June 10th, 2010
11:26 PM ET

Dow climbs as fears over European debt subside

A look at highlights from the day's business news:

Dow gains 273 in big boost for stocks
 
A sharp boost in Chinese exports and a strengthening euro calmed concerns over Europe's debt crisis and its impact on global recovery, with major indexes hitting highs in the last minutes of trade.

The Dow Jones industrial average finished up 273 points, or 2.8 percent. The Dow closed above 10,000 for the first time this week. Shares of Caterpillar, Chevron and American Express led the rally, rising about 5 percent. 

The S&P 500 index gained 31 points, nearly 3 percent, thanks to a bounce in energy shares that dragged on the market during the previous session. Anadarko Petroleum climbed 12.4 percent and Baker Hughes was up 10.6 percent. The Nasdaq composite rose 60 points, or 2.8 percent. 

Stocks finished in the red Wednesday as investors dumped energy stocks amid ongoing worries about BP's ability to weather the costs of the Gulf oil spill. The market rebounded Thursday as investors digested a report
verifying a nearly 50 percent surge in Chinese exports in May compared to a year earlier and a stronger euro after European Central Bank President Jean-Claude Trichet said the central bank would maintain its monetary policy.

Oil prices rally on demand outlook 
 
Oil prices gained for a third day Thursday as the dollar weakened and Chinese economic data boosted confidence in global demand for oil.

Crude oil for July delivery rose $1.10, or 1.5 percent, to settle at $75.48 a barrel on Thursday after jumping more than 3 percent on Wednesday.

The national average price for a gallon of regular unleaded gasoline fell to $2.706 from the previous day's price of $2.713, according to motorist group AAA.

Oil prices were lifted Thursday as stocks rebounded and the dollar fell against major currencies. Oil and other commodities that are priced in dollars tend to rise when the U.S. currency weakens.

Prices were also boosted by a report released Wednesday showing a bigger-than-expected drop in supplies last week and positive economic data from China. 

Treasurys lower as risk appetite returns 
 
Treasury prices fell Thursday as risk appetite returned to the markets after reassuring remarks out of Europe.

The benchmark 10-year note fell 1-5/32 to 101-19/32, pushing the yield up to 3.31 percent on Thursday from 3.18 percent late Wednesday. Bond prices and yields move in opposite directions. 

The 30-year bond dropped 2- 5/32 to 102-11/32, yielding 4.24 percent. The 5-year note inched 19/32 lower to 100-4/32 and yielded 2.10 percent, while the 2-year note was down 4/32 to 99-30/32, yielding 0.78 percent.

Treasury prices fell, after rallying late in the previous day, as reassuring remarks out of Europe helped to boost appetite for risk on Thursday.

Euro leaps vs. dollar 
 
The euro soared almost 1 percent against the dollar Thursday after the European Central Bank said it would maintain its liquidity measures, easing some fears of debt crisis in the zone. 

What prices are doing: The euro rose 0.9 percent against the dollar to $1.2087 Thursday. Earlier in the week it fell to $1.18, a level not seen since the euro's debut on Jan. 4, 1999.

The greenback also fell 0.9 percent against the British pound to $1.4661, and it fell 0.3 percent against the Japanese yen at ¥91.03. 

At a press conference, European Central Bank President Jean-Claude Trichet said the central bank would maintain its monetary policy. That includes continuing to offering three-month emergency loans to banks until September.

CNNMoney.com reporters Blake Ellis, Julianne Pepitone, Chavon Sutton and Hibah Yousuf contributed to this report.


Filed under: Economy
June 10th, 2010
03:17 PM ET

Day 52: Latest oil disaster developments

[Updated 7:06 p.m.] Here are the latest developments on the oil disaster in the Gulf of Mexico, which unfolded after the oil rig Deepwater Horizon exploded on April 20:

LATEST DEVELOPMENTS

- National Incident Commander Thad Allen sent a letter Thursday to BP board Chairman Carl-Henric Svanberg asking that he "and any appropriate officials from BP" meet Wednesday with senior administration officials, including President Obama. Read the letter

- The flow of oil from the broken pipe in the Gulf of Mexico - before an insertion tube was placed inside, and BP cut the pipe and put a containment cap on the blowout preventer on June 3 - is now estimated to be from 20,000 barrels to 40,000 barrels per day, a federal scientist said Thursday. The previous estimate by researchers, made two weeks ago, was 12,000 to 19,000 barrels per day.

