DAI: Wall Street flies on China comment, Microsoft upgrade

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Good evening Postlinuxeg, THU 27 May 2010    Wall Street flies on China comment, Microsoft upgrade Money manager to stars ran fraud: prosecutors Economic growth lowered in first quarter Treasury vows fight for strong financial reforms Costco, Big Lots profits up as shoppers move past basics Senate Democrats try to soften fund manager tax AT&T: 40 percent of iPhone sales are to business users "Systemic" manufacturing lapses at J&J unit: FDA Cost concerns threaten jobs bill in Congress Morgan Stanley hires advisers from UBS, Barclays Business Update: Spill tops estimate Business Update: Geither talks risk Europe pares back spending Wall Street flies on China comment, Microsoft upgrade May 27, 2010 04:28 PM ET NEW YORK (Reuters) - Stocks rallied on Thursday as investor worry was eased after China refuted a report that it was reviewing its euro-zone bond holdings due to the region's debt crisis. Full Article Money manager to stars ran fraud: prosecutors May 27, 2010 02:50 PM ET NEW YORK (Reuters) - Kenneth Starr, a New York investment adviser to celebrities such as movie director Martin Scorsese and actor Uma Thurman, was arrested by U.S. agents on Thursday on charges of running an alleged investment fraud of as much as $30 million, prosecutors said. Full Article Economic growth lowered in first quarter May 27, 2010 01:51 PM ET WASHINGTON (Reuters) - The U.S. economy grew at a slightly slower pace than previously estimated in the first quarter but the recovery still appeared solid, suggesting the economy could withstand fallout from a European debt crisis. Full Article Treasury vows fight for strong financial reforms May 27, 2010 03:30 PM ET BALTIMORE (Reuters) - The Treasury's number two official vowed on Thursday to fight efforts to weaken the U.S. financial reform bill and said it should include the so-called "Volcker rule" which would separate banking from proprietary trading. Full Article Costco, Big Lots profits up as shoppers move past basics May 27, 2010 11:49 AM ET CHICAGO (Reuters) - Warehouse club operator Costco Wholesale Corp and close-out retailer Big Lots Inc both posted higher-than-expected quarterly profits as consumers were willing to spend on more than just essentials. Full Article Senate Democrats try to soften fund manager tax May 27, 2010 11:32 AM ET WASHINGTON (Reuters) - Democrats in the Senate concerned about the impact of a proposed tax hike on investment fund managers have drafted new options that would tax a smaller slice of their income at ordinary tax rates, a Democratic aide familiar with the discussions said. Full Article AT&T: 40 percent of iPhone sales are to business users May 27, 2010 03:59 PM ET NEW YORK (Reuters) - AT&T Inc said on Thursday that 40 percent of its iPhone sales since the beginning of the year have been to business customers, suggesting that the phone is encroaching on an area dominated by Research in Motion's BlackBerry. Full Article "Systemic" manufacturing lapses at J&J unit: FDA May 27, 2010 03:50 PM ET WASHINGTON (Reuters) - Last month's recall of Johnson & Johnson's liquid children's medicines provides just the latest evidence of what U.S. health regulators say are systemic quality problems at the healthcare company and its McNeil consumer unit. Full Article Cost concerns threaten jobs bill in Congress May 27, 2010 03:45 PM ET WASHINGTON (Reuters) - Congressional Democrats on Thursday scrambled to shore up support for a package of tax breaks and safety-net spending amid concerns about its $84 billion cost and doubts about a tax hike on fund managers. Full Article Morgan Stanley hires advisers from UBS, Barclays May 27, 2010 03:52 PM ET NEW YORK (Reuters) - Morgan Stanley Smith Barney hired a pair of top financial advisers from UBS, and also added advisers from Barclays Wealth to focus on Latin American markets. Full Article

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