar outbreak, or, even more sinister, a deliberate introduction to gain an edge in a region where an acre of fruit can sell for $15,000 and more.
"Even small percentage or a fraction of a percentage in market share has the potential to benefit someone financially," said Clark.
Agricultural officials say that had the European grapevine moth (Lobesia botrana) innocently evaded inspectors on a container ship, the first trapping of the grape eater would have been near a port. Instead the pest that has proliferated across European vineyards appeared last September in the heart of the region where fine cabernet can fetch hundreds of dollars a bottle.
"My personal belief is that there are people who feel they are above the law and that they know better and therefore they'll bring in whatever they like," said USDA spokesman Larry Hawkins. "They flaunt it."
Steep fines and improved U.S. nursery stock since the 1980s now discourage the reckless suitcase smuggling practice, though authorities believe it still exists.
Today a grower seeking shortcuts would have to pass border inspectors and circumvent quarantines at UC-Davis' Foundation Plant Services, funded to test imported plants for pests and diseases.
"There are those who think that some of the virus problems suffered in Napa have been because of smuggling," said Plant Services director Deborah Golino. "The more we move plants around the world, the more chance there is of introducing problems."
Entomologists say the life cycle of the moth, native to Italy but found across eastern Europe and the Middle East, make it difficult for it to survive on cuttings, so the suitcase smuggling theory might not hold up, despite the talk.
"I'm not saying that people don't still try to get suitcase wood in, but in this instance I'm not sure the pest would be transported like that," said Monica Cooper, the Napa County viticulture farm adviser.
Investigators with the USDA's Animal and Plant Health Inspection Service say they may never know for certain how the moth traveled to wine country.
Traps to pinpoint the infestation are set 25 per square mile across Napa Valley as they begin to swarm in warmer weather, and less intensively in California's other grape regions.
Investigators from the USDA's Smuggling Interdiction and Trade Compliance unit are checking everything from vineyards to shipping manifests to try to find the breech in order to plug it. The task isn't easy.
"When it comes to individuals smuggling, that's a whole lot more difficult than searching a cargo ship," Hawkins said. "Looking for the source among tens of thousands of vines is like looking for a needle in a haystack."
(This version CORRECTS the name of the USDA'S Animal and Plant Health Inspection Service.)
FRESNO, Calif. (AP) -- One of the dirty secrets of California's wine country is now on everyone's lips.
Somehow a voracious grape-eating moth has found its way nonstop from Europe to the heart of the Napa Valley, the land of three-figure cabernet. With valuable fruit at risk, the region's fast and loose play with federal agriculture quarantine laws is getting new scrutiny from investigators and researchers.
Suitcase smuggling is the winked-at act of sneaking in cane cuttings to clone vines from France's premier vineyards, hoping to replicate success. Vintners say it helped build a handful of exceptional vineyards in the 1980s when U.S. plant choices were limited and import testing took seven years.
As California clamps a quarantine across the heart of Napa Valley and farmers ready their pesticides, nobody is winking anymore. A new Napa reality is setting in-- that lax attitudes invite costly invasions of new pests that can threaten the country's most expensive and economically productive farmland.
"There are people who continue to spin their tales of smuggled plant material. People like a story with a glass of wine, and what that tends to do is legitimize behavior that not only threatens the industry, it's illegal," said Greg Clark, deputy agricultural commissioner for Napa County. "Knock it off."
A handful of California's best vintners today admit to having used "suitcase cloning" to avoid yearslong waits in USDA quarantine for their vines.
Their stories of success after stuffing cane buds down pants legs and in backpacks romanticized an outlaw behavior that, even if it's not directly responsible for a coming wave of vineyard spraying over most of Napa Valley, has reminded growers that one person's miscalculation can affect them all.
"The question is 'Who brought it in?" asks Jim Lincoln, who manages 400 acres of grapes in the quarantine area.
Theories are swirling around Napa like cabernet in a Riedel glass: smuggled grape cuttings; imported vineyard machinery mislabeled to avoid scrutiny, as is suspected in Chile's similar outbreak, or, even more sinister, a deliberate introduction to gain an edge in a region where an acre of fruit can sell for $15,000 and more.
"Even small percentage or a fraction of a percentage in market share has the potential to benefit someone financially," said Clark.
Agricultural officials say that had the European grapevine moth (Lobesia botrana) innocently evaded inspectors on a container ship, the first trapping of the grape eater would have been near a port. Instead the pest that has proliferated across European vineyards appeared last September in the heart of the region where fine cabernet can fetch hundreds of dollars a bottle.
"My personal belief is that there are people who feel they are above the law and that they know better and therefore they'll bring in whatever they like," said USDA spokesman Larry Hawkins. "They flaunt it."
Steep fines and improved U.S. nursery stock since the 1980s now discourage the reckless suitcase smuggling practice, though authorities believe it still exists.
Today a grower seeking shortcuts would have to pass border inspectors and circumvent quarantines at UC-Davis' Foundation Plant Services, funded to test imported plants for pests and diseases.
"There are those who think that some of the virus problems suffered in Napa have been because of smuggling," said Plant Services director Deborah Golino. "The more we move plants around the world, the more chance there is of introducing problems."
Entomologists say the life cycle of the moth, native to Italy but found across eastern Europe and the Middle East, make it difficult for it to survive on cuttings, so the suitcase smuggling theory might not hold up, despite the talk.
"I'm not saying that people don't still try to get suitcase wood in, but in this instance I'm not sure the pest would be transported like that," said Monica Cooper, the Napa County viticulture farm adviser.
Investigators with the USDA's Animal and Plant Health Inspection Service say they may never know for certain how the moth traveled to wine country.
Traps to pinpoint the infestation are set 25 per square mile across Napa Valley as they begin to swarm in warmer weather, and less intensively in California's other grape regions.
Investigators from the USDA's Smuggling Interdiction and Trade Compliance unit are checking everything from vineyards to shipping manifests to try to find the breech in order to plug it. The task isn't easy.
"When it comes to individuals smuggling, that's a whole lot more difficult than searching a cargo ship," Hawkins said. "Looking for the source among tens of thousands of vines is like looking for a needle in a haystack."
(This version CORRECTS the name of the USDA'S Animal and Plant Health Inspection Service.)
Saturday, March 27, 2010
FA...Stocks surrender early gains for 2nd straight day on concerns that market has risen too fast
Stephen Bernard and Tim Paradis, AP Business Writers, On Friday March 26, 2010, 6:03 pm EDT
NEW YORK (AP) -- The stock market looks tired.
Stocks closed mixed for a second day after investors grew pessimistic about the market's ability to keep its rally going.
The Dow Jones industrial average rose 9 points Friday. It had been up as much as 68 after European leaders announced a plan to help Greece with its debts. A similar advance and retreat occurred Thursday.
There wasn't a clear reason for stocks' retrenchment Friday. But analysts said the market does need a break from a climb that has now gone on for two months with few interruptions. The Dow has advanced 17 of the last 21 days.
"The market is extremely vulnerable to a pullback," said Christian Bendixen, director of technical research at Bay Crest Partners in New York.
