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WASHINGTON (Dow Jones) -- The Senate on Thursday passed a $70 billion, election-year package that would extend lower tax rates for investors and shield around 15 million middle-income Americans from the alternative minimum tax. The 54-44 vote comes on the heels of House passage Wednesday night, giving the White House and congressional Republicans a legislative victory on President Bush's signat ...

By Emily Chasan NEW YORK (Reuters) - U.S. stocks tumbled on Thursday, suffering their biggest drop in almost four months, as a jump in crude oil and gold prices stoked worries about inflation, consumer spending and more interest-rate hikes from the Federal Reserve. Oil prices shot higher as outages at U.S. oil refineries triggered supply worries, a day after the Fed hinted that more interest-rate hikes might be needed to keep inflation at bay. For details, see (ID:nN11264703: Quote, Profile, R ...

SAN FRANCISCO (Dow Jones) - General Motors Corp. gathered some upbeat analyst comments Thursday after its CFO expressed optimism a labor deal with parts maker Delphi Corp. might soon be at hand, but their notes did little to keep the carmaker from being swept lower in a big sell-off on the Dow. GM (GM) shares finished the day with a 78-cent, or 2.9%, loss at $25.81, reversing a steep 18% rally  ...

LOS ANGELES (Dow Jones) -- Affiliated Computer Services Inc.'s shares lost over 4% Thursday after the technology outsourcer delayed its quarterly filing with regulators and expects to take a charge of around $40 million related to an internal probe into its stock-option grant practices. ACS (ACS) admitted in a filing with the Securities and Exchange Commission overnight that it granted stock op ...

U.S. stocks ended lower Thursday, logging their biggest one-day decline since January, on concerns that rising commodity prices will translate into higher inflation and will prompt the Federal Reserve into raising interest rates again in June. The Dow Jones Industrial Average (DJI) snapped a five-session winning streak to end down 141.92 points at 11,500.73. Of the 30 Dow components, 29 contrib ...

This week is shaping up to be the biggest week this year in the European new issue market, with over €8bn of debt issuance set to take place by the end of today, bankers have indicated. // This rush has partly arisen because of low levels of issuance before the recent May Day holiday – but also because the usual European summer lull is expected to start early due to the football World Cup. “This  ...

The board of the New York Mercantile Exchange has voted to launch trading of its energy futures contracts on the electronic trading platform of the Chicago Mercantile Exchange on June 11. // The move comes amid mounting competition in the US energy and commodities trading market from its smaller rival the Intercontinental Exchange (ICE). Under the deal, the CME, the largest US futures exchange, ...

U.S. stocks are on track to post their worst one-day performance Thursday since mid-January on concern rising commodity prices will translate into higher inflation, and prompt the Federal Reserve into raising interest rates again at its June meeting. American International Group was a notable decliner after its earnings fell short of Wall Street expectations. The Dow industrials (DJI) were dow ...

Wall Street suffered substantial falls on Thursday as rising oil prices and a severe sell-off in the technology sector dragged the main indices lower. Small companies were especially hurt, with the Russell 2000 index falling 2 per cent. // Analysts pointed to growing concerns about US interest rates. “The reason the market is down could be twofold,” said Hugh Johnson, chairman and chief investme ...

Two stamp trading companies operated the biggest scam in Spanish history with “grave repercussions” for the country’s economy, public prosecutors claimed on Thursday. // Afinsa, the world’s biggest stamp dealer, was accused of embezzling €1.75bn from almost 143,000 investors in a massive pyramid scheme built on worthless stamps. Forum Filatélico, another stamp trading company, was accused of runn ...