- BP announced $25 million grants to Alabama, Florida and Mississippi.

FULL POST

June 10th, 2010
03:15 PM ET
June 10th, 2010
02:09 PM ET

Teen sailor missing at sea

Abby Sunderland is trying to sail solo around the world and had reached the halfway point Monday.

[Updated at 7:24 p.m. ET] Electronic signals from Sunderland's boat indicate it is drifting at just 1 mph, which means it still is afloat but not under sail, said Jeff Casher, an engineer on her support team.

The mast might have fallen or Sunderland could have been injured,
preventing her from sailing, he said.

Read the full CNN.com story

[Updated at 4:20 p.m. ET] Abby Sunderland's family is scrambling to persuade any government with an aircraft in the area to help find the 16-year-old sailor, family spokesman Christian Pinkston told CNN.

The California teen's 40-foot boat was in the Indian Ocean, about 2,000 miles east of Madagascar and 2,000 miles west of Australia, when distress signals started coming from the boat Thursday morning California time, Pinkston said. No one has been able to contact Sunderland since then.

Sunderland began her journey from Marina del Rey, California, on January 23 with the goal of sailing her 40-foot boat around the world solo and without stopping. Mechanical troubles forced her to make two stops for repairs, including in Cape Town, South Africa, in early May.

Sunderland's family was told at about 5 a.m. PT about the distress signals. The family had spoken to her just one hour earlier, and although she was in rough seas, she was not in distress at that time, according to Pinkston.

The closest boat - a private fishing vessel - is 40 hours away, according to Pinkston.

The distress signals came from two manually activated distress beacons, Sunderland's family said on her blog Thursday afternoon. When they were talking with her Thursday morning, she told them she had just had a rough sailing day, with winds of up to 60 knots and seas of up to 25 feet, though the winds had subsided to about 35 knots, according to the blog.

FULL POST

June 10th, 2010
12:28 PM ET

Sports Update: Lakers big 'Fish,' Blackhawks win, World Cup

Derek Fisher has been clutch for the Kobe Bryant and the Lakers.

He was drafted No. 24 by the Lakers in 1996 as a 6-foot-1 senior guard from Arkansas-Little Rock, 11 picks behind Kobe Bryant. No one envisioned the big shots that would culminate his four championships with Los Angeles, and that they would keep coming two months from his 36th birthday. So writes SI.com’s Ian Thomsen of Lakers guard Derek Fisher, who finished with 16 points, including 11 in the fourth quarter in a Game 3 win over Boston. The Celtics and Lakers meet again tonight for Game 4, the highlight (all times Eastern) on a day that also features Phillies pitching ace Roy Halladay.

-World Cup Preview(7 p.m., ESPN2)
It’s a three-hour preview show (re-aired from earlier this morning) from ESPN’s studio location inside the International Broadcast Center (IBC) overlooking Soccer City in Johannesburg.  The program will feature all of ESPN’s FIFA World Cup studio analysts and analyze every Group as play kicks off Friday.

FULL POST

June 10th, 2010
11:47 AM ET

Fix it: Bill Nye on oil disaster suggestions

CNN is featuring ideas from iReporters and experts alike on how to help fix the oil disaster on TV. We're taking a closer look at which ones might actually work.

Bill Nye, the infamous "Science Guy" talks to CNN's Kyra Phillips today about the latest slew of ideas coming from experts, celebrities, viewers and readers of his web site and why solving the problem may not be as easy as people think - because the pressure below the ocean is much higher than anything we would experience in real life.

iReport: Have an idea on how to fix the oil disaster? Send your ideas

You can check out all of the ideas submitted so far on the blog and if you’ve got a solution to share, you can upload your video to CNN iReport.

Send the government your ideas

June 10th, 2010
11:39 AM ET

Holder: 2,200 arrested, 74.1 tons seized in drug probe

Attorney General Eric Holder announced the arrest Thursday of more than 2,200 individuals on narcotics-related charges in the United States and the seizure of more than 74.1 tons of illegal drugs in a 22-month probe called Projective Deliverance.

Project Deliverance targeted the transportation infrastructure of Mexican drug trafficking organizations in the United States, especially along the Southwest border.