Even with the mixed finish Friday, major stock indexes still managed to rise for a fourth straight week.
The early gain in stocks came after the European Union and International Monetary Fund created a bailout program that will help Greece and other European nations facing rising debt. The deal reached late Thursday will not make money immediately available to Greece, but instead act more as a safety net.
"It reinforces there will be a rescue and support for Greece," said Oliver Pursche, executive vice president at Gary Goldberg Financial Services. "It lays the groundwork for future rescue packages."
Investors have worried that mounting debt problems in places like Greece, Portugal and Spain would spread to other countries and hamper a global economic rebound.
The reassurance that Greece will get aid, if necessary, helped the euro rise against the dollar. The euro hit 10-month lows during the week.
But the gains faded as traders became uneasy after the extended string of advances, which have come on light volume. When trading volume is weak, investors often worry that only a small number of buyers are driving the market higher.
"Investors may be trigger-happy to lock in gains at any sign of selling," said Michael Sheldon, chief market strategist at RDM Financial Group.
The Dow rose 9.15, or 0.1 percent, to 10,850.36. The Standard & Poor's 500 index rose 0.86, or 0.1 percent, to 1,166.59, while the Nasdaq composite index fell 2.28, or 0.1 percent, to 2,395.13.
For the week, the Dow is up 1 percent. It hasn't risen for four straight weeks since August.
The S&P 500 index rose 0.6 percent and the Nasdaq gained 0.9 percent.
Bond prices rose, pushing down yields. Weak demand at the government's latest auctions for Treasury notes sent prices tumbling and interest rates sharply higher during the week.
The yield on the benchmark 10-year Treasury note fell to 3.85 percent from 3.89 percent late Thursday. The 10-year note is often used as a benchmark for interest rates on consumer loans.
The coming week is a short one for investors. Markets will be closed for Good Friday. But there will be plenty of economic data to digest, including consumer confidence figures on Tuesday and a manufacturing report on Thursday. The government will release its March employment report on Friday, but investors will have to wait to Monday to trade on the news.
Investors brushed aside Friday's final update to the gross domestic product report that showed the U.S. economy grew at a 5.6 percent pace in the fourth quarter, just below the 5.9 percent forecast by economists polled by Thomson Reuters.
Much of the growth was tied to a surge in spending from government stimulus measures and manufacturing as businesses restocked exceptionally low inventories. Those gains are seen as temporary, so GDP likely has slowed sharply in the first quarter.
Consumer spending also remains weak and has not been able to replace the slack from a slowdown in government measures. Consumers are cautious because unemployment remains high, analysts say.
The Reuters/University of Michigan consumer sentiment index for March was revised to 73.6 from a previous estimate of 72.5. The revised number was better than the 73 reading economists had forecast, but only even with February's figure.
Daniel Egan, president of the Massachusetts Credit Union League, said the sentiment reading is likely to remain in its current range until there are signs of jobs growth.
Consumers are "frozen" right now because they are still unsure about their jobs, Egan said. The updated GDP report showed consumer spending was even slower at the end of 2009 than previously estimated.
High unemployment has made consumers cautious, which has been reflected in mixed consumer confidence surveys in recent months. The Labor Department's employment report next Friday is expected to show that employers added jobs in March for only the second month since the recession began in December 2007.
Economists predict employers added 168,000 jobs in March after shedding 36,000 in February.
Advancing stocks narrowly outpaced those that rose on the New York Stock Exchange, where consolidated volume came to 4.7 billion shares, compared with 5.7 billion Thursday.
The Russell 2000 index of smaller companies fell 0.13, or less than 0.1 percent, to 678.97.
Overseas, Britain's FTSE 100 fell 0.4 percent, Germany's DAX index dropped 0.2 percent, and France's CAC-40 fell 0.3 percent. Japan's Nikkei stock average rose 1.6 percent.
The Dow Jones industrial average closed the week up 108.38 points, or 1 percent, at 10,850.36. The Standard & Poor's 500 index rose 6.69, or 0.6 percent, to 1,166.59. The Nasdaq composite index rose 20.72, or 0.9 percent, to 2,395.13.
The Russell 2000 index, which tracks the performance of small company stocks, rose 5.08, or 0.8 percent, for the week to 678.97.
The Dow Jones U.S. Total Stock Market Index -- which measures nearly all U.S.-based companies -- ended at 12,003.94, up 70.27, or 0.6 percent.
NEW YORK (AP) -- The stock market looks tired.
Stocks closed mixed for a second day after investors grew pessimistic about the market's ability to keep its rally going.
The Dow Jones industrial average rose 9 points Friday. It had been up as much as 68 after European leaders announced a plan to help Greece with its debts. A similar advance and retreat occurred Thursday.
There wasn't a clear reason for stocks' retrenchment Friday. But analysts said the market does need a break from a climb that has now gone on for two months with few interruptions. The Dow has advanced 17 of the last 21 days.
"The market is extremely vulnerable to a pullback," said Christian Bendixen, director of technical research at Bay Crest Partners in New York.
Even with the mixed finish Friday, major stock indexes still managed to rise for a fourth straight week.
The early gain in stocks came after the European Union and International Monetary Fund created a bailout program that will help Greece and other European nations facing rising debt. The deal reached late Thursday will not make money immediately available to Greece, but instead act more as a safety net.
"It reinforces there will be a rescue and support for Greece," said Oliver Pursche, executive vice president at Gary Goldberg Financial Services. "It lays the groundwork for future rescue packages."
Investors have worried that mounting debt problems in places like Greece, Portugal and Spain would spread to other countries and hamper a global economic rebound.
The reassurance that Greece will get aid, if necessary, helped the euro rise against the dollar. The euro hit 10-month lows during the week.
But the gains faded as traders became uneasy after the extended string of advances, which have come on light volume. When trading volume is weak, investors often worry that only a small number of buyers are driving the market higher.
"Investors may be trigger-happy to lock in gains at any sign of selling," said Michael Sheldon, chief market strategist at RDM Financial Group.
The Dow rose 9.15, or 0.1 percent, to 10,850.36. The Standard & Poor's 500 index rose 0.86, or 0.1 percent, to 1,166.59, while the Nasdaq composite index fell 2.28, or 0.1 percent, to 2,395.13.
For the week, the Dow is up 1 percent. It hasn't risen for four straight weeks since August.
The S&P 500 index rose 0.6 percent and the Nasdaq gained 0.9 percent.
Bond prices rose, pushing down yields. Weak demand at the government's latest auctions for Treasury notes sent prices tumbling and interest rates sharply higher during the week.
The yield on the benchmark 10-year Treasury note fell to 3.85 percent from 3.89 percent late Thursday. The 10-year note is often used as a benchmark for interest rates on consumer loans.
The coming week is a short one for investors. Markets will be closed for Good Friday. But there will be plenty of economic data to digest, including consumer confidence figures on Tuesday and a manufacturing report on Thursday. The government will release its March employment report on Friday, but investors will have to wait to Monday to trade on the news.
Investors brushed aside Friday's final update to the gross domestic product report that showed the U.S. economy grew at a 5.6 percent pace in the fourth quarter, just below the 5.9 percent forecast by economists polled by Thomson Reuters.
