Corn traders are bullish for a fifth consecutive week on speculation that dry weather in South America is damaging crops, boosting demand for U.S. supplies at a time when stockpiles are predicted to shrink to a 16-year low.
Nineteen of 25 traders surveyed by Bloomberg expect corn to advance next week. Lower-than-average humidity and dry soil will curb crop development in Argentina and southern Brazil through at least Jan. 7, according to T-Storm Weather LLC, a forecaster in Chicago. Argentina is the world
+%3Cp%3EChina%92s+home+prices+posted+their+worst+performance+this+year+with+more+than+half+of+the+70+biggest+cities+monitored+in+November+recording+declines+after+the+government+reiterated+plans+to+maintain+property+curbs.+%3C%2Fp%3E+%3Cp%3ENew+home+prices+dropped+from+the+previous+month+in+49+of+the+cities+monitored+by+the+government%2C+compared+with+33+posting+decreases+in+October%2C+the+national+statistics+bureau+said+in+a+statement+on+its+website+yesterday.+Only+five+cities+had+gains+in+home+prices%2C+according+to+the+statement.+%3C%2Fp%3E+%3Cp%3E%93Home+prices+will+fall+further+as+the+government%92s+tightening+continues%2C%94+said+Jinsong+Du%2C+a+Hong+Kong-based+property+analyst+for+Credit+Suisse+Group+AG.+%93We%92ll+see+more+small+developers+file+for+bankruptcy+or+sell+off+their+assets+next+year.%94+%3C%2Fp%3E+%3Cp%3EThe+government+said+last+week+it+won%92t+back+away+from+real-+estate+industry+curbs+that+are+damping+home+sales+and+pulling+down+prices.+China+intensified+measures+this+year+by+raising+down+payment+and+mortgage+requirements+and+also+imposed+home+purchase+restrictions+in+40+cities.+%3C%2Fp%3E+%3Cp%3ENew+home+prices+in+China%92s+four+major+cities+of+Shanghai%2C+Beijing%2C+Shenzhen+and+Guangzhou+each+retreated+0.3+percent+from+October%2C+the+biggest+monthly+falls+for+these+metropolitan+areas+this+year%2C+according+to+data+from+the+statistics+bureau.+%3C%2Fp%3E+%3Cp%3EThe+eastern+port+city+of+Ningbo+and+Shenyang+in+the+north+close+to+the+North+Korean+border+posted+the+biggest+month-on-+month+declines+of+0.6+percent%2C+while+Guiyang+in+the+southwest+rose+0.2+percent%2C+the+most+among+the+70+cities.+%3C%2Fp%3E+%91Critical+Stage%92++%3Cp%3EThe+gauge+tracking+property+stocks+on+the+%3Ca+topic_url%3D%22http%3A%2F%2Ftopics.bloomberg.com%2Fshanghai-se-composite%2F%22+href%3D%22http%3A%2F%2Fwww.bloomberg.com%2Fapps%2Fquote%3Fticker%3DSHCOMP%3AIND%22+density%3D%22full%22+title%3D%22Get+Quote%22+ticker%3D%22SHCOMP%3AIND%22+class%3D%22web_ticker%22%3EShanghai+Composite+Index+%28SHCOMP%29+rose+0.3+percent+at+the+close%2C+the+only+industry+group+that+posted+a+gain+on+the+benchmark+measure.+%3C%2Fp%3E+%3Cp%3EThe+figures+came+after+private+data+also+showed+further+signs+of+cooling.+China%92s+home+prices+fell+for+a+third+month+in+November%2C+%3Ca+topic_url%3D%22http%3A%2F%2Ftopics.bloomberg.com%2Fsoufun-holdings-ltd%2F%22+href%3D%22http%3A%2F%2Fwww.bloomberg.com%2Fapps%2Fquote%3Fticker%3DSFUN%3AUS%22+density%3D%22sparse%22+title%3D%22Get+Quote%22+ticker%3D%22SFUN%3AUS%22+class%3D%22web_ticker%22%3ESouFun+Holdings+Ltd.+%28SFUN%29%2C+the+country%92s+biggest+real+estate+website%2C+said+earlier+this+month+based+on+its+survey+of+100+cities.+%3C%2Fp%3E+%3Cp%3E%93It%92s+more+and+more+clear+that+home+prices+are+falling+around+the+country%2C%94+said+Shen+Jian-guang%2C+a+Hong+Kong-based+economist+at+Mizuho+Securities+Asia+Ltd.