Bullish Blog

AP - A Securities and Exchange Commission lawsuit filed Wednesday accuses Mayor Larry Langford of taking more than $156,000 from a friend whose firm made millions on risky bond transactions that have pushed an Alabama county to the brink of bankruptcy.

Reuters - The U.S. Securities and Exchange Commission on Wednesday said it has charged the mayor of Birmingham, Alabama, and two of his friends in connection with an undisclosed payment scheme in municipal bond deals.

Reuters - The New York Stock Exchange said on Wednesday that Virgin Mobile USA declined to comment on unusual activity in the cell phone company's shares.

AFP - Leading shares in London closed flat on Wednesday, having reversed earlier gains ahead of the Federal Reserve's interest rate decision and after better-than-expected US economic data, balanced by weakness among the UK miners.

Reuters - A former chief operating officer at job recruitment Web site Monster Worldwide Inc was charged on Wednesday with securities fraud and conspiracy in connection with an alleged scheme to backdate millions of dollars' worth of employee stock option grants.

A big stock market rally evaporates as the central bank cites continuing stress in financial markets. Markets may open weaker because some investors want more attention paid to inflation. The Dow and S&P 500 have their first monthly gains since October.

Reuters - The Toronto Stock Exchange's main index trimmed early gains but still ended more than 100 points higher on Wednesday, helped by optimism over corporate results and stronger economic data from south of the border.

AP - Wall Street gave up sharp gains and closed lower Wednesday after the Federal Reserve cut interest rates by a quarter point but left investors guessing about the central bank's next move. The Dow Jones industrial average, momentarily soaring above 13,000 for the first time since early January, ended the session with a modest loss.

AFP - Europe's main stock markets dropped on Wednesday in cautious trade as investors awaited a statement from the US central that will accompany an expected cut in interest rates, dealers said.

Reuters - Stocks fell on Wednesday after the Federal Reserve trimmed interest rates but left unclear the outlook for further rate cuts, prompting profit-taking as the Standard & Poor's 500 index ended its best month since December 2003.