Much of the growth was tied to a surge in spending from government stimulus measures and manufacturing as businesses restocked exceptionally low inventories. Those gains are seen as temporary, so GDP likely has slowed sharply in the first quarter.
Consumer spending also remains weak and has not been able to replace the slack from a slowdown in government measures. Consumers are cautious because unemployment remains high, analysts say.
The Reuters/University of Michigan consumer sentiment index for March was revised to 73.6 from a previous estimate of 72.5. The revised number was better than the 73 reading economists had forecast, but only even with February's figure.
Daniel Egan, president of the Massachusetts Credit Union League, said the sentiment reading is likely to remain in its current range until there are signs of jobs growth.
Consumers are "frozen" right now because they are still unsure about their jobs, Egan said. The updated GDP report showed consumer spending was even slower at the end of 2009 than previously estimated.
High unemployment has made consumers cautious, which has been reflected in mixed consumer confidence surveys in recent months. The Labor Department's employment report next Friday is expected to show that employers added jobs in March for only the second month since the recession began in December 2007.
Economists predict employers added 168,000 jobs in March after shedding 36,000 in February.
Advancing stocks narrowly outpaced those that rose on the New York Stock Exchange, where consolidated volume came to 4.7 billion shares, compared with 5.7 billion Thursday.
The Russell 2000 index of smaller companies fell 0.13, or less than 0.1 percent, to 678.97.
Overseas, Britain's FTSE 100 fell 0.4 percent, Germany's DAX index dropped 0.2 percent, and France's CAC-40 fell 0.3 percent. Japan's Nikkei stock average rose 1.6 percent.
The Dow Jones industrial average closed the week up 108.38 points, or 1 percent, at 10,850.36. The Standard & Poor's 500 index rose 6.69, or 0.6 percent, to 1,166.59. The Nasdaq composite index rose 20.72, or 0.9 percent, to 2,395.13.
The Russell 2000 index, which tracks the performance of small company stocks, rose 5.08, or 0.8 percent, for the week to 678.97.
The Dow Jones U.S. Total Stock Market Index -- which measures nearly all U.S.-based companies -- ended at 12,003.94, up 70.27, or 0.6 percent.
FA...Regulators shut 2 Georgia banks, 1 in Florida, 1 in Arizona; makes 41 US bank failures in 2010
Marcy Gordon, AP Business Writer, On Friday March 26, 2010, 8:13 pm EDT
WASHINGTON (AP) -- Regulators on Friday shut down two Georgia banks and one each in Florida and Arizona, bringing to 41 the number of bank failures in the U.S. so far this year following the 140 that fell in 2009 to mounting loan defaults and the recession.
The Federal Deposit Insurance Corp. on Friday took over the banks: McIntosh Commercial Bank, based in Carrollton, Ga.; Unity National Bank of Cartersville, Ga.; Key West Bank of Key West, Fla., and Desert Hills Bank, based in Phoenix.
The four failures are expected to cost the federal deposit insurance fund a total of around $320.3 million.
CharterBank, based in West Point, Ga., agreed to assume the estimated $362.9 million in assets and $343.3 million in deposits of McIntosh Commercial Bank. In addition, the FDIC and CharterBank agreed to share losses on $263.1 million of McIntosh Commercial's loans and other assets.
Bank of the Ozarks, based in Little Rock, Ark., is assuming the estimated $292.2 million in assets and $264.3 million in deposits of Unity National Bank. The FDIC and Bank of the Ozarks agreed to share losses on $206.1 million of Unity National's loans and other assets.
Another Arkansas bank, Centennial Bank of Conway, Ark., is assuming the $88 million in assets and $67.7 million in deposits of Key West Bank.
The two shuttered banks in Georgia followed three bank failures in that state last week and 25 last year, more than in any other state.
New York Community Bank, based in Westbury, N.Y., is assuming the $496.6 million in assets and $426.5 million in deposits of Desert Hills Bank. The agency and New York Community Bank agreed to share losses on $325.9 million of the failed bank's loans and other assets.
The pace of bank seizures this year is likely to accelerate in coming months, regulators have said, as losses mount on loans made for commercial property and development.
The mounting bank failures have sapped billions of dollars out of the deposit insurance fund. It fell into the red last year, hitting a $20.9 billion deficit as of Dec. 31.
The number of banks on the FDIC's confidential "problem" list jumped to 702 in the fourth quarter from 552 three months earlier, even as the industry squeezed out a small profit. Still, nearly one in every three banks reported a net loss for the latest quarter.
The 140 bank failures last year were the highest annual tally since 1992, at the height of the savings and loan crisis. They cost the insurance fund more than $30 billion. There were 25 bank failures in 2008 and just three in 2007.
The FDIC expects the cost of resolving failed banks to grow to about $100 billion over the next four years.
The agency mandated last year that banks prepay about $45 billion in premiums, for 2010 through 2012, to replenish the insurance fund.
Depositors' money -- insured up to $250,000 per account -- is not at risk, with the FDIC backed by the government. Apart from the fund, the FDIC has about $66 billion in cash and securities available in reserve to cover losses at failed banks.
WASHINGTON (AP) -- Regulators on Friday shut down two Georgia banks and one each in Florida and Arizona, bringing to 41 the number of bank failures in the U.S. so far this year following the 140 that fell in 2009 to mounting loan defaults and the recession.
The Federal Deposit Insurance Corp. on Friday took over the banks: McIntosh Commercial Bank, based in Carrollton, Ga.; Unity National Bank of Cartersville, Ga.; Key West Bank of Key West, Fla., and Desert Hills Bank, based in Phoenix.
The four failures are expected to cost the federal deposit insurance fund a total of around $320.3 million.
CharterBank, based in West Point, Ga., agreed to assume the estimated $362.9 million in assets and $343.3 million in deposits of McIntosh Commercial Bank. In addition, the FDIC and CharterBank agreed to share losses on $263.1 million of McIntosh Commercial's loans and other assets.
Bank of the Ozarks, based in Little Rock, Ark., is assuming the estimated $292.2 million in assets and $264.3 million in deposits of Unity National Bank. The FDIC and Bank of the Ozarks agreed to share losses on $206.1 million of Unity National's loans and other assets.
Another Arkansas bank, Centennial Bank of Conway, Ark., is assuming the $88 million in assets and $67.7 million in deposits of Key West Bank.
The two shuttered banks in Georgia followed three bank failures in that state last week and 25 last year, more than in any other state.
New York Community Bank, based in Westbury, N.Y., is assuming the $496.6 million in assets and $426.5 million in deposits of Desert Hills Bank. The agency and New York Community Bank agreed to share losses on $325.9 million of the failed bank's loans and other assets.
The pace of bank seizures this year is likely to accelerate in coming months, regulators have said, as losses mount on loans made for commercial property and development.
The mounting bank failures have sapped billions of dollars out of the deposit insurance fund. It fell into the red last year, hitting a $20.9 billion deficit as of Dec. 31.