+%93It%92s+still+the+critical+stage+of+China%92s+property+curbs%2C+so+the+government+doesn%92t+want+to+send+any+signals+of+easing+of+those+policies+too+early+as+it+may+reverse+the+trend.%94+%3C%2Fp%3E+%3Cp%3EChinese+developers+will+face+challenges+over+the+next+12+to+18+months+including+slowing+sales%2C+tight+bank+credit+and+downward+pressure+on+prices+and+profit+margins%2C+Moody%92s+Investors+Services+said+in+a+Dec.+15+report.+%3C%2Fp%3E+Vanke%2C+Poly++%3Cp%3ENovember+contract+sales+of+China+Vanke+Co.%2C+the+country%92s+biggest+developer%2C+dropped+36+percent+from+last+year%2C+while+those+by+Poly+Real+Estate+Group+Co.%2C+the+second+largest%2C+fell+28+percent.+Developers+typically+sell+homes+before+they+are+built.+Vanke+shares+were+unchanged+in+Shenzhen%2C+after+falling+as+much+as+2.6+percent%2C+while+Poly+climbed+0.9+percent%2C+reversing+a+1.5+percent+decline.+%3C%2Fp%3E+%3Cp%3EExisting+home+prices+in+Beijing+slid+0.7+percent+from+October%2C+while+those+in+Shanghai+retreated+0.5+percent%2C+according+to+the+statistics+bureau.+%3C%2Fp%3E+%3Cp%3EChina+faces+slower+growth+in+home+sales+and+construction+next+year%2C+Fitch+Ratings+said+in+a+report+on+Dec.+13%2C+adding+that+smaller+builders+will+be+%93more+vulnerable%94+as+the+government+maintains+its+property+curbs.+%3C%2Fp%3E+%3Cp%3EEasing+Measures%3F+%3C%2Fp%3E+%3Cp%3EThe+government+may+ease+its+measures+in+the+second+half+of+next+year+if+home+prices+in+major+cities+include+Beijing+and+Shanghai+fall+20+percent+from+their+2011+peaks%2C+according+to+Mizuho%92s+Shen.+Shanghai%92s+new+home+prices+gained+2.4+percent+from+a+year+earlier+in+November%2C+and+those+in+the+capital+city+added+1.3+percent%2C+according+to+the+statistics+bureau.+%3C%2Fp%3E+%3Cp%3EResidential+property+investments+accounted+for+6.1+percent+of+the+country%92s+gross+domestic+product+last+year%2C+according+to+Citigroup+Inc.+%3C%2Fp%3E+%3Cp%3EFalling+home+prices+helped+drive+sales+last+month.+Housing+transactions+rose+12+percent+in+November+to+416.4+billion+yuan+%28%2465.7+billion%29%2C+rebounding+from+a+decline+the+previous+month%2C+the+statistics+bureau+said+earlier+this+month.+%3C%2F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Two telecommunications giants now control the Toronto Maple Leafs, the biggest prize in Canadian sport.
The Ontario Teachers’ Pension Plan announced on Friday that will sell its 79.5 per cent stake in Maple Leaf Sports and Entertainment, owners of the iconic Leafs, to Rogers Communications and BCE for $1.32 billion.
The companies made the announcement in a morning news conference at the Air Canada Centre to confirm the blockbuster deal.
“MLSE is truly a world-class organization with some of the most iconic brands and popular sports teams across North America,” said Nadir Mohamed, Rogers president and CEO in a statement.
“This investment fits squarely into our strategy of securing premium content and making it accessible to Canadians when, where and how they want it.”
“Sports content is king. Let’s face it nobody wants to watch a game two days later,” Mohammed said during the announcement Friday morning. “Between the two organizations I can’t think of anybody that can bring live sports to Canadians wherever they are without missing a second.”
