Financial news on September 18, 2007

Business and Financial news
Debt Market Looks to Fed to Restore Confidence

Investors assume that the central bank will reduce the overnight federal funds rate by at least a quarter of a percentage point, to 5 percent. But many market analysts say that will not be enough to restore confidence. Read more..

By ERIC DASH - The New York Times

Europe Reconsiders Plan to Relax Consumer Product Safety Rules

With the recalls of toys by Mattel and others, the European Union is taking a second look at whether its safety regulations are adequate. Read more..

By STEPHEN CASTLE and DAN BILEFSKY - The New York Times

Foreclosures Surged 36% in August, Report Says

The sharp increases provide more evidence that the troubles in the housing and mortgage markets may prove long-lived. Read more..

By VIKAS BAJAJ - The New York Times

His Most Essential Travel Item: A 6-Year-Old’s Enthusiasm

You know how people’s lives are often referred to as journeys? Well, I’ve always thought that comparison was extremely apt. A well-spent life, like an outstanding trip, is made up of unexpected turns, strange encounters and priority-changing exper... Read more..

By DARRELL WADE - The New York Times

I.B.M. to Offer Office Software Free in Challenge to Microsoft’s Line

The company plans to announce the creation of I.B.M. Lotus Symphony, free programs for word processing, spreadsheets and presentations. Read more..

By STEVE LOHR - The New York Times

Memo Pad

PASSPORT BOTTLENECK EASES The processing time for passport service is back to the normal six to eight weeks, according to the State Department, which has issued more than 16 million passports so far this fiscal year (which ends Sept. 30) compared ... Read more..

By JOE SHARKEY - The New York Times

Official Assurances Fail to Stem Rush of Withdrawals at British Bank

Panicky customers of Northern Rock have withdrawn $4 billion since the bank acknowledged Friday that it could no longer raise money because of the credit squeeze. Read more..

By JULIA WERDIGIER - The New York Times

Shares Fall as Credit Worries Resurge

Stocks fell yesterday as heavy withdrawals from the British bank Northern Rock reignited concern over the cost of credit and sent the Standard & Poor’s 500-stock index down for the first time in five days. Read more..

By BLOOMBERG NEWS - The New York Times

Switzerland: Brach’s Candy Sold

Barry Callebaut, a Swiss candy maker, agreed to sell its Brach’s Candy unit after weaker-than-forecast growth in the United States market for private-label confections. Callebaut, based in Zurich, sold Brach’s to Farley’s & Sathers Candy, a privat... Read more..

By BLOOMBERG NEWS - The New York Times

The Cloud Over the British iPhone

Apple will offer the iPhone in Britain with free access to 7,500 WiFi hot spots to compensate for a weak data network. Read more..

By SAUL HANSELL - The New York Times

Stock Markets

Values are reported in US Dollars

StockTicker symbolOpenHighLowCloseVolume
MicrosoftMSFT28.7028.9728.2728.9377.5M
IntelINTC24.9525.4924.8925.4172.1M
Cisco SystemsCSCO31.5832.0431.4132.0456.2M
General ElectricGE40.3641.7540.2041.6851.5M
PfizerPFE24.1724.6323.9624.5440.7M
AppleAAPL139.05142.85137.83140.9238M
ComcastCMCSA25.0625.0824.6325.0031.6M
Oracle Corp.ORCL20.0820.7320.0520.7328.8M
Wal-Mart StoresWMT43.4944.6543.3544.4427.9M
JPMorgan ChaseJPM45.6847.8645.1247.8227.3M
ExxonMobilXOM89.6291.9389.1691.7626.4M
AT&T Inc.T40.2340.8440.0640.8324.5M
Home DepotHD35.5136.3835.2536.3621.6M
Wells Fargo & Co.WFC35.4737.2535.4637.1921M
Abbott LaboratoriesABT52.3353.7352.1453.6018.1M
Procter & GamblePG68.2969.0767.8968.6815.5M
ConocoPhillipsCOP84.6588.2484.2487.7914.5M
HP Inc.HPQ49.4550.3648.1550.1714.4M
Walt Disney & Co.DIS33.5434.7033.4034.5813.7M
Bristol-Myers SquibbBMY28.1728.9827.9728.9112.7M
Johnson & JohnsonJNJ62.9763.9562.9463.8312.7M
Verizon CommunicationsVZ42.7243.3342.6143.3112.3M
AmgenAMGN55.4156.0754.3856.0111.5M
SchlumbergerSLB100.49105.0799.21104.7911.5M
McDonald'sMCD54.9755.1954.6155.0211.1M
BoeingBA98.6098.8296.4498.479.98M
Coca-ColaKO55.4156.4355.4156.419.95M
ChevronCVX91.2093.5390.9593.349.8M
MerckMRK48.8050.8048.8050.579.73M
UnitedHealth GroupUNH50.1150.4849.5350.109.32M
AmazonAMZN87.3891.6086.7188.758.92M
AlphabetGOOGL526.52537.25524.27535.278.42M
International Business MachinesIBM115.00116.78114.83116.637.84M
Gilead SciencesGILD37.3238.5337.1738.537.65M
AltriaMO67.3968.0967.0068.067.24M
PepsicoPEP70.0071.1069.7170.886.01M
United TechnologiesUTX75.9178.3075.4678.165.4M
3MMMM89.2591.7689.2591.664.35M
Union PacificUNP111.77116.35110.62116.262.62M
Berkshire HathawayBRK.B3947.003962.503924.003952.0021.4K
Exchange Rates of September 18, 2007
CurrenciesExchange Rates
US DollarJapanese Yen1 USD = 115.990 JPY1 JPY = 0.009 USD
US DollarCanadian Dollar1 USD = 1.014 CAD1 CAD = 0.986 USD
US DollarSwiss Franc1 USD = 1.181 CHF1 CHF = 0.847 USD
US DollarChinese Yuan1 USD = 7.523 CNY1 CNY = 0.133 USD
EuroJapanese Yen1 EUR = 162.180 JPY1 JPY = 0.006 EUR
EuroPound Sterling1 EUR = 0.695 GBP1 GBP = 1.440 EUR
EuroAustralian Dollar1 EUR = 1.641 AUD1 AUD = 0.609 EUR
EuroCanadian Dollar1 EUR = 1.417 CAD1 CAD = 0.706 EUR
EuroSwiss Franc1 EUR = 1.651 CHF1 CHF = 0.606 EUR
Japanese YenPound Sterling1 JPY = 0.428 GBP1 GBP = 2.336 JPY
Japanese YenAustralian Dollar1 JPY = 1.012 AUD1 AUD = 0.989 JPY
Japanese YenCanadian Dollar1 JPY = 0.874 CAD1 CAD = 1.145 JPY
Japanese YenSwiss Franc1 JPY = 1.018 CHF1 CHF = 0.983 JPY
Pound SterlingAustralian Dollar1 GBP = 2.364 AUD1 AUD = 0.423 GBP
Pound SterlingCanadian Dollar1 GBP = 2.041 CAD1 CAD = 0.490 GBP
Pound SterlingSwiss Franc1 GBP = 2.376 CHF1 CHF = 0.421 GBP
Australian DollarCanadian Dollar1 AUD = 0.863 CAD1 CAD = 1.159 AUD
Australian DollarSwiss Franc1 AUD = 1.005 CHF1 CHF = 0.995 AUD
Canadian DollarSwiss Franc1 CAD = 1.164 CHF1 CHF = 0.859 CAD

See what else happened on September 18, 2007