The number of banks on the FDIC's confidential "problem" list jumped to 702 in the fourth quarter from 552 three months earlier, even as the industry squeezed out a small profit. Still, nearly one in every three banks reported a net loss for the latest quarter.
The 140 bank failures last year were the highest annual tally since 1992, at the height of the savings and loan crisis. They cost the insurance fund more than $30 billion. There were 25 bank failures in 2008 and just three in 2007.
The FDIC expects the cost of resolving failed banks to grow to about $100 billion over the next four years.
The agency mandated last year that banks prepay about $45 billion in premiums, for 2010 through 2012, to replenish the insurance fund.
Depositors' money -- insured up to $250,000 per account -- is not at risk, with the FDIC backed by the government. Apart from the fund, the FDIC has about $66 billion in cash and securities available in reserve to cover losses at failed banks.
Friday, March 26, 2010
My Very Loving GOD.....
.....And the One who had chosen to love had created one who could love in return.
Now it's our choice......
Now it's our choice......
The Choice
The Choice
by Max Lucado
He placed one scoop of clay upon another until a form lay lifeless on the ground.
All of the Garden's inhabitants paused to witness the event. Hawks hovered. Giraffes stretched. Trees bowed. Butterflies paused on petals and watched.
"You will love me, nature," God said. "I made you that way. You will obey me, universe. For you were designed to do so. You will reflect my glory, skies, for that is how you were created. But this one will be like me. This one will be able to choose."
All were silent as the Creator reached into himself and removed something yet unseen. A seed. "It's called 'choice.' The seed of choice."
Creation stood in silence and gazed upon the lifeless form.
An angel spoke, "But what if he ... "
"What if he chooses not to love?" the Creator finished. "Come, I will show you."
Unbound by today, God and the angel walked into the realm of tomorrow.
"There, see the fruit of the seed of choice, both the sweet and the bitter."
The angel gasped at what he saw. Spontaneous love. Voluntary devotion. Chosen tenderness. Never had he seen anything like these. He felt the love of the Adams. He heard the joy of Eve and her daughters. He saw the food and the burdens shared. He absorbed the kindness and marveled at the warmth.
"Heaven has never seen such beauty, my Lord. Truly, this is your greatest creation."
"Ah, but you've only seen the sweet. Now witness the bitter."
A stench enveloped the pair. The angel turned in horror and proclaimed, "What is it?"
The Creator spoke only one word: "Selfishness."
The angel stood speechless as they passed through centuries of repugnance. Never had he seen such filth. Rotten hearts. Ruptured promises. Forgotten loyalties. Children of the creation wandering blindly in lonely labyrinths.
"This is the result of choice?" the angel asked.
"Yes."
"They will forget you?"
"Yes."
"They will reject you?"
"Yes."
"They will never come back?"
"Some will. Most won't."
"What will it take to make them listen?"
The Creator walked on in time, further and further into the future, until he stood by a tree. A tree that would be fashioned into a cradle. Even then he could smell the hay that would surround him.
With another step into the future, he paused before another tree. It stood alone, a stubborn ruler of a bald hill. The trunk was thick, and the wood was strong. Soon it would be cut. Soon it would be trimmed. Soon it would be mounted on the stony brow of another hill. And soon he would be hung on it.
He felt the wood rub against a back he did not yet wear.
"Will you go down there?" the angel asked.
"I will."
"Is there no other way?"
"There is not."
"Wouldn't it be easier to not plant the seed? Wouldn't it be easier to not give the choice?"
"It would," the Creator spoke slowly. "But to remove the choice is to remove the love."
He looked around the hill and foresaw a scene. Three figures hung on three crosses. Arms spread. Heads fallen forward. They moaned with the wind.
Men clad in soldiers' garb sat on the ground near the trio. They played games in the dirt and laughed.
Men clad in religion stood off to one side. They smiled. Arrogant, cocky. They had protected God, they thought, by killing this false one.
Women clad in sorrow huddled at the foot of the hill. Speechless. Faces tear streaked. Eyes downward. One put her arm around another and tried to lead her away. She wouldn't leave. "I will stay," she said softly. "I will stay."
All heaven stood to fight. All nature rose to rescue. All eternity poised to protect. But the Creator gave no command.
"It must be done ... ," he said, and withdrew.
But as he stepped back in time, he heard the cry that he would someday scream: "My God, my God, why have you forsaken me?" (Mark 15:34) He wrenched at tomorrow's agony.
The angel spoke again. "It would be less painful ... "
The Creator interrupted softly. "But it wouldn't be love."
They stepped into the Garden again. The Maker looked earnestly at the clay creation. A monsoon of love swelled up within him. He had died for the creation before he had made him. God's form bent over the sculptured face and breathed. Dust stirred on the lips of the new one. The chest rose, cracking the red mud. The cheeks fleshened. A finger moved. And an eye opened.
But more incredible than the moving of the flesh was the stirring of the spirit. Those who could see the unseen gasped.
Perhaps it was the wind who said it first. Perhaps what the star saw that moment is what has made it blink ever since. Maybe it was left to an angel to whisper it:
"It looks like ... it appears so much like ... it is him!"
The angel wasn't speaking of the face, the features, or the body. He was looking inside—at the soul.
"It's eternal!" gasped another.
Within the man, God had placed a divine seed. A seed of his self. The God of might had created earth's mightiest. The Creator had created, not a creature, but another creator. And the One who had chosen to love had created one who could love in return.
Now it's our choice.
From In the Eye of the Storm
Copyright (Thomas Nelson, 1997) Max Lucado
by Max Lucado
He placed one scoop of clay upon another until a form lay lifeless on the ground.
All of the Garden's inhabitants paused to witness the event. Hawks hovered. Giraffes stretched. Trees bowed. Butterflies paused on petals and watched.
"You will love me, nature," God said. "I made you that way. You will obey me, universe. For you were designed to do so. You will reflect my glory, skies, for that is how you were created. But this one will be like me. This one will be able to choose."
All were silent as the Creator reached into himself and removed something yet unseen. A seed. "It's called 'choice.' The seed of choice."
Creation stood in silence and gazed upon the lifeless form.
An angel spoke, "But what if he ... "
"What if he chooses not to love?" the Creator finished. "Come, I will show you."
Unbound by today, God and the angel walked into the realm of tomorrow.
"There, see the fruit of the seed of choice, both the sweet and the bitter."
The angel gasped at what he saw. Spontaneous love. Voluntary devotion. Chosen tenderness. Never had he seen anything like these. He felt the love of the Adams. He heard the joy of Eve and her daughters. He saw the food and the burdens shared. He absorbed the kindness and marveled at the warmth.
"Heaven has never seen such beauty, my Lord. Truly, this is your greatest creation."
"Ah, but you've only seen the sweet. Now witness the bitter."
A stench enveloped the pair. The angel turned in horror and proclaimed, "What is it?"
The Creator spoke only one word: "Selfishness."
The angel stood speechless as they passed through centuries of repugnance. Never had he seen such filth. Rotten hearts. Ruptured promises. Forgotten loyalties. Children of the creation wandering blindly in lonely labyrinths.
"This is the result of choice?" the angel asked.
"Yes."
"They will forget you?"
