| Lenders freeze equity lines in response to tumbling property values
Several banks issued statements this week saying they were temporarily suspending withdrawals from open home equity lines out of concern that borrowers could owe more than the house is worth.Historic declines in property values have stripped many local homeowners of their safety nets as lenders freeze lines of credit ---- even on people who are current on their mortgage payments. "It's an emotional hardship," said Patti Lien of Menifee. "We kept our credit good. We've done everything right, and this is what we get because Countrywide made all these crappy loans." .
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Crude futures steadied following Thursday's 4% slide in response to the foiled airliner bombing plot, finishing at $74.35 a barrel. Costly gasoline contributed to the 1.4% July gain in retail sales, the biggest increase in six months. Sales rose a strong 0.7% excluding the gas and the autos, confirming upbeat recent commentary from Federated (FD), Target (TGT) and J.C. Penney (JCP). .
Wall Street advances sharply
Gold futures hit a record, briefly venturing above $913 an ounce as the dollar tumbled against other major currencies. The euro reached a new high above $1.49.Other commodities were higher, too. Crude oil rose $1.51 to settle at $94.20 a barrel on the New York Mercantile Exchange.Peter Dunay, investment strategist at Leeb Capital Management, believes the run in commodities prices will continue as Wall Street eyes what the Federal Reserve will do at its Jan. 29-30 meeting. Chairman Ben Bernanke has convinced investors the central bank will cut rates, and the expectation of cheaper money also bolstered sentiment Monday``We're expecting inflation to be a problem, and believe the commodity demand is going to continue,'' Dunay said. ``We think the Fed is going to throw as much money as they can to keep us out of recession, or keep the recession mild, so commodities will be higher.''Stocks sold off sharply last week after a chorus of Wall Street economists predicted the U.S.
Treasurys Climb as Services Weakness Spurs Recession Fears
Tuesday's report pushed two-year yields back below 2 percent, heading toward their lowest level since early 2004. The bearish economic figures solidified the argument that the United States may have already fallen into recession, despite a slew of Federal Reserve interest rate cuts and plans in Washington to spend billions to stimulate the economy. "All signs point to a recession that started in the first quarter of this year. Appropriately, the Treasury market is rallying," said Carl Lantz, U.S. interest rate strategist at Credit Suisse in New York. The benchmark 10-year note climbed 23/32 in price, which pushed the yield down to 3.56 percent from 3.64 percent late Monday. The two-year note was 8/32 higher in price for a yield of 1.94 percent from 2.07 percent.
Zale Corporation Company Profile - View Zale Corporation (ZLC) Company ...
In September 2005 the company entered into a marketing partnership with The Knot, Inc., bringing together two leaders in the wedding industry. The marketing partnership will promote Zale Corporation's brands to the annual audience of over one million brides and grooms who turn to The Knot for their wedding planning trends and needs. Zale Corporation Executives Neal Goldberg [President & Chief Executive Officer] Gil Hollander [President, Corporate Sourcing, Piercing Pagoda] John A. Zimmermann [President ,North America] Nancy O. Skinner [President , Zales Outlet] E. Ashlee Aldridge [CIO & Senior Vice President] .
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