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Shares of insurance titans Hartford Financial Services Group , CIGNA Corp. Last month the insurer said it held $511 million in preferred stock of mortgage lenders Fannie Mae and Freddie Mac and more than $260 million of stock and debt in bankrupt Lehman Bros. Life insurers guarantee minimum returns for some customers — such as annuity holders — and adjust their profit assumptions when investment returns fail to meet the company’s targets. Prudential and Hartford also spooked analysts by saying it was difficult for them to detail the size of their capital cushions, given the turmoil in markets. Tom Petruno has been chronicling financial markets’ highs and lows since 1979, and has been the Times’ financial columnist since 1990. California/Local | National | World | Sports Opinion | Entertainment | Travel | Health L. read more

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NEW YORK (AP) — Wall Street extended its gains to a second day Wednesday as investors grew more optimistic that an expected interest rate cut will indeed help move the economy toward recovery. Genter said the market appears to be benefiting from a break in the selling by hedge funds and mutual funds that has occurred as some investors exited the market and also at the behest of brokers who can force professional investors to set aside larger cash cushions as stocks lose value. He contends the market likely won’t react wildly if the Fed’s move largely meets expectations but said a smaller rate cut could alarm Wall Street. Moves by hedge funds and mutual funds to exit positions have added to the market’s volatility, analysts say, adding that the market likely won’t have a sustained recovery until some big players halt more of their selling. read more

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National Stock Exchange?s benchmark Nifty rose 44 points or 1. Bombay Stock Exchange?s 30-share Sensex gained 140 points to 9148 from Wednesday?s close. US stocks ended sharply higher on Tuesday, as investors scooped up beaten-down shares and optimism grew that the US Federal Reserve and other central banks will cut interest rates further. Atul Pande, CEO & MD of Cholamandalam DBS Finance, one of the biggest NBFCs in India, may step down following mounting pressure from the board. read more

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It’s precisely in this kind of environment that technical charts—ones that track patterns in price and volume activity for stocks and indexes—can offer market participants some semblance of order. With market players now seemingly attaching little, if any, importance to business fundamentals, those technical support levels have become key points of focus for experienced investors. Jim Dunigan, chief investment officer at PNC Wealth Management ( PNC ) in Philadelphia, says he would take a retest and hold of the Oct. Click Here to Download Free Asset Management Research & Guides Stay-Up-To Date With Market Activity & Trends. read more

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In addition to the Fed, the coming week will be jampacked with numbers — economic indicators including new home sales, consumer sentiment, a survey on home prices, plus durable goods orders and data on personal incomes and spending — as well as a deluge of earnings that could confirm investors’ worst fears that the outlook for profits and economic growth is becoming grimmer. Futures fully price in a rate cut of one-half percentage point, or 50 basis points, in the fed funds rate, to 1 percent from 1. If that happens, the fed funds rate, which is the rate that banks charge each other for overnight loans, would be brought back down to where it was in late June 2003, when it was at 1 percent — the lowest in almost 40 years. The interest-rate futures market also sees a “more than 20 percent” chance that the Fed could cut the fed funds rate more aggressively, to 0. Thomson Reuters is the world’s largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters. read more

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On Friday and during the week, there was nowhere to hide as stocks from every sector and nation fell in unison. All 30 components of the Dow Jones Industrial Average fell Friday and are down 23% for the month, with Bank of America and chemicals maker DuPont among the weakest on the session, and General Motors, Alcoa and Caterpillar among the biggest losers during the past month. The broad Standard & Poor’s 500 fell 31. To view or change all of your email settings, visit the Email Setup Center . WSJ Spanish Copyright ©2008 Dow Jones & Company, Inc. read more

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Investors slam stocks; local index plunges 4. Stocks fell by more than 5 percent Wednesday as economic worries and weak earnings reports caused investors to bail out of the market. Selling intensified near the market close as the Dow Jones Industrial Average plunged 514 points, or 5. Investors are plenty worried after the market’s wild losses of the past several weeks, said Keith Wirtz, president and chief investment officer at downtown-based Fifth Third Asset Management. Wirtz pointed out that the market has yet to post two consecutive days of gains in October, reflecting the strong pessimism among investors. The market is still trying to figure out the likely impact of a recession here and abroad, how to put a value on 2009 earnings, the likely outcome of the November elections and what to make of the turmoil in financial markets the past few weeks. read more

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NEW YORK (Reuters) – The Nasdaq Stock Market’s decision to suspend one of its own listing rules comes as an avalanche of shares tumble below the $1 threshold, and is intended to avoid the mass delistings that followed the burst of the dot-com bubble. Securities and Exchange Commission to temporarily suspend the minimum price requirement that protects listed companies from becoming penny stocks. Nasdaq, traditionally home to technology stocks but now more diversified, said in the filing that the number of stocks falling below $1 has increased “dramatically” from last year, particularly this month. Thomson Reuters is the world’s largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters. read more

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