"Yes."
"They will reject you?"
"Yes."
"They will never come back?"
"Some will. Most won't."
"What will it take to make them listen?"
The Creator walked on in time, further and further into the future, until he stood by a tree. A tree that would be fashioned into a cradle. Even then he could smell the hay that would surround him.
With another step into the future, he paused before another tree. It stood alone, a stubborn ruler of a bald hill. The trunk was thick, and the wood was strong. Soon it would be cut. Soon it would be trimmed. Soon it would be mounted on the stony brow of another hill. And soon he would be hung on it.
He felt the wood rub against a back he did not yet wear.
"Will you go down there?" the angel asked.
"I will."
"Is there no other way?"
"There is not."
"Wouldn't it be easier to not plant the seed? Wouldn't it be easier to not give the choice?"
"It would," the Creator spoke slowly. "But to remove the choice is to remove the love."
He looked around the hill and foresaw a scene. Three figures hung on three crosses. Arms spread. Heads fallen forward. They moaned with the wind.
Men clad in soldiers' garb sat on the ground near the trio. They played games in the dirt and laughed.
Men clad in religion stood off to one side. They smiled. Arrogant, cocky. They had protected God, they thought, by killing this false one.
Women clad in sorrow huddled at the foot of the hill. Speechless. Faces tear streaked. Eyes downward. One put her arm around another and tried to lead her away. She wouldn't leave. "I will stay," she said softly. "I will stay."
All heaven stood to fight. All nature rose to rescue. All eternity poised to protect. But the Creator gave no command.
"It must be done ... ," he said, and withdrew.
But as he stepped back in time, he heard the cry that he would someday scream: "My God, my God, why have you forsaken me?" (Mark 15:34) He wrenched at tomorrow's agony.
The angel spoke again. "It would be less painful ... "
The Creator interrupted softly. "But it wouldn't be love."
They stepped into the Garden again. The Maker looked earnestly at the clay creation. A monsoon of love swelled up within him. He had died for the creation before he had made him. God's form bent over the sculptured face and breathed. Dust stirred on the lips of the new one. The chest rose, cracking the red mud. The cheeks fleshened. A finger moved. And an eye opened.
But more incredible than the moving of the flesh was the stirring of the spirit. Those who could see the unseen gasped.
Perhaps it was the wind who said it first. Perhaps what the star saw that moment is what has made it blink ever since. Maybe it was left to an angel to whisper it:
"It looks like ... it appears so much like ... it is him!"
The angel wasn't speaking of the face, the features, or the body. He was looking inside—at the soul.
"It's eternal!" gasped another.
Within the man, God had placed a divine seed. A seed of his self. The God of might had created earth's mightiest. The Creator had created, not a creature, but another creator. And the One who had chosen to love had created one who could love in return.
Now it's our choice.
From In the Eye of the Storm
Copyright (Thomas Nelson, 1997) Max Lucado
FA...Stocks erase advance after doubt emerges about prospects for Greece bailout; Dow adds 5 points
Tim Paradis, AP Business Writer, On Thursday March 25, 2010, 5:57 pm EDT
NEW YORK (AP) -- Renewed concern about Greece's debt problems short-circuited the big stock market rally.
The Dow Jones industrial average closed Thursday with a gain of just 5 points after earlier rising to a new high for 2010. Broader indexes slipped.
The market's advance fizzled after European Central Bank's president Jean-Claude Trichet told French television that Europe must take responsibility for its financial problems. That raised concerns about when a rescue for Greece might come.
Officials from European nations were meeting late Thursday to discuss their economic problems, and a deal was finally announced late in the day.
Investors have been concerned for months that problems in Greece and other debt-strapped countries in Europe would spread and spoil a global economic rebound.
"Any time we see comments about it it seems to spook the market," said Adam Gould, senior portfolio manager at Direxion Funds in New York, referring to Greece's financial problems. He said traders still expect Greece will get a bailout but the questions about how unnerved investors. "It's more the uncertainty."
The concerns about Greece weakened the euro and raised demand for the dollar. The climb in the dollar hit prices of commodities like energy. That, in turn, hurt shares of energy and materials stocks.
The worries about Greece and tepid demand at a Treasury Department bond auction for a third straight day overshadowed early enthusiasm about corporate news. Stronger earnings and a higher forecast from retailer Best Buy Co. and a better-than-expected outlook from wireless chip maker Qualcomm Inc. lifted the market in morning trading.
The companies' reports raised hopes that consumer spending will increase. Higher sales of flat-panel TVs, laptop computers and smart phones are welcome signs because consumer spending is the biggest driver of the economy.
Stocks have been climbing with little interruption since early February. The move higher has been largely due to economic reports showing slow but steady improvements in the economy. Major stock indexes are at their highest level in about 18 months.
Burt White, chief investment officer for LPL Financial in Boston, said growing confidence in the economy is deserved but that stocks have been rising too quickly on light trading volume. That signals that relatively few traders have been generating the gains. That also leaves stocks susceptible to sudden slides if more skeptical investors return to the market.
"This market is easier to move because a few buyers are doing it unopposed," White said. "This comet that's kind of shooting higher is slowly every day beginning to kind of lose some momentum."
The Dow rose 5.06, or 0.1 percent, to 10,841.21. It has risen in 16 of the past 20 days.
The Standard & Poor's 500 index fell 1.99, or 0.2 percent, to 1,165.73, while the Nasdaq composite index fell 1.35, or 0.1 percent, to 2,397.41.
Stocks fell Wednesday after a credit rating agency lowered its rating on the debt of Portugal. That raised concerns similar to the ones that took down the advance Thursday. Investors worried that a default by Portugal would trigger a wave of losses for investors.
Bond prices fell again after a third straight auction for government debt drew less interest than in past months. That is a worry for investors because Washington could have to boost interest rates to entice buyers. Doing so could risk hurting the economy by driving up borrowing costs.
The government sold $32 billion in seven-year notes Thursday amid tepid demand. Bond prices had tumbled on Wednesday following another weak auction, and a sale of Treasurys on Tuesday also disappointed investors.
The yield on the benchmark 10-year Treasury note, which moves opposite its price, rose to its highest level in nine months. It climbed to 3.88 percent from 3.86 percent Wednesday.
The dollar rose against most other major currencies.
Crude oil fell 8 cents to settle at $80.53 per barrel in the New York Mercantile Exchange. Gold rose.
Best Buy rose $1.48, or 3.6 percent, to $42.66, while Qualcomm rose $2, or 5 percent, to $42.19.
Anadarko Petroleum Corp. was among the energy stocks that fell. The stock lost $1.61, or 2.3 percent, to $68.75. Meanwhile, Newmont Mining Corp. fell $1.37, or 2.8 percent, to $48.35.
Three stocks fell for every two that rose on the New York Stock Exchange, where consolidated volume came to 5.7 billion shares, compared with 4.8 billion Wednesday.
The Russell 2000 index of smaller companies fell 4.58, or 0.7 percent, to 679.10.
Britain's FTSE 100 gained 0.8 percent, Germany's DAX index rose 1.6 percent, and France's CAC-40 climbed 1.3 percent. Japan's Nikkei stock average rose 0.1 percent.