MLSE also owns the Raptors of the NBA, Toronto FC of Major League Soccer, the Marlies of the American Hockey League, the Air Canada Centre, two specialty television channels and Maple Leaf Square, a condominium development adjacent to the arena.
Under the agreement, Rogers and Bell Canada will divide their 75 per cent share of MLSE evenly. And Larry Tanenbaum whose firm, Kilmer Sports, owned 21 cash till payday.47 per cent of MLSE increases its ownership to 25 per cent.
“I am excited to welcome our new partners Bell and Rogers,” said Tanenbaum, who remains as chairman of MLSE, in a statement. “I am proud this is a made-in-Canada deal that will bring resources and expertise to help us win on and off the ice, court and pitch.”
“It really means we’re moving for those championship teams, the Stanley Cup, that NBA championship,” Tanenbaum said
There were provisions in the existing shareholders agreement that gave Tanenbaum key rights that would make it difficult for any owner with telecommunications properties to take advantage of MLSE’s rich broadcast assets without his approval.
Reports surfaced two weeks ago that Rogers and BCE had been working on an alliance to share control of MLSE, which also owns other sports properties and lucrative broadcast interests.
At that time, Teachers, one of the country’s biggest pension plans with assets of more than $107.5 billion, indicated it was pulling its stake off the market after an extensive search that formally started earlier this year. Teachers’ noted that several parties had made offers.
The Star reported a year ago that Teachers had been quietly talking to possible suitors including Rogers about selling its stake. Teachers’ played down the story but four months later announced that it would formally explore a sale.
Metropolitan Urological Specialists PC offers a full spectrum of urological services. The medical practice includes these doctors:
Regulators on Friday closed small banks in Iowa and Louisiana, lifting to 90 the number of bank failures in the U.S. this year.
The number of closures has fallen sharply this year as banks have worked their way through the bad debt accumulated in the recession. By this time last year, regulators had shuttered 149 banks.
The Federal Deposit Insurance Corp. seized Polk County Bank, based in Johnston, Iowa, with $91.6 million in assets and $82 million in deposits. It also closed Central Progressive Bank, based in Lacombe, La., with $383.1 million in assets and $347.7 million in deposits.
Grinnell State Bank, based in Grinnell, Iowa, agreed to assume the deposits as well as the loans and other assets of Polk County Bank. New Orleans-based First NBC Bank agreed to acquire all the deposits and $354.4 million of the assets of Central Progressive Bank.
The failure of Polk County Bank is expected to cost the deposit insurance fund $12 million; that of Central Progressive Bank is expected to cost $58.1 million.
Polk County Bank was the first bank in Iowa to fail this year, while Central Progressive Bank was the first Louisiana lender to fail this year.
In all of 2010, regulators seized 157 banks, the most in any year since the savings and loan crisis two decades ago. Those failures cost around $23 billion. The FDIC has said 2010 likely was the high-water mark for bank failures from the Great Recession.
In 2009, there were 140 bank failures that cost the insurance fund about $36 billion, a higher price tag than in 2010 because the banks involved were bigger on average. Twenty-five banks failed in 2008, the year the financial crisis struck with force; only three were closed in 2007.
From 2008 through 2010, bank failures cost the fund $76.8 billion. The FDIC expects failures from 2011 through 2015 to cost $19 billion.
The deposit insurance fund fell into the red in 2009. With failures slowing, the FDIC’s fund balance turned positive in the second quarter of this year; it stood at $3.9 billion as of June 30.
Italian Premier Silvio Berlusconi’s main coalition ally urged him to step aside Tuesday as political uncertainty in the eurozone’s third-largest economy rocked financial markets for yet another day.
Berlusconi’s government is under intense pressure to enact quick reforms to shore up Italy’s defenses against Europe’s raging debt crisis. However, a weak coalition and doubts over Berlusconi’s ability to push through austerity and reforms have financial markets fearing some type of financial disaster in Italy.
“We asked him to step aside, take a step to the side,” Northern League leader Umberto Bossi told reporters as he arrived ahead of a key vote that could force Berlusconi’s resignation. Bossi is the volatile ally who brought down Berlusconi’s first conservative government in 1994 when he yanked his support.
