| Asian stocks close mixed amid a volatile response to US outlook
HONG KONG - Asian stocks had another wild ride Friday as investors wrestled with worries over the subprime loan crisis, but some markets managed to rebound into positive territory on bargain hunting. It was a mixed picture across the region with Tokyo closing down 1.2 percent at the lowest level in almost three months, while Hong Kong managed to close flats after late buying. Markets were licking their wounds a day after Thursday's brutal sell-off, with the mood still nervous after another tough day on Wall Street and a bleak message from US Federal Reserve chairman Ben Bernanke on the US economy. The weakness of the greenback was also a concern as the euro hit a fresh record high of 1.4738 dollars. Shanghai, which has lost about one-tenth of its value in little more than a week, ended down 0.27 percent, while Singapore dropped 2.0 percent.
Wall Street ends week on uptick
Major indexes staged a late rally to finish higher Friday, capping a rather volatile session where investors closely eyed corporate earnings and attempted to gauge the Federal Reserve's next step. The Dow Jones industrial average (Charts) finished 67 points, or 0.5 percent, higher. The broader S&P 500 index (Charts) also gained 0.5 percent while the tech-fueled Nasdaq (Charts) rose 0.7 percent. Stocks wavered between positive and negative territory for most of the session Friday as investors sifted through corporate earnings news, hawkish remarks by a Federal Reserve official and nursed ongoing credit market worries. Keeping a lid on stock gains were comments delivered Friday by Federal Reserve Gov. Randall Kroszner, who hinted that the central bank may not continue to lower interest rates, even if the economy worsens.
Fayetteville woman accused of bilking union
The former head of the Camden teachers union was indicted Thursday on charges that she used a union credit card on gambling junkets to Atlantic City.Claraliene Gordon, 66, of Fayetteville, N.C., who served as president of the Camden Education Association from 2000 to 2006, was indicted on charges of theft by unlawful taking and misapplication of entrusted property.Gordon could get up to five years in prison and be fined $15,000 if she is convicted.Prosecutors said Gordon used the card, which the union paid for, at various Atlantic City casinos on 26 occasions. She is said to have incurred nearly $15,000 in expenses. .
Corzine takes a gamble
ATLANTIC CITY | Gov. Jon S. Corzine said he is willing to risk losing re-election to improve the state's finances, although details of a plan to do that will remain secret until at least January. He did say any plan should cut the state's debt load in half -- or bring in $16 billion -- and the state would change the way it borrows money by adding additional limitations. "I don't want to clean the manure out of the barn, only to have someone else fill it back up," Corzine said Thursday to hundreds of public officials at the New Jersey League of Municipalities annual luncheon. Corzine wants to create a nonprofit entity to manage the toll roads, which could bond against future toll revenue for an upfront payment to help pay down some of the state's $32 billion debt.
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