NEW YORK (AP) -- Renewed concern about Greece's debt problems short-circuited the big stock market rally.
The Dow Jones industrial average closed Thursday with a gain of just 5 points after earlier rising to a new high for 2010. Broader indexes slipped.
The market's advance fizzled after European Central Bank's president Jean-Claude Trichet told French television that Europe must take responsibility for its financial problems. That raised concerns about when a rescue for Greece might come.
Officials from European nations were meeting late Thursday to discuss their economic problems, and a deal was finally announced late in the day.
Investors have been concerned for months that problems in Greece and other debt-strapped countries in Europe would spread and spoil a global economic rebound.
"Any time we see comments about it it seems to spook the market," said Adam Gould, senior portfolio manager at Direxion Funds in New York, referring to Greece's financial problems. He said traders still expect Greece will get a bailout but the questions about how unnerved investors. "It's more the uncertainty."
The concerns about Greece weakened the euro and raised demand for the dollar. The climb in the dollar hit prices of commodities like energy. That, in turn, hurt shares of energy and materials stocks.
The worries about Greece and tepid demand at a Treasury Department bond auction for a third straight day overshadowed early enthusiasm about corporate news. Stronger earnings and a higher forecast from retailer Best Buy Co. and a better-than-expected outlook from wireless chip maker Qualcomm Inc. lifted the market in morning trading.
The companies' reports raised hopes that consumer spending will increase. Higher sales of flat-panel TVs, laptop computers and smart phones are welcome signs because consumer spending is the biggest driver of the economy.
Stocks have been climbing with little interruption since early February. The move higher has been largely due to economic reports showing slow but steady improvements in the economy. Major stock indexes are at their highest level in about 18 months.
Burt White, chief investment officer for LPL Financial in Boston, said growing confidence in the economy is deserved but that stocks have been rising too quickly on light trading volume. That signals that relatively few traders have been generating the gains. That also leaves stocks susceptible to sudden slides if more skeptical investors return to the market.
"This market is easier to move because a few buyers are doing it unopposed," White said. "This comet that's kind of shooting higher is slowly every day beginning to kind of lose some momentum."
The Dow rose 5.06, or 0.1 percent, to 10,841.21. It has risen in 16 of the past 20 days.
The Standard & Poor's 500 index fell 1.99, or 0.2 percent, to 1,165.73, while the Nasdaq composite index fell 1.35, or 0.1 percent, to 2,397.41.
Stocks fell Wednesday after a credit rating agency lowered its rating on the debt of Portugal. That raised concerns similar to the ones that took down the advance Thursday. Investors worried that a default by Portugal would trigger a wave of losses for investors.
Bond prices fell again after a third straight auction for government debt drew less interest than in past months. That is a worry for investors because Washington could have to boost interest rates to entice buyers. Doing so could risk hurting the economy by driving up borrowing costs.
The government sold $32 billion in seven-year notes Thursday amid tepid demand. Bond prices had tumbled on Wednesday following another weak auction, and a sale of Treasurys on Tuesday also disappointed investors.
The yield on the benchmark 10-year Treasury note, which moves opposite its price, rose to its highest level in nine months. It climbed to 3.88 percent from 3.86 percent Wednesday.
The dollar rose against most other major currencies.
Crude oil fell 8 cents to settle at $80.53 per barrel in the New York Mercantile Exchange. Gold rose.
Best Buy rose $1.48, or 3.6 percent, to $42.66, while Qualcomm rose $2, or 5 percent, to $42.19.
Anadarko Petroleum Corp. was among the energy stocks that fell. The stock lost $1.61, or 2.3 percent, to $68.75. Meanwhile, Newmont Mining Corp. fell $1.37, or 2.8 percent, to $48.35.
Three stocks fell for every two that rose on the New York Stock Exchange, where consolidated volume came to 5.7 billion shares, compared with 4.8 billion Wednesday.
The Russell 2000 index of smaller companies fell 4.58, or 0.7 percent, to 679.10.
Britain's FTSE 100 gained 0.8 percent, Germany's DAX index rose 1.6 percent, and France's CAC-40 climbed 1.3 percent. Japan's Nikkei stock average rose 0.1 percent.
Bribing or business strategies........
By Jeremy Pelofsky
WASHINGTON (Reuters) - Car and truck manufacturer Daimler AG (XETRA:DAIGN.DE - News) allegedly earned $1.9 billion in revenue and at least $91.4 million in illegal profits from transactions tainted by bribes, according to the U.S. Securities and Exchange Commission.
There were more than 200 transactions in which it made at least $56 million in improper payments to foreign officials, the SEC said in its own charges filed this week with a U.S. court, offering new details about the breadth of the deals.
Daimler plans to settle the SEC and Justice Department's allegations by paying $185 million, and the company's Russian and German units will plead guilty to violating U.S. anti-bribery laws, court documents filed this week said.
The company will neither admit nor deny the SEC's charges, according to the proposed consent order. A Daimler spokesman was not immediately available for comment.
The transactions in at least 22 countries spanned almost a decade and involved at least 6,300 commercial vehicles and some 500 passenger cars, including luxury sedans given to senior foreign government officials, according to the SEC charges.
Some of the payments in question were routed to U.S. bank accounts or to foreign bank accounts of shell companies in the United States, the government has alleged.
In an example of the gifts extended, Daimler tried to curry favor to enter the Turkmenistan market by giving two armored vehicles worth at least 550,000 euros to a senior government official, the SEC said. The company also had a book authored by the official translated into German as a gift.
In another instance, Daimler set aside 11,000 euros to pay for a lavish vacation through Europe including Paris and Venice for six Chinese officials, the SEC said, adding that the company paid for 16 such trips in connection with $120 million in vehicle sales to the Chinese government customers.
Additionally, the SEC accused Daimler of paying kickbacks in the United Nations' Oil for Food Program in Iraq that earned the company more than $4 million in profits from contracts involving the sale of vehicles and spare parts.
The securities regulator began its probe in 2004 when an auditor complained he was fired for protesting secret bank accounts used to pay foreign officials.
Daimler has previously acknowledged payments that raised concerns about legal violations and has said the company was cooperating with investigations by the Justice Department and the SEC.
A court hearing is set for April 1 to present the settlement agreement to a U.S. judge who must approve it. If sanctioned, it would be the latest in a series of high-profile bribery cases concluded by the U.S. government.
Earlier this year, BAE Systems Plc settled charges by the United States and Britain, agreeing to pay about $450 million.
(Reporting by Jeremy Pelofsky, editing by Matthew Lewis)
WASHINGTON (Reuters) - Car and truck manufacturer Daimler AG (XETRA:DAIGN.DE - News) allegedly earned $1.9 billion in revenue and at least $91.4 million in illegal profits from transactions tainted by bribes, according to the U.S. Securities and Exchange Commission.
There were more than 200 transactions in which it made at least $56 million in improper payments to foreign officials, the SEC said in its own charges filed this week with a U.S. court, offering new details about the breadth of the deals.
