Financial news on October 17th, 2008

Business and Financial news
A.I.G. Agrees to Let New York Review the Propriety of Its Pay Packages

A day after New York’s attorney general criticized bonuses and other payments made by A.I.G., the insurance giant agreed to allow its spending habits to be reviewed. Read more..

By JONATHAN D. GLATER - The New York Times

Asian Stocks Drop Dramatically

Volatility and risk aversion in global stock markets continued in Asia, where sharp falls in the Nikkei 225 and other indexes all but wiped out an extraordinary rally. Read more..

By BETTINA WASSENER - The New York Times

Banks Are Likely to Hold Tight to Bailout Money

As Citigroup and Merrill Lynch reported multibillion-dollar losses, some wondered what the nation’s lenders would do with the Treasury Department’s capital infusion. Read more..

By LOUISE STORY and ERIC DASH - The New York Times

Canada and Europe Ponder Trade Pact

Preliminary negotiations could lead to a trade pact between Canada and Europe that would be even more sweeping than the North American Free Trade Agreement. Read more..

By IAN AUSTEN - The New York Times

Consumer Prices Show Little Change in September

The economy may be sputtering, but the threat of stagflation — a concern among some economists just weeks ago — appears to have receded somewhat. Read more..

By MICHAEL M. GRYNBAUM - The New York Times

In Downturn, Families Strain to Pay Tuition

With the unemployment rate rising and a recession mentality gripping the country, more families are applying for federal aid for students attending college. Read more..

By JONATHAN D. GLATER - The New York Times

Merrill Reports Its Fifth Quarterly Loss

Merrill Lynch, the investment bank that sold itself to Bank of America last month, reported a third-quarter loss on Thursday of $5.1 billion, or $5.56 a share. Read more..

By LOUISE STORY - The New York Times

Oil Prices Slip Below $70 a Barrel

Oil prices dropped below $70 a barrel for the first time in 16 months Thursday, prompting the OPEC cartel to call for an emergency meeting next week. Read more..

By JAD MOUAWAD - The New York Times

Southwest Has First Loss in 17 Years

Southwest Airlines said it had lost $120 million, its first quarterly loss in more than 17 years, because of a charge to write down the declining value of its hedging contracts for fuel. Read more..


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By JIM HORNE - The New York Times

Stock Markets

Values are reported in US Dollars

StockTicker symbolOpenHighLowCloseVolume
General ElectricGE19.3520.5319.0019.63125M
Cisco SystemsCSCO17.3219.5516.9317.9183.5M
Wells Fargo & Co.WFC33.4034.4431.7732.0667M
JPMorgan ChaseJPM39.6341.3939.0639.3361M
Oracle Corp.ORCL16.4117.9916.2117.0252.3M
AT&T Inc.T24.9026.7524.5025.2942.5M
Wal-Mart StoresWMT53.7555.3849.7153.7731.2M
Bristol-Myers SquibbBMY17.2918.3616.9517.5430.3M
Abbott LaboratoriesABT54.5258.2452.7455.4630M
Home DepotHD19.1820.7018.9620.2126.6M
Johnson & JohnsonJNJ62.9565.0062.0462.6525.3M
Verizon CommunicationsVZ26.7528.4426.1827.1922.4M
HP Inc.HPQ39.4541.3038.2239.7122M
Gilead SciencesGILD42.5045.6442.1043.0320.5M
Procter & GamblePG60.6563.7959.8361.7419.6M
Walt Disney & Co.DIS23.6925.8523.4424.7518M
UnitedHealth GroupUNH22.9924.7222.5624.3917.6M
International Business MachinesIBM91.7595.9187.7190.7815.2M
United TechnologiesUTX52.7353.5150.3450.7111.4M
Union PacificUNP53.8059.1753.2455.498.1M
Berkshire HathawayBRK.B3730.004023.003701.003976.0037.8K
Exchange Rates of October 17th, 2008
CurrenciesExchange Rates
US DollarJapanese Yen1 USD = 101.650 JPY1 JPY = 0.010 USD
US DollarCanadian Dollar1 USD = 1.180 CAD1 CAD = 0.848 USD
US DollarSwiss Franc1 USD = 1.137 CHF1 CHF = 0.880 USD
US DollarChinese Yuan1 USD = 6.835 CNY1 CNY = 0.146 USD
EuroJapanese Yen1 EUR = 136.310 JPY1 JPY = 0.007 EUR
EuroPound Sterling1 EUR = 0.776 GBP1 GBP = 1.289 EUR
EuroAustralian Dollar1 EUR = 1.942 AUD1 AUD = 0.515 EUR
EuroCanadian Dollar1 EUR = 1.585 CAD1 CAD = 0.631 EUR
EuroSwiss Franc1 EUR = 1.524 CHF1 CHF = 0.656 EUR
EuroChinese Yuan1 EUR = 9.164 CNY1 CNY = 0.109 EUR
Japanese YenPound Sterling1 JPY = 0.569 GBP1 GBP = 1.757 JPY
Japanese YenAustralian Dollar1 JPY = 1.427 AUD1 AUD = 0.701 JPY
Japanese YenCanadian Dollar1 JPY = 1.163 CAD1 CAD = 0.860 JPY
Japanese YenSwiss Franc1 JPY = 1.118 CHF1 CHF = 0.894 JPY
Pound SterlingAustralian Dollar1 GBP = 2.504 AUD1 AUD = 0.399 GBP
Pound SterlingCanadian Dollar1 GBP = 2.040 CAD1 CAD = 0.490 GBP
Pound SterlingSwiss Franc1 GBP = 1.966 CHF1 CHF = 0.509 GBP
Pound SterlingChinese Yuan1 GBP = 11.805 CNY1 CNY = 0.085 GBP
Australian DollarCanadian Dollar1 AUD = 0.814 CAD1 CAD = 1.229 AUD
Australian DollarSwiss Franc1 AUD = 0.784 CHF1 CHF = 1.275 AUD
Australian DollarChinese Yuan1 AUD = 4.719 CNY1 CNY = 0.212 AUD
Canadian DollarSwiss Franc1 CAD = 0.963 CHF1 CHF = 1.039 CAD
Canadian DollarChinese Yuan1 CAD = 5.791 CNY1 CNY = 0.173 CAD
Swiss FrancChinese Yuan1 CHF = 6.010 CNY1 CNY = 0.166 CHF

See what else happened on October 17th, 2008