Financial news on September 18, 2008

Business and Financial news
Abroad, Bailout Is Seen as a Free Market Detour

In rescuing A.I.G., Washington has likely undercut future efforts to promote free market policies abroad. Read more..

By NELSON D. SCHWARTZ - The New York Times

A Dark Mood Among Hedge Funds in London

In London, where a large number of hedge funds have been shuttered, the market retreat has had a particular resonance. Read more..

By LANDON THOMAS Jr - The New York Times

A New Role for the Fed: Investor of Last Resort

The mighty Federal Reserve is being stretched to its limits, both in the range of problems it is being asked to fix and in its financial firepower. Read more..

By EDMUND L. ANDREWS - The New York Times

Barclays Reaches $1.75 Billion Deal for a Lehman Unit

Barclays, the British bank, announced Wednesday that it had struck an agreement to buy the Lehman Brothers’s core capital markets businesses for the fire-sale price of $1.75 billion. Read more..

By BEN WHITE and ERIC DASH - The New York Times

Echoing the Campaign of a Rival, Microsoft Aims to Redefine ‘I’m a PC’

Microsoft’s new advertising campaign is an audacious embrace of the disdainful label that Apple has gleefully affixed onto users of Microsoft products: “I’m a PC.” Read more..

By STUART ELLIOTT - The New York Times

Investors, Hungry for Hope, Send Dow Up 410

The Dow industrials closed up more than 400 points, but there was little relief from the paralysis that has gripped the credit markets. Read more..

By VIKAS BAJAJ and MICHAEL M. GRYNBAUM - The New York Times

Lloyds Bank Is Discussing Purchase of British Lender

The British mortgage lender HBOS said that it was in talks to be acquired by Lloyds after shares of HBOS collapsed this month on concerns that it might fail. Read more..

By JULIA WERDIGIER - The New York Times

Money Market Funds Enter a World of Risk

Money market funds have typically let investors sleep peacefully. At the moment, that is not necessarily true. Read more..

By TARA SIEGEL BERNARD - The New York Times

The Almost Invisible Earbud

Arriva earbuds, $40, exclusively for the tiny iPod Shuffle. They may just be the best tech idea of the year. Read more..

By DAVID POGUE - The New York Times

With Fed’s $85 Billion Loan, A.I.G. Starts to Calculate a Measured Sell-Off

A day after the Fed’s stunning takeover of A.I.G., its new managers began contemplating a breakup of the insurer’s far-flung empire and selling it off in coming months. Read more..