Daimler plans to settle the SEC and Justice Department's allegations by paying $185 million, and the company's Russian and German units will plead guilty to violating U.S. anti-bribery laws, court documents filed this week said.
The company will neither admit nor deny the SEC's charges, according to the proposed consent order. A Daimler spokesman was not immediately available for comment.
The transactions in at least 22 countries spanned almost a decade and involved at least 6,300 commercial vehicles and some 500 passenger cars, including luxury sedans given to senior foreign government officials, according to the SEC charges.
Some of the payments in question were routed to U.S. bank accounts or to foreign bank accounts of shell companies in the United States, the government has alleged.
In an example of the gifts extended, Daimler tried to curry favor to enter the Turkmenistan market by giving two armored vehicles worth at least 550,000 euros to a senior government official, the SEC said. The company also had a book authored by the official translated into German as a gift.
In another instance, Daimler set aside 11,000 euros to pay for a lavish vacation through Europe including Paris and Venice for six Chinese officials, the SEC said, adding that the company paid for 16 such trips in connection with $120 million in vehicle sales to the Chinese government customers.
Additionally, the SEC accused Daimler of paying kickbacks in the United Nations' Oil for Food Program in Iraq that earned the company more than $4 million in profits from contracts involving the sale of vehicles and spare parts.
The securities regulator began its probe in 2004 when an auditor complained he was fired for protesting secret bank accounts used to pay foreign officials.
Daimler has previously acknowledged payments that raised concerns about legal violations and has said the company was cooperating with investigations by the Justice Department and the SEC.
A court hearing is set for April 1 to present the settlement agreement to a U.S. judge who must approve it. If sanctioned, it would be the latest in a series of high-profile bribery cases concluded by the U.S. government.
Earlier this year, BAE Systems Plc settled charges by the United States and Britain, agreeing to pay about $450 million.
(Reporting by Jeremy Pelofsky, editing by Matthew Lewis)
Thursday, March 25, 2010
Jesus came to find us
March 25, 2010
... no one seeks for God.
-- Romans 3:11
Do you realize that religion doesn't seek the one true God? That may surprise you, but it's true. Religion is nothing more than man's frail effort to create God in his own image.
But while religion is man's quest to be like God, the Christian faith is about God's search for man! Isn't that amazing? This is what separates Christianity from the world's religions. Luke 19:10 says, "The Son of Man came to seek and to save the lost."
So when someone says, "I found the Lord," in all honesty, they didn't. The Lord found them! You and I were lost and he came looking for us. And he found us and loved us and made it possible for us to be forgiven of our sin.
Now some people resent being judged as sinful. And if you feel this way, pay close attention, because this is the very part of our nature that rebels against God. But Romans 3:23 clearly states that, "all have sinned and fall short of God's glory."
We are lost without him and doomed to be separated from a holy God. But in his endless love, God sent a Savior to find us and to pay the ultimate price for our sin.
Don't let your pride stand between you and eternity with our loving heavenly Father. Repent and turn from your sin and begin to follow Jesus today!
"ALL HAVE SINNED AND FALL SHORT OF GOD'S GLORY."
--------------------------------------------------------------------------------
For more from PowerPoint Ministries and Dr. Jack Graham, please visit www.jackgraham.org
... no one seeks for God.
-- Romans 3:11
Do you realize that religion doesn't seek the one true God? That may surprise you, but it's true. Religion is nothing more than man's frail effort to create God in his own image.
But while religion is man's quest to be like God, the Christian faith is about God's search for man! Isn't that amazing? This is what separates Christianity from the world's religions. Luke 19:10 says, "The Son of Man came to seek and to save the lost."
So when someone says, "I found the Lord," in all honesty, they didn't. The Lord found them! You and I were lost and he came looking for us. And he found us and loved us and made it possible for us to be forgiven of our sin.
Now some people resent being judged as sinful. And if you feel this way, pay close attention, because this is the very part of our nature that rebels against God. But Romans 3:23 clearly states that, "all have sinned and fall short of God's glory."
We are lost without him and doomed to be separated from a holy God. But in his endless love, God sent a Savior to find us and to pay the ultimate price for our sin.
Don't let your pride stand between you and eternity with our loving heavenly Father. Repent and turn from your sin and begin to follow Jesus today!
"ALL HAVE SINNED AND FALL SHORT OF GOD'S GLORY."
--------------------------------------------------------------------------------
For more from PowerPoint Ministries and Dr. Jack Graham, please visit www.jackgraham.org
FA...Stocks drop after credit rating agency downgrades Portugal debt; Treasurys slide after auction
Stephen Bernard and Tim Paradis, AP Business Writers, On Wednesday March 24, 2010, 6:27 pm EDT
NEW YORK (AP) -- Major stock indexes fell from their 2010 highs Wednesday as weakness in the housing market and rising European debt loads revived investors' pessimistic view of the economy.
The Dow Jones industrial average fell about 53 points. It was only the Dow's second drop in 12 days. Broader stock indexes also slid.
Treasury prices tumbled after a government debt auction drew only modest demand for a second straight day. That raised concerns that the government will have to pay higher interest rates to attract buyers for its debt. Washington has been issuing record amounts of debt to help revive the economy.
The drop in stocks came after Fitch Ratings lowered Portugal's credit rating. The agency said the country's recovery will be slower than others that use the euro. Fitch contends that could hurt Portugal's ability to repay its debt.
Deficit problems in Europe have been one of the few drags on stocks this year. Rising debt in Greece, Portugal and other nations that use the euro have investors worried that troubles there could upend a nascent global recovery.
The dollar rose to a 10-month high against the euro. The stronger dollar makes commodities more expensive to foreign buyers. That cuts into demand.
Stocks also lost ground after the Commerce Department said that new home sales unexpectedly fell to a record low last month.
The stock market has been carving steady gains for more than a month as reports signal a slow strengthening of the economy. The modest signs of improvement have kept traders from placing big bets on a rebound. Some analysts were already expecting a retreat because major stock indexes had touched new highs for the year.
Subodh Kumar, global investment strategist at Subodh Kumar & Assoc. in Toronto, said investors have been too quick to look past risks still facing the economy. He said stocks have gone up too much.
"The markets, particularly stocks, have been looking at one aspect only and that is recovery," he said.
The Dow fell 52.68, or 0.5 percent, to 10,836.15, a day after closing at its highest level since September 2008. It was the biggest point and percentage drop since Feb. 25.
The Standard & Poor's 500 index dropped 6.45, or 0.6 percent, to 1,167.72. The index also closed Tuesday at its highest level in nearly 18 months.
The Nasdaq composite index fell 16.48, or 0.7 percent, to 2,398.76. On Tuesday, the index reached its best level in 19 months.
Bond prices dropped after an auction of $42 billion in five-year Treasury notes drew weak demand. The yield on the five-year note, which moves opposite price, rose to 2.59 percent from 2.42 percent.
The yield on the benchmark 10-year note rose to 3.86 percent from 3.69 percent late Tuesday.
An auction Tuesday of $44 billion in two-year notes also saw a drop in demand.
The drop in the stock market wasn't as steep as in Treasurys.