With debts of around euro1.9 trillion ($2.6 trillion), Italy is considered by many as being too big for Europe to bail out, like it has already done for Greece, Portugal and Ireland.
Italy’s center-left opposition said it would abstain in Tuesday’s voting, to make it clear just how fragile Berlusconi’s forces in Parliament are. If he is backed by less than 316 deputies _ or less than half of the 630-member chamber — it would be plain that Berlusconi can no longer count on a majority in the lower house of Parliament, even though the government mathematically could still win the vote to approve the 2010 state finances.
Bossi said the man Berlusconi has already hand-picked to be his eventual successor, former Justice Minister Angelino Alfano, should now lead the government.
But it would be up to the Italian president, Giorgio Napolitano, to decide whether to appoint a new leader or dissolve parliament and call early elections.
International financial officials and the markets, meanwhile, fretted over how long it was going to take for lawmakers to approve measures promised by Berlusconi to rein in Italy’s galloping public debt.
With that in mind, Italy’s borrowing rates spiked Tuesday to their highest level since the euro was established in 1999. Higher rates would make it more difficult for Italy to rollover its debts and will mean they consume more and more of its national income. Italy has over euro300 billion ($412 billion) to raise in 2012 alone.
By late-morning, the yield on Italy’s ten-year bonds was up 0.07 percentage point at 6.60 percent, down from an earlier high of 6.74 percent. A rate of over 7 percent is considered unsustainable and proved to be the trigger point that forced Greece, Ireland and Portugal into accepting financial bailouts.
WikiLeaks _ whose spectacular publication of classified data shook world capitals and exposed the inner workings of international diplomacy _ may be weeks away from collapse, the organization’s leader said Monday.
Although its attention-grabbing leaks spread outrage and embarrassment across military and diplomatic circles, WikiLeaks’ inability to overturn the block on donations imposed by American financial companies may prove its undoing.
“If WikiLeaks does not find a way to remove this blockade we will simply not be able to continue by the turn of the new year,” founder Julian Assange told journalists at London’s Frontline Club. “If we don’t knock down the blockade we simply will not be able to continue.”
As an emergency measure, Assange said his group would cease what he called “publication operations” to focus its energy on fundraising. He added that WikiLeaks _ which he said had about 20 employees _ needs an additional $3.5 million to keep it going into 2013.
WikiLeaks, launched as an online repository for confidential information, shot to notoriety with the April 2010 disclosure of footage of two Reuters journalists killed by a U.S. military strike in Baghdad.
The Pentagon had claimed that the journalists were likely “intermixed among the insurgents,” but the helicopter footage, which captured U.S. airmen firing on prone figures and joking about “dead bastards,” unsettled many across the world.
The video was just a foretaste. In the following months, WikiLeaks published nearly half a million secret military documents from the wars in Iraq and Afghanistan. As a whole the documents provided an unprecedented level of detail into the grueling, bloody conflicts. Individually, many raised concerns about the actions of the U.S. and its local allies _ for example by detailing evidence of abuse, torture and worse by Iraqi security forces.
Although U.S. officials railed against the disclosures, claiming that they were putting lives at risk, it wasn’t until WikiLeaks began publishing a massive trove of 250,000 U.S. State Department cables late last year that the financial screws began to tighten.
One after the other, MasterCard Inc., Visa Europe Ltd., Bank of America Corp. Western Union Co. and Ebay Inc.’s PayPal stopped processing donations to WikiLeaks, starving the organization of cash as it was coming under intense political, financial and legal pressure.
Assange said Monday that the restrictions _ imposed in early December _ had cut off some 95 percent of the money he believes his organization could have received.
WikiLeaks spokesman Kristinn Hrafnsson defended the estimate as “conservative,” noting that in 2010 the average monthly donation to WikiLeaks had been more than 100,000 euros ($140,000), while in 2011 the amount had fallen to between 6,000 and 7,000 euros business card.
Each company has given its own explanation for the blockade, expressing some level of concern over the nature of the secret-spilling site. But WikiLeaks supporters often point out that MasterCard and Visa still process payments for fringe groups such as the American KKK or the far-right British National Party and that neither WikiLeaks nor any of its staff have been charged with any crime.