By MARY WILLIAMS WALSH - The New York Times

Stock Markets

Values are reported in US Dollars

Stock Ticker symbol Open High Low Close Volume
General Electric GE 23.74 25.53 22.19 24.79 209M
Wells Fargo & Co. WFC 34.28 39.55 32.27 37.00 167M
JPMorgan Chase JPM 36.53 41.05 34.04 40.30 133M
Microsoft MSFT 24.80 25.35 24.01 25.26 132M
Intel INTC 18.43 19.69 17.91 19.26 127M
Pfizer PFE 17.42 18.33 17.31 17.99 95.7M
Cisco Systems CSCO 22.24 23.25 21.85 22.80 83.4M
Oracle Corp. ORCL 18.37 18.95 17.84 18.75 76.9M
Apple AAPL 130.57 140.00 120.68 134.09 59.9M
AT&T Inc. T 28.88 29.68 27.51 29.08 55.4M
ExxonMobil XOM 76.29 77.75 74.55 77.75 48.2M
Home Depot HD 26.00 27.50 24.45 26.95 42.1M
Wal-Mart Stores WMT 60.54 61.66 59.10 61.48 41.7M
Comcast CMCSA 19.85 20.65 19.48 20.44 38.7M
HP Inc. HPQ 46.48 47.69 46.04 47.14 36.7M
Verizon Communications VZ 31.74 32.59 30.48 32.59 33.5M
Johnson & Johnson JNJ 70.20 70.95 69.20 70.93 29.3M
Procter & Gamble PG 71.22 72.96 70.40 71.31 28.2M
ConocoPhillips COP 70.99 73.15 69.04 72.26 27.1M
Altria MO 20.11 20.59 19.83 20.22 24.2M
Amgen AMGN 62.02 63.14 58.16 59.99 23.9M
Chevron CVX 81.36 83.50 78.88 82.88 23.4M
Walt Disney & Co. DIS 32.25 33.74 32.06 33.44 22.4M
Abbott Laboratories ABT 57.75 59.05 56.65 58.08 21.9M
Bristol-Myers Squibb BMY 20.87 21.00 20.07 20.91 21.2M
Visa V 64.20 67.24 58.38 66.90 21M
Coca-Cola KO 53.22 54.04 52.10 53.39 20.2M
Merck MRK 31.43 32.04 30.63 31.93 19.9M
Gilead Sciences GILD 48.11 48.69 43.33 47.17 17.9M
Schlumberger SLB 84.65 85.07 79.21 82.64 17.5M
Alphabet GOOGL 422.64 439.18 410.50 439.08 17.2M
International Business Machines IBM 112.91 118.59 111.04 115.12 16M
Boeing BA 57.69 58.66 54.20 58.11 14M
McDonald's MCD 63.38 64.23 62.09 63.96 13.2M
Pepsico PEP 71.98 74.27 71.53 73.23 13.1M
UnitedHealth Group UNH 25.85 26.72 24.90 26.57 12.8M
Amazon AMZN 73.08 77.50 70.08 76.50 12.4M
Union Pacific UNP 72.77 74.77 70.10 73.81 11.9M
3M MMM 69.51 71.24 68.03 70.50 10.9M
United Technologies UTX 61.33 62.78 59.64 62.49 10.7M
Berkshire Hathaway BRK.B 4180.00 4299.00 4047.00 4250.00 59.5K
Exchange Rates of September 18, 2008
CurrenciesExchange Rates
US Dollar Japanese Yen 1 USD = 105.540 JPY 1 JPY = 0.009 USD
US Dollar Canadian Dollar 1 USD = 1.058 CAD 1 CAD = 0.945 USD
US Dollar Swiss Franc 1 USD = 1.107 CHF 1 CHF = 0.903 USD
US Dollar Chinese Yuan 1 USD = 6.835 CNY 1 CNY = 0.146 USD
Euro Japanese Yen 1 EUR = 151.210 JPY 1 JPY = 0.007 EUR
Euro Pound Sterling 1 EUR = 0.789 GBP 1 GBP = 1.268 EUR
Euro Australian Dollar 1 EUR = 1.781 AUD 1 AUD = 0.561 EUR
Euro Canadian Dollar 1 EUR = 1.515 CAD 1 CAD = 0.660 EUR
Euro Swiss Franc 1 EUR = 1.585 CHF 1 CHF = 0.631 EUR
Euro Chinese Yuan 1 EUR = 9.784 CNY 1 CNY = 0.102 EUR
Japanese Yen Pound Sterling 1 JPY = 0.523 GBP 1 GBP = 1.912 JPY
Japanese Yen Australian Dollar 1 JPY = 1.185 AUD 1 AUD = 0.844 JPY
Japanese Yen Canadian Dollar 1 JPY = 1.013 CAD 1 CAD = 0.987 JPY
Japanese Yen Swiss Franc 1 JPY = 1.049 CHF 1 CHF = 0.953 JPY
Pound Sterling Australian Dollar 1 GBP = 2.259 AUD 1 AUD = 0.443 GBP
Pound Sterling Canadian Dollar 1 GBP = 1.920 CAD 1 CAD = 0.521 GBP
Pound Sterling Swiss Franc 1 GBP = 2.010 CHF 1 CHF = 0.498 GBP
Australian Dollar Canadian Dollar 1 AUD = 0.850 CAD 1 CAD = 1.177 AUD
Australian Dollar Swiss Franc 1 AUD = 0.889 CHF 1 CHF = 1.124 AUD
Canadian Dollar Swiss Franc 1 CAD = 1.046 CHF 1 CHF = 0.956 CAD
Canadian Dollar Chinese Yuan 1 CAD = 6.457 CNY 1 CNY = 0.155 CAD
Swiss Franc Chinese Yuan 1 CHF = 6.170 CNY 1 CNY = 0.162 CHF

See what else happened on September 18, 2008