Word: thursdaying
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...again as the day progressed. It was a fittingly wacky end to a week that has seen bourses see-saw with unprecedented volatility. The VIX, Wall Street's leading measure of market volatility and investor fears, briefly scaled 80 points for the first time in its 18-year history Thursday, as stocks slid over recession worries...
...easier said than done when the stock market's evolution is so central to a global economy facing a slow-down - or possible recession. And as this week wound down, observers of both markets and wider economies seemed uncertain whether to applaud or cry. Following dismal sessions Wednesday and Thursday, activity on Asian indices Friday was mixed, with Toyko's Nikkei up 2.2% aside more modest gains in Singapore and China. Hong Kong's Hang Seng remained flat, however, while South Korea and Australia slightly slumped. Inspired by that trend - as well as Wall Street's rebound from early losses...
...late week rally is harder to explain. The mini-boost has been accredited to better than expected quarterly results from tech companies like IBM and Google. Yet that good news Thursday coincided with figures showing that American industrial production in September dropped by 2.8% - the steepest fall since December, 1974. That came on the heels of statistics showing all-important consumer spending in the U.S. had tightened more than forecast. Meanwhile, despite government rescue plans and central bank rate cuts, there is little sign so far that frozen credit flows are thawing fast enough to get badly needed funds moving...
...Mahoney attorney Gary Isaacs told TIME on Thursday morning that there was a settlement paid to Allen, but that the funds came from Mahoney's business. "I have no reason to believe for there to be an inkling of any impropriety" as far as campaign or taxpayer money being used, Isaacs said. The attorney did not elaborate on what the settlement payment was for. "Both sides are bound by confidentiality," he said. "There's an agreement between the parties that limit what I can say with regards to the resolution...
...followed by excerpts of an alleged telephone call from January in which the bullying Congressman tells Allen "You're fired" no fewer than six times in three minutes. A spokesman for the Florida Democratic Party late Wednesday afternoon refused to comment on the allegations against Mahoney. By early Thursday morning, the Palm Beach County Republican Party issued a statement calling on Mahoney to resign...