Assange said his group was being subjected to corporate censorship, a sentiment backed by Dave Winer, a visiting scholar at New York University’s Arthur L. Carter Journalism Institute.
“This was done without due process, without any charges, and has been in place since December last year,” he said in a blog post about the blockade. “If I want to give $100 to WikiLeaks, and if I want to use my credit card to do so, who are they to say I can’t?”
WikiLeaks has recently taken steps to work around the blockade, including a series of auctions and moves toward cell phone-enabled donations. Assange said Monday that his group was switching its focus from soliciting small-time donations, which typically net about $25, to getting money from a “constellation of wealthy individuals.”
He didn’t elaborate, but Assange has several wealthy backers, including Frontline Club founder Vaughan Smith, whose manor house in eastern England has been put at Assange’s disposal while he fights extradition to Sweden on sex crime allegations.
A decision on whether to extradite him is expected in the next few weeks. Speaking to journalists after Monday’s appearance, Assange put his chances of being extradited without the possibility of appeal at “30 percent.”
Also looming in the background is a U.S. grand jury investigation into WikiLeaks’ disclosures. Earlier this month a small California-based Internet provider became the second company to confirm it was fighting a court order demanding customer account information as part of the American WikiLeaks inquiry.
WikiLeaks’ suspected source, U.S. Army intelligence analyst Bradley Manning, remains in custody at Fort Leavenworth prison in Kansas.
___
Online:
WikiLeaks: http://wikileaks.ch/
Frontline Club: http://www.frontlineclub.com/
In a significant new blow to al-Qaida, U.S. airstrikes in Yemen on Friday killed Anwar al-Awlaki, an American militant cleric who became a prominent figure in the terror network’s most dangerous branch, using his fluent English and Internet savvy to draw recruits for attacks in the United States.
The strike was the biggest U.S. success in hitting al-Qaida’s leadership since the May killing of Osama bin Laden in Pakistan. But it raises questions that other strikes did not: Al-Awlaki was an American citizen who has not been charged with any crime. Civil liberties groups have questioned the government’s authority to kill an American without trial.
The 40-year-old al-Awlaki was for years an influential mouthpiece for al-Qaida’s ideology of holy war, and his English-language sermons urging attacks on the United States were widely circulated among militants in the West.
But U.S. officials say he moved into a direct operational role in organizing such attacks as he hid alongside al-Qaida militants in the rugged mountains of Yemen. Most notably, they believe he was involved in recruiting and preparing a young Nigerian who on Christmas Day 2009 tried to blow up a U.S. airliner heading to Detroit, failing only because he botched the detonation of explosives sewn into his underpants.
Yemen’s Defense Ministry said another American militant was killed in the same strike alongside al-Awlaki _ Samir Khan, a U.S. citizen of Pakistani heritage who produced “Inspire,” an English-language al-Qaida Web magazine that spread the word on ways to carry out attacks inside the United States. U.S. officials said they believed Khan was in the convoy carrying al-Awlaki that was struck but that they were still trying to confirm his death. U.S. and Yemeni officials said two other militants were also killed in the strike but did not immediately identify them.
Washington has called al-Qaida in the Arabian Peninsula, as the branch in Yemen is called, the most direct threat to the United States after it plotted that attack and a foiled attempt to mail explosives to synagogues in Chicago.
In July, U.S. Defense Secretary Leon Panetta said al-Awlaki was a priority target alongside Ayman al-Zawahri, bin Laden’s successor as the terror network’s leader.
The Yemeni-American had been in the U.S. crosshairs since his killing was approved by President Barack Obama in April 2010 _ making him the first American placed on the CIA “kill or capture” list. At least twice, airstrikes were called in on locations in Yemen where al-Awlaki was suspected of being, but he wasn’t harmed.
Friday’s success was the result of counterterrorism cooperation between Yemen and the U.S. that has dramatically increased in recent weeks _ ironically, even as Yemen has plunged deeper into turmoil as protesters try to oust President Ali Abdullah Saleh, U.S. officials said.