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Filed under: Justice
June 10th, 2010
11:30 AM ET

McChrystal: Anti-Taliban ops will take longer than expected

American-led operations against the Taliban in southern Afghanistan will happen "more slowly than we had originally anticipated," the top U.S. military commander in Afghanistan told reporters Thursday.

"I think it will take a number of months for this to play out. But I don't think that's necessarily a bad thing. I think it's more important that we get it right than we get it fast," Gen. Stanley McChrystal said on the sidelines of a NATO meeting in Brussels, Belgium.

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Filed under: Afghanistan • Military
June 10th, 2010
10:08 AM ET

Report: Van der Sloot moved to attorney general's office

[Updated 10:05 a.m.] Peru murder suspect Joran van der Sloot, a longtime suspect in the disappearance of an American teen in Aruba, was transferred from a police facility to the national attorney general's office Thursday morning, according to images broadcast by CNN affiliate America TV in Peru.

Peruvian TV earlier reported that he was transferred to a medical facility, which is across the street from the national attorney general's office.

[Updated at 9:50 a.m.] Peru murder suspect Joran van der Sloot, a longtime suspect in the disappearance of an American teen in Aruba, was transferred from a police facility to a medical facility Thursday morning, according to images broadcast by CNN affiliates in Peru.

[Posted at 9:00 a.m.] The attorney for Peru murder suspect Joran van der Sloot said he's going to ask the judge in charge of the case to strike down his client's confession because he was not being properly represented at the time he was interrogated, lawyer Maximo Altez told CNN affiliate Panamericana TV in an interview that aired Thursday.

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Filed under: Joran van der Sloot • Justice
June 10th, 2010
09:58 AM ET
June 10th, 2010
09:41 AM ET

On the Radar: Gulf oil, Obama meets victims, van der Sloot

Gulf oil disaster - Oil from the massive spill in the Gulf has moved into the inland waterway along coastal Alabama, prompting the U.S. Coast Guard to close Perdido Pass, the main water access route for fishermen and boaters in the popular resort town of Orange Beach. BP and the government have tried to protect the pass for weeks with thousands of feet of boom, but thick waves of oil have seeped into the pass and down the waterway, coating the marshy shoreline as it moves through.

FULL POST

June 10th, 2010
09:33 AM ET

Thursday live video events

A look at CNN.com's live video plan for Thursday. Watch at: http://www.cnn.com/live

cancelled¬†– Joran¬†van der Sloot police media briefing is¬†cancelled¬†–¬†¬† Peruvian police¬†cancelled a media briefing to discuss the Joran¬†van der Sloot case.

10:00 a.m. –¬†¬†TSA confirmation¬†hearing –¬† FBI Deputy Director John Pistole appears before the Senate Commerce Committee for the first of two confirmation hearings to become the head of the Transportation Security Administration.

FULL POST


Filed under: On CNN.com today
June 10th, 2010
07:48 AM ET

Thursday's intriguing people

Courtney Kemp

The widow of a worker on the Deepwater Horizon oil rig urged lawmakers to allow drilling in the Gulf of Mexico to continue, saying the oil industry is a major source of income for families in the region.

"Drilling in the gulf must continue," said Kemp, of Jonesville, Louisiana, whose husband, Roy Wyatt Kemp, was killed along with 10 other workers when the drill rig exploded and sank in April. The rig, operated by Transocean, was contracted to develop a well leased by BP.

"If drilling ceases, not only would offshore employees lose their jobs," said Kemp, "but the trickledown effect would be devastating not only to the coastal states, but eventually to the entire country."

FULL POST

June 10th, 2010
07:20 AM ET

Seven convicted over 1995 Srebrenica massacre

Seven former high-ranking Bosnian Serb military and police officials were convicted Thursday for their roles in the notorious 1995 Srebrenica massacre, the war crimes tribunal in The Hague said.

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Filed under: Justice • World
June 10th, 2010
05:30 AM ET

World update: Afghan boy, 7, executed, officials say

An update from London on some of the international stories we expect to develop on Thursday:

Boy executed - Suspected Taliban militants have executed a seven-year-old boy, accusing him of spying for the government, officials in southern Afghanistan say. Read the full story

Wedding party bombed - A bombing at a wedding ceremony in Afghanistan's Kandahar province Wednesday was carried out by a suicide bomber wearing an explosives-laden vest. The blast killed 40 people and wounded 74 others. Read the full story

FULL POST