Exxon Mobil Corp. (NYSE: XOM) and Chevron Corp. (NYSE: CVX) gains in early trading as crude oil rose above $73 a barrel. Citigroup Inc. (NYSE: C) and Bank of America Corp. (NYSE: BAC) rose as people familiar with the matter said Treasury Secretary Timothy Geithner is seeking to extend the financial- rescue program. Futures on the S&P 500 expiring this month added 0.5 percent to 1,095.80 as of 12:24 p.m. in London. Dow Jones Industrial Average Index futures increased 0.4 percent to 10,314 and Nasdaq-100 Index futures advanced 0.6 percent to 1,778.5. –Bloomberg
Dubai stocks reached fresh nine-month lows today as concerns about the city-state’s debt obligations escalated and one of its flagship companies posted a huge loss for the first half of the year. "Confusion and uncertainty about Dubai World’s plans to repay debt remains and that is reflected in the stock market," said an analyst at MAC Capital Advisors. The Dubai Financial Market’s benchmark index dropped 6.4% to 1533.36 Wednesday, which is its lowest closing juncture since March 19th. –The Wall Street Journal
AOL faces several questions as it regains its independence from Time Warner. The question that remains is whether or not the company can survive on its own in a competitive marketplace dominated by the likes of Google Inc. (GOOG). Will it be forced to cut even more jobs, and sell off some of its media properties? Additionally, will shareholders simply dump the stock, rather than betting on what would be an astounding reversal of fortune? "They (AOL) have some serious headwinds going against them," said Ben Schachter of Broadpoint AmTech in an interview. "They continue to lose audience." -MarketWatch
Greece was jolted yesterday by the downgrading of its debt rating to the lowest level in the euro zone as worries grow about its public finances, driving bank shares, bonds and the euro lower in its wake. The financial blow came as the government struggled to calm two days of youth riots on the first anniversary of the police shooting of a 15-year-old boy that triggered widespread violence fuelled by anger over the economy. Citing a fiscal deterioration, Fitch Ratings cut Greek debt to BBB+ with a negative outlook, the first time in over 10 years a ratings agency has put Greece below the A investment grade. It also cut the ratings of five Greek banks, saying the government was less able to support them. -Forbes
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