Robert Froehlich, senior managing director at Hartford Financial Services, said the slide in stocks wasn't worse because the financial problems in Portugal weren't unexpected. Analysts have said that the country has been carrying too much debt.
Froehlich also said the recent slow climb in the market signals that investors don't have strong opinions about which way the market is going.
"What's the next move of the Dow -- 12,000 or 8,000? No one is willing to make that big bet," he said.
In economic news, the drop in new home sales brought another reminder of the troubles in the housing market. New home sales fell 2.2 percent to a seasonally adjusted annual sales pace of 308,000 in February as bad weather helped kept buyers out of the market.
Economists polled by Thomson Reuters had forecast sales would rise to 320,000.
The report came a day after the National Association of Realtors said sales of existing homes fell last month. The drop wasn't as steep as forecast, however.
A recovery in housing has been uneven. Reports that beat even modest expectations have helped stocks. On Tuesday, the Dow rose nearly 103 points, or 1 percent, after the housing report.
Investors brushed off a report that orders at factories for big-ticket manufactured goods grew last month. Unlike the housing market, the manufacturing industry has seen steadier improvement in recent months.
Durable goods orders, which are items expected to last at least three years, rose 0.5 percent last month. That was below the 0.7 percent growth analysts forecast. However, it was the third straight month orders rose.
Excluding often-volatile orders for aircraft and other transportation equipment, the increase was 0.9 percent. Economists had forecast an increase of 0.6 percent.
The government's weekly jobless claims report could shape trading Thursday. High unemployment is seen as the biggest obstacle facing the economy.
In corporate news, homebuilder Lennar Corp. said its fiscal first-quarter loss narrowed. The company also said the housing market is stabilizing and that it expects to return to profitability later this year. Its shares rose 63 cents, or 3.7 percent, to $17.69.
Two stocks fell for every one that rose on the New York Stock Exchange, where consolidated volume came to 4.8 billion shares, compared with 4.5 billion Tuesday.
Crude oil fell $1.30 to $80.61 per barrel on the New York Mercantile Exchange. Gold fell.
The Russell 2000 index of smaller companies fell 6.62, or 1 percent, to 683.68.
Britain's FTSE 100 rose 0.1 percent, Germany's DAX index rose 0.4 percent, and France's CAC-40 fell 0.1 percent. Japan's Nikkei stock average rose 0.4 percent.
NEW YORK (AP) -- Major stock indexes fell from their 2010 highs Wednesday as weakness in the housing market and rising European debt loads revived investors' pessimistic view of the economy.
The Dow Jones industrial average fell about 53 points. It was only the Dow's second drop in 12 days. Broader stock indexes also slid.
Treasury prices tumbled after a government debt auction drew only modest demand for a second straight day. That raised concerns that the government will have to pay higher interest rates to attract buyers for its debt. Washington has been issuing record amounts of debt to help revive the economy.
The drop in stocks came after Fitch Ratings lowered Portugal's credit rating. The agency said the country's recovery will be slower than others that use the euro. Fitch contends that could hurt Portugal's ability to repay its debt.
Deficit problems in Europe have been one of the few drags on stocks this year. Rising debt in Greece, Portugal and other nations that use the euro have investors worried that troubles there could upend a nascent global recovery.
The dollar rose to a 10-month high against the euro. The stronger dollar makes commodities more expensive to foreign buyers. That cuts into demand.
Stocks also lost ground after the Commerce Department said that new home sales unexpectedly fell to a record low last month.
The stock market has been carving steady gains for more than a month as reports signal a slow strengthening of the economy. The modest signs of improvement have kept traders from placing big bets on a rebound. Some analysts were already expecting a retreat because major stock indexes had touched new highs for the year.
Subodh Kumar, global investment strategist at Subodh Kumar & Assoc. in Toronto, said investors have been too quick to look past risks still facing the economy. He said stocks have gone up too much.
"The markets, particularly stocks, have been looking at one aspect only and that is recovery," he said.
The Dow fell 52.68, or 0.5 percent, to 10,836.15, a day after closing at its highest level since September 2008. It was the biggest point and percentage drop since Feb. 25.
The Standard & Poor's 500 index dropped 6.45, or 0.6 percent, to 1,167.72. The index also closed Tuesday at its highest level in nearly 18 months.
The Nasdaq composite index fell 16.48, or 0.7 percent, to 2,398.76. On Tuesday, the index reached its best level in 19 months.
Bond prices dropped after an auction of $42 billion in five-year Treasury notes drew weak demand. The yield on the five-year note, which moves opposite price, rose to 2.59 percent from 2.42 percent.
The yield on the benchmark 10-year note rose to 3.86 percent from 3.69 percent late Tuesday.
An auction Tuesday of $44 billion in two-year notes also saw a drop in demand.
The drop in the stock market wasn't as steep as in Treasurys.
Robert Froehlich, senior managing director at Hartford Financial Services, said the slide in stocks wasn't worse because the financial problems in Portugal weren't unexpected. Analysts have said that the country has been carrying too much debt.
Froehlich also said the recent slow climb in the market signals that investors don't have strong opinions about which way the market is going.
"What's the next move of the Dow -- 12,000 or 8,000? No one is willing to make that big bet," he said.
In economic news, the drop in new home sales brought another reminder of the troubles in the housing market. New home sales fell 2.2 percent to a seasonally adjusted annual sales pace of 308,000 in February as bad weather helped kept buyers out of the market.
Economists polled by Thomson Reuters had forecast sales would rise to 320,000.
The report came a day after the National Association of Realtors said sales of existing homes fell last month. The drop wasn't as steep as forecast, however.
A recovery in housing has been uneven. Reports that beat even modest expectations have helped stocks. On Tuesday, the Dow rose nearly 103 points, or 1 percent, after the housing report.
Investors brushed off a report that orders at factories for big-ticket manufactured goods grew last month. Unlike the housing market, the manufacturing industry has seen steadier improvement in recent months.
Durable goods orders, which are items expected to last at least three years, rose 0.5 percent last month. That was below the 0.7 percent growth analysts forecast. However, it was the third straight month orders rose.
Excluding often-volatile orders for aircraft and other transportation equipment, the increase was 0.9 percent. Economists had forecast an increase of 0.6 percent.
The government's weekly jobless claims report could shape trading Thursday. High unemployment is seen as the biggest obstacle facing the economy.
In corporate news, homebuilder Lennar Corp. said its fiscal first-quarter loss narrowed. The company also said the housing market is stabilizing and that it expects to return to profitability later this year. Its shares rose 63 cents, or 3.7 percent, to $17.69.
Two stocks fell for every one that rose on the New York Stock Exchange, where consolidated volume came to 4.8 billion shares, compared with 4.5 billion Tuesday.
Crude oil fell $1.30 to $80.61 per barrel on the New York Mercantile Exchange. Gold fell.
The Russell 2000 index of smaller companies fell 6.62, or 1 percent, to 683.68.
Britain's FTSE 100 rose 0.1 percent, Germany's DAX index rose 0.4 percent, and France's CAC-40 fell 0.1 percent. Japan's Nikkei stock average rose 0.4 percent.
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