The Office

Wall Street ends worst week in year on debt stalemate - Yahoo! News

NEW YORK (Reuters) - Stocks ended the worst week in a year as time runs out on Washington to reach agreement before the government loses its ability to borrow money.

The S&P 500 fell every day this week and was down 3.9 percent for the week as legislators failed to work out an agreement to raise the federal borrowing limit, which expires on Tuesday. Investors also worry about the likelihood of a U.S. credit downgrade.

The CBOE Market Volatility Index <.VIX>, a gauge of investor fear, jumped as much as 9 percent to its highest level since mid-March before paring its rise.

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Moody's threatens Spain rating cut - Yahoo! News

MADRID (Reuters) - Rating agency Moody's put Spain on review for a possible downgrade on Friday, adding to concerns that a Greek rescue package has done little to halt the spread of Europe's debt crisis.

Moody's move to place the Aa2 government bond rating on review cited concerns over growth and said funding costs would continue to be high in the wake of euro zone leaders' bolder moves to curb the Greek crisis last week.

That added to a sense that Spain - and Italy - are still firmly in the firing line, and the euro and Spanish bond prices fell in response.

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Jobless claims fall below 400,000 - Yahoo! News

WASHINGTON (Reuters) - The number of Americans claiming new unemployment benefits last week dropped below the 400,000 level for the first time since early April, a hopeful sign for the economy which has struggled to regain momentum.

Initial claims for state unemployment benefits dropped 24,000 to a seasonally adjusted 398,000, the Labor Department said on Thursday.

Economists had forecast claims falling to 415,000.

The labor market took a beating in May and June, with the increase in nonfarm payrolls totaling only 43,000.

The drop in jobless claims last week below the 400,000 mark that is normally associated with a stable labor market will be welcome news for the economy after a recent string of weak data.

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Lehman execs, auditor must defend investor lawsuit - Yahoo! News

NEW YORK (Reuters) - Former Lehman Brothers Holdings Inc executives, directors, auditors and underwriters on Wednesday lost their bid to dismiss an investor lawsuit seeking to hold them responsible for losses tied to the investment bank's collapse.

In a 106-page ruling, U.S. District Judge Lewis Kaplan in Manhattan said the plaintiffs, which include pension funds, companies and individuals, sufficiently alleged that Lehman materially misled them about its accounting and its ability to manage risk ahead of its September 15, 2008, bankruptcy.

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Amy Winehouse was phone hacked, reporter claims - Yahoo! News

LOS ANGELES (TheWrap) - Add the late Amy Winehouse to the list of UK celebrities who were phone hacked.

The singer, whose was found dead at her London home on Saturday, had her telephone and medical records accessed by tabloid newspapers, according to reporter Charles Lavery.

Lavery, formerly of the Scottish newspaper the Sunday Mail, writes on his Wordpress blog that Winehouse's parents and sometime lover Blake Fielder-Civil were also targeted by the tabloids. In addition, Winehouse's brother Alex's phones and personal data were also scanned by reporters.

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Amy Winehouse family pleads for "privacy and space" - Yahoo! News

LONDON (Reuters) - The family of Amy Winehouse sought "privacy" from the public eye on Sunday, one day after the young, beehive-haired soul singer's untimely death, which sent fans rushing to download her songs in remembrance.

The "Rehab" singer was found dead at her London home on Saturday, becoming the latest in a grim tally of music superstars who died at the seemingly cursed age of 27.

"Our family has been left bereft by the loss of Amy, a wonderful daughter, sister, niece. She leaves a gaping hole in our lives," her family said in a statement. "We are coming together to remember her, and we would appreciate some privacy and space at this terrible time."

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Theron, Stewart square off in new "Snow White" - Yahoo! News

SAN DIEGO (TheWrap) - Things might get a little tense between co-stars Charlize Theron and Kristen Stewart on the set of the upcoming Universal movie "Snow White and the Huntsman."

Theron, who'll be playing the queen in the picture, and Stewart, who'll be Snow White, were on hand for a "Snow White" panel at Comic-Con on Saturday.

When asked by the moderator if she planned on giving the younger Stewart any pointers, Theron responded, "We've only met each other very briefly, but just in that small amount of time I can tell you that she's going to give me a run for my money."

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Wall Street, companies brace for the worst: a U.S. default - Yahoo! News

NEW YORK (Reuters) - American businesses, from Wall Street banks to major industrial corporations, are preparing contingency plans for a pair of once-unthinkable events: the United States defaulting on its debt and the loss of the nation's top AAA credit rating.

While most bankers, investors and executives still cannot imagine that politicians in Washington could be reckless enough to let the government run out of money to pay its bills on August 2, they can't guarantee that the game of chicken that has been played in recent weeks won't go awfully wrong.

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A "Twilight" dawn breaks over Comic-Con - Yahoo! News

SAN DIEGO (Reuters) - The giant Comic-Con pop culture showcase opened on Thursday with the stars and director of the newest teen vampire "Twilight" movie thrilling fans, some of whom camped out for days just to see them.

Kristen Stewart, Robert Pattinson, Taylor Lautner and director Bill Condon gave fans a taste of the first of two final installments in the film franchise that has generated $1.8 billion in worldwide ticket sales from three movies.

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Stock index futures signal losses; Intel eyed - Yahoo! News

(Reuters) - Stock index futures pointed to a lower opening on Wall Street on Thursday, with futures for the S&P 500 down 0.4 percent, Dow Jones futures down 0.3 percent and Nasdaq 100 futures down 0.4 percent at 0939 GMT.

Intel Corp trimmed its forecast for 2011 personal computer unit sales, warning of softness in mature markets and sending its shares down more than 1 percent even as its revenue outlook beat estimates. The shares traded in Frankfurt were down 2.8 percent.

American Express Co posted a 31 percent increase in second-quarter profits, beating analysts' expectations, as customers spent more on their cards and the company's processing revenue jumped. The shares traded in Frankfurt were down 0.1 percent.

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