NEW YORK (AP) -- One market analyst says it's time investors focus on the economy's fundamentals, rather than easy gains generated by low interest rates. The Dow took another plunge yesterday, after Chairman Ben Bernanke said the Federal Reserve could ease off its stimulus program later this year. The bluechip index lost about 354 points, wiping out six weeks of gains. The S&P fell nearly 41 points, and the Nasdaq dropped 78. Futures trading indicates Wall Street could recoup some losses this morning.
KUALA LUMPUR, Malaysia (AP) -- Asian stocks endured moderate losses today but early trading on European markets showed signs of stabilizing even though investors remained edgy about a possible change of course by the U.S. Federal Reserve. Benchmark crude oil rose to remain above $95 per barrel. The dollar gained against the yen and fell against the euro.
LUXEMBOURG (AP) -- The first Friday of summer has major economic reports on the schedule. Overseas, European Union finance ministers are meeting to discuss the current financial crisis.
TOKYO (AP) -- Apple Inc. has won a patent infringement lawsuit against Samsung Electronics Co. in a Japanese court, one of dozens of legal battles around the world between the technology giants. The latest was over "bounce-back" technology for scrolling on older devices. Samsung has since changed its smartphone design. Samsung said it will study the ruling before deciding whether to appeal.
BEIJING (AP) -- A squeeze on credit in China that is rattling world markets appeared to ease slightly as a key interbank interest rate edged lower, prompting speculation the country's central bank may have intervened to calm ravaged nerves. Analysts say the spike in the rates that banks charge each other for short-term borrowing is part of a deliberate, belated effort to trim off-balance-sheet lending that could threaten the financial stability of the world's second largest economy.
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