8A NEWS
BUSINESS
THE UNIVERSITY DAILY KANSAN
THURSDAY, NOVEMBER 5, 2009
Federal Reserves give positive assessment of economy; stocks mixed
ASSOCIATED PRESS
NEW YORK - A late-day slump left stocks mixed Wednesday as investors couldn't hold on to their optimism after the Federal Reserve gave an encouraging assessment of the economy.
The Dow Jones industrial average, up more than 150 points after the Fed described the economy as showing more signs of recovery, closed up 30. The broader indexes were narrowly mixed.
Analysts couldn't point to any one reason why stocks gave up their gains, although some said the market is increasingly nervous as the release of the government's October jobs report on Friday approaches. Financial stocks fell especially hard in the last hour of trading after a House vote to speed up the effective date of limits on credit card companies, and added to the overall market's pullback.
The Fed, as expected, left its benchmark interest rate unchanged at a record low of essentially zero and said the economy is slowly
rebounding. Its announcement followed reports on service industries and employment that eased two of the biggest worries about the economy.
The Fed's statement accompanying its rate decision noted that housing activity has picked up in recent months. It also said consumer spending, while still constrained by unemployment and other problems, appears to be growing.
Policymakers said they would keep interest rates low for an "extended period" and said inflation is likely to remain tame. That eased some worries that rising prices would force the Fed to boost interest rates and risk cutting off a nascent recovery in the economy.
But, as often happens after Fed meetings, stocks were unable to hold their gains. The Fed statement, while more upbeat than in recent months, did note that there are ongoing job losses. And investors were well aware that the Labor Department's October jobs report is just two days away.
Meanwhile, the House approved new rules for credit card companies
unless lenders agree to freeze interest rates and fees. The vote would move up the February effective date of legislation already passed by Congress that limits what banks can charge for credit cards.
It didn't appear likely that the Senate would also pass the measure, but the House vote still sent financial stocks falling. And when bank stocks fall, the rest of the market tends to follow.
According to preliminary calculations, the Dow rose 30.23, or 0.3 percent, to 9,802.14. It had been up as much as 156 after the Fed announcement.
The broader Standard & Poor's 500 index rose 1.09, or 0.1 percent, to 1,046.50, and the Nasdaq composite index fell 1.80, or 0.1 percent, to 2,055.52.
Winning stocks were ahead of losers by 8 to 7 on the New York Stock Exchange, where volume came to 1.35 billion shares.
The Fed appeared more upbeat than investors by the end of trading Wednesday.
Specialists Scott Wetzel, Michael Bonnano and Peter Gaichi, left to right, and Gennaro Saporiot, foreground right, work at a post on the floor of the New York Stock Exchange Wednesday. The Dow Jones industrial average is up more than 150 points.
ASSOCIATED PRESS
CRIME
Prosecutors claim obesity defense
ASSOCIATED PRESS
HACKENSACK, N.J. — The lawyer for a Florida man who claims he's too fat to have killed his former son-in-law told jurors Wednesday that all they have to do is attend at his client to see that he's obese, old and in no condition to have committed such a murder.
Prosecutors agreed that Edward Ates is far from fit but said he's still capable of methodically planning and carrying out the killing of Paul Duncsak.
Assistant Bergen County Prosecutor Wayne Mello told the jury during closing arguments. "What he can do is execute his son."
"He's not running a marathon. I'll agree he probably can't do that."
Prosecutors claim Ates drove from his home in Fort Pierce, Fla., to Duncasburg's $1.1 million home in Ramsey, about 25 miles northwest of Manhattan, in August 2006 and shot him as he returned from work. Police quickly suspected Ates and found him 24 hours later at his mother's home in Sibley, La.
"Look at him," Lesnevich told jurors, noting that Ates was 60 pounds heavier at the time of the crime.
ASSOCIATED PRESS
Edward Ates is accused of killing his son-in-law. His attorney is arguing he was unable to commit the crime because he was too fat.
CRIME
NWN
Medical ailments prolong psychiatric evaluation test
WASHINGTON — Officials at a prison hospital say chronic medical problems are complicating a psychiatric evaluation for the 89-year-old man accused of fatally shooting a guard at Washington's Holocaust museum.
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U. S. District Judge Reggie B. Walton granted an eight-week extension for the evaluation of James von Brunn.
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The report on von Brunn's competency to stand trial had been expected at the end of November.
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Muhammad, 48, is scheduled to die by injection on Nov. 10 at a Virginia prison.
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CRIME
JOHN ALLEN MUHAMMAD Gunman
"So all you police and prosecutors can stand-down — 'rushing' to murder this innocent black man"
D.C. sniper claims not guilty in spree
The rambling, handwritten letter was made available because of requests for a statement from Muhammad, his attorneys wrote on the Web page of their law firm. The letter was filed in federal court in connection with Muhammad's unsuccessful attempt to block his execution, the attorneys said.
ASSOCIATED PRESS
RICHMOND, Va. — Attorneys for John Allen Muhammad released a May 2008 letter on Wednesday in which the master-mind of the deadly 2002 sniper attacks in the Washington, D.C., area proclaims his innocence.
"exculpatory evidence" that he claims was withheld from his trial "will prove my innocent and what really happen ..."
The letter adds: "So all you
In their filing, the lawyers said Muhammad was regularly whipped with hose pipes and electrical cords and beaten with hammers and sticks by
The letter, written under the heading "Attorney Client Privilege," was apparently filed
police and prosecutors can stand-down—'rushing to murder this innocent black man for something he nor his son (Lee) had nothing to do with ..."
Jonathan Sheldon, one of Muhammad's attorneys, wrote in an e-mail to The Associated Press that the letter has been filed in U.S. District Court since May 2008. "It just had not come to public attention, like much of our filings," he wrote.
during an attempt by lawyers to spare Muhammad from the death penalty.
Lee Boyd Malvo was Muhammad's teenage accomplice, who is serving a life sentence. Muhammad fostered a father-son relationship with Malvo but the two were not related.
Tuesday, Muhammad's attorneys asked the U.S. Supreme Court to stop his execution.
family members during a brutal childhood.
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