Wall Street rallies on recovery bets as 2010 starts
NEW YORK (Reuters) - Stocks climbed broadly on Monday after a report showed the manufacturing sector expanded for a fifth straight month, lifting confidence in the global economy as investors eye fourth quarter earnings. The rally, which marked the first trading day of 2010, drove both the Dow and the S&P 500 to their highest closes in 15 months, while the Nasdaq ended at a 16-month high.
Manufacturing posts best showing since 2006
NEW YORK (Reuters) - The U.S. manufacturing sector grew at its fastest pace in nearly four years in December, its fifth consecutive month of expansion, data showed on Monday, adding to hopes of economic improvement in 2010. That coincided with other data on Monday showing world factory activity expanded last month at its greatest clip in nearly four years.
Credit Suisse sued over resorts, $24 billion sought
NEW YORK (Reuters) - Credit Suisse Group AG <CSGN.VX> has been sued by property owners in four luxury ski and golf resorts, saying the Swiss bank concocted a loan scheme to defraud them and ultimately take over the properties. The lawsuit filed on Sunday in federal court in Boise, Idaho, seeks $24 billion of damages against Credit Suisse and commercial real estate firm Cushman & Wakefield Inc, and class-action status for more than 3,000 investors who bought land or homes.
Wall Street cool on rumored Google phone launch
SAN FRANCISCO (Reuters) - Google Inc <GOOG.O> is expected to unveil its highly anticipated Nexus One smartphone on Tuesday, marking a first foray into an increasingly crowded market that could shape the future of the company's advertising business. Gadget lovers around the world will focus on Google's corporate headquarters in Mountain View, California, where the Internet search leader is expected to announce the phone. But the tech world's fascination has not carried over to Wall Street, which is taking a wait-and-see view on Google's first effort to sell a hardware product directly to consumers.
Fed's Duke sees low rates for "extended period"
WASHINGTON (Reuters) - The Federal Reserve sees a moderate economic recovery continuing in 2010, but needs to keep interest rates "exceptionally low" for an "extended period" to foster job growth, a Fed policymaker said on Monday. Fed Governor Elizabeth Duke told an economic forum that slack in the economy was likely to remain above historical norms for some time, helping to keep inflation subdued.
BofA CEO disagrees with bank break-up calls