Apparently trying to cling to power by holding his American allies closer, Saleh has opened the taps in cooperation against al-Qaida. U.S. officials said the Yemenis have also allowed the U.S. to gather more intelligence on al-Awlaki’s movements and to fly more armed drone and aircraft missions over its territory than ever before.
The operation that killed al-Awlaki was run by the U.S. military’s elite counterterrorism unit, the Joint Special Operations Command _ the same unit that got bin Laden.
A U.S. counterterrorism official said American forces targeted a convoy in which al-Awlaki was traveling with a drone and jet attack and believe he’s been killed. The official was not authorized to speak publicly and spoke on condition of anonymity.
The Yemeni government announced that al-Awlaki was “targeted and killed” around 9:55 a.m outside the town of Khashef in mountainous Jawf province, 87 miles (140 kilometers) east of the capital Sanaa. It gave no further details.
Local tribal and security officials said al-Awlaki was traveling in a two-car convoy with two other al-Qaida operatives from Jawf to neighboring Marib province when they were hit by an airstrike. They said the other two operatives were also believed dead. They spoke on condition of anonymity because they were not authorized to talk to the press.
Al-Awlaki, born in New Mexico to Yemeni parents, began as a mosque preacher as he conducted his university studies in the United States, and he was not seen by his congregations as radical. While preaching in San Diego, he came to know two of the men who would eventually become suicide-hijackers in the Sept. 11, 2001 attacks on the World Trade Center and the Pentagon. The FBI questioned al-Awlaki at the time but found no cause to detain him.
In 2004, al-Awlaki returned to Yemen, and in the years that followed, his English-language sermons _ distributed on the Internet _ increasingly turned to denunciations of the United States and calls for jihad, or holy war. The sermons turned up in the possession of a number of militants in the U.S. and Europe arrested for plotting attacks.
Al-Awlaki exchanged up to 20 emails with U.S. Maj. Nidal Malik Hasan, alleged killer of 13 people in the Nov. 5, 2009, rampage at Fort Hood. Hasan initiated the contacts, drawn by al-Awlaki’s Internet sermons, and approached him for religious advice.
Al-Awlaki has said he didn’t tell Hasan to carry out the shootings, but he later praised Hasan as a “hero” on his Web site for killing American soldiers who would be heading for Afghanistan or Iraq to fight Muslims.
In New York, the Pakistani-American man who pleaded guilty to the May 2010 Times Square car bombing attempt told interrogators he was “inspired” by al-Awlaki after making contact over the Internet.
After the Fort Hood attack, al-Awlaki moved from Yemen’s capital, Sanaa, into the mountains where his Awalik tribe is based and _ it appears _ grew to build direct ties with al-Qaida in the Arabian Peninsula, if he had not developed them already. The branch is led by a Yemeni militant named Nasser al-Wahishi.
Yemeni officials have said al-Awlaki had contacts with Umar Farouk Abdulmutallab, the accused would-be Christmas plane bomber, who was in Yemen in 2009. They say the believe al-Awlaki met with the 23-year-old Nigerian, along with other al-Qaida leaders, in al-Qaida strongholds in the country in the weeks before the failed bombing.
Al-Awlaki has said Abdulmutallab was his “student” but said he never told him to carry out the airline attack.
The cleric is also believed to have been an important middleman between al-Qaida militants and the multiple tribes that dominate large parts of Yemen, particular in the mountains of Jawf, Marib and Shabwa province where the terror group’s fighters are believed to be holed up.
Last month, al-Awlaki was seen attending a funeral of a senior tribal chief in Shabwa, witnesses said, adding that security officials were also among those attending. Other witnesses said al-Awlaki was involved in negotiations with a local tribe in Yemen’s Mudiya region, which was preventing al-Qaida fighters from traveling from their strongholds to the southern city of Zinjibar, which was taken over recently by Islamic militants. The witnesses spoke on condition of anonymity for fear of reprisals and their accounts could not be independently confirmed.
Yemen, the Arab world’s most impoverished nation, has become a haven for hundreds of al-Qaida militants. The country has also been torn by political turmoil as President Saleh struggles to stay in power in the face of seven months of protests. In recent months, Islamic militants linked to al-Qaida have exploited the chaos to seize control of several cities in Yemen’s south, including Zinjibar.
