Stocks tumble after economic news...Iowa broker to be sentenced...Catch limits cutNEW YORK (AP) — A report showing a shrinking economy in the fourth quarter of last year led to declines on Wall Street. The Dow fell 44 points to 13,910, the Nasdaq was down 11 points to 3,142 and the S&P 500 logged its biggest decline of the year, falling 6 points to 1,501. European and Asian stocks have followed, with most of the benchmark indexes lower in Thursday trading. WASHINGTON (AP) — The Labor Department releases weekly jobless claims and the fourth-quarter employment cost index today. Freddie Mac, the mortgage company, releases weekly mortgage rates and the Commerce Department release quarterly financial results. WASHINGTON (AP) — The Senate is expected to pass a bill suspending the federal government's $16.4 trillion limit on borrowing through May 18. Without the bill, the government would default on its obligations by as early as mid-February. The House passed the legislation last week. If the Senate approves it, the measure will go to the president who's expected to sign it immediately. CEDAR RAPIDS, Iowa (AP) — The founder of a brokerage who hid his theft of customer funds for 20 years is scheduled to be sentenced today by a federal judge in Iowa. Federal prosecutors are asking for the maximum 50-year sentence for Peregrine Financial Group chairman Russ Wasendorf Sr. Supporters say the 64-year-old say has accepted the likelihood that he'll die behind bars. PORTSMOUTH, N.H. (AP) — New England fishermen say their industry is facing ruin after regulators approved a massive cut in the catch limits for cod in the Gulf of Maine and Georges Bank. Fishermen say the cuts leave them far too few fish to catch to make a living. Regulators acknowledge the cuts will be devastating for fishing communities, but say tough action is the only way to reverse the industry's steady decline. |
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