A previous attack against al-Awlaki on May 5, shortly after the May raid that killed Osama bin Laden, was carried out by a combination of U.S. drones and jets.
Top U.S. counterterrorism adviser John Brennan has said cooperation with Yemen has improved since the political unrest there. Brennan said the Yemenis have been more willing to share information about the location of al-Qaida targets, as a way to fight the Yemeni branch challenging them for power.
Yemeni security officials said the U.S. was conducting multiple airstrikes a day in the south since May and that U.S. officials were finally allowed to interrogate al-Qaida suspects, something Saleh had long resisted, and still does so in public. The officials spokes on condition of anonymity to discuss intelligence issues.
____
AP correspondent Matt Apuzzo and AP Intelligence Writer Kimberly Dozier in Washington contributed to this report.
Stocks rose sharply Tuesday on hopes that European leaders are moving closer to a plan to contain that region’s debt crisis. The Dow Jones industrial average rose more than 225 points.
Germany’s chancellor Angela Merkel said her country would do whatever it could to help Greece regain investors’ confidence. Merkel and Greek Prime Minister George Papandreou are expected to discuss ways to solve the debt crisis later today.
Greece’s finance minister also said that country would receive the next round of bailout loans in time to avoid a default. Greece was at risk of running out of money by mid-October if it did not receive the funds.
“Europeans are finally starting to understand that they need to act with some force to get ahead of the European debt crisis,” said John Briggs, a fixed-income strategist at RBS.
Shortly after 10:15 a.m., the Dow Jones industrial average rose 227 points, or 2 percent, to 11,268. The Dow rose 272 points on Monday, its fourth-largest gain this year. The Dow is heading for its third day of gains.
The gains were broad. Every one of the 30 stocks in the Dow average rose. Twelve stocks rose for every one that fell on the New York Stock Exchange.
The Standard & Poor’s 500 index rose 22, or 1.9 percent, at 1,186. Materials and energy shares led the S&P higher.
The Nasdaq composite rose 42, or 1.7 percent, at 2,558 business cards.
Worries about Europe have weighed on the stock market for months. The S&P 500, a benchmark for many U.S. mutual funds, has fallen 7.4 percent over the past three months. It’s down 5.8 percent for the year.
Analysts say more needs to be done to fight Europe’s debt crisis. Finance ministers have been pushing to increase the size of Europe’s rescue fund. Economists also want the European Central Bank to lower interest rates to help spur the economy.
President Barack Obama said in a town hall meeting Monday that Europe’s financial crisis “is scaring the world” and that the actions the region’s leaders have taken so far “haven’t been as quick as they need to be.”
In the U.S., the Senate passed legislation late Monday to avert a government shutdown.
Home prices rose for a fourth straight month in most major U.S. cities in July. A report on Tuesday also showed that consumer confidence improved slightly in September after plummeting in August.
Walgreen Co. fell 4.4 percent after the drugstore operator said it is ending its relationship with Express Scripts Inc. That deal is worth $5.3 billion per year, but Walgreen said Express Scripts was not paying it enough money to fill prescriptions.
Fresh from fending off a takeover bid by rival ConAgra Foods, Ralcorp Holdings appears poised to expand its corporate headquarters in downtown St. Louis.
St. Louis aldermen today will receive legislation proposing tax breaks for the foodmaker, which would sign a 10-year lease and improve and expand its space in the Bank of America Plaza at 8th and Market streets downtown.
The bill would offer Ralcorp $20 million in bond financing and property tax breaks on new equipment. The company is expected to spend $6.9 million on improvements.
The company employs 400 people in the office tower and is expected to hire more over the course of the deal.
Ralcorp’s lease is expiring and the company looked at other sites around the region, but decided to negotiate with its current landlords to stay put and expand in place.
“We evaluated many opportunities, and determined that versus moving, expanding our square footage and investing in this space would best serve our business, our employees, our shareholders and the St. Louis community,” said the company’s co-chief executive officers, Kevin Hunt and David Skarie, in a statement.
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