July 15 - Two top News Corp executives resign including Les Hinton, CEO of Dow Jones. President Obama and Republicans trade demands for a deficit reduction plan, Consumer confidence slides to lowest level in 2.5 years, and U.S. stocks gain for the day, lose for the week. Carmen Roberts reports.
PLEASE NOTE: THIS EDIT CONTAINS CONVERTED 4:3 MATERIAL Deals on Wall Street but no deal on Capitol Hill. President Obama and Republicans continued to trade demands Friday for a serious plan to cut the deficit. Animosity is growing as the deadline nears to avert a government default. While politicians trade barbs over the deficit, Americans worry about jobs. Consumer confidence fell to the lowest level in 2.5 years in early July. Economists had expected the survey by Thomson Reuters/University of Michigan to show an increase. A separate report shows manufacturing output stalled last month. Two of Rupert Murdoch's top executives resigned Friday as public outrage grows over phone hacking at News Corp's British tabloid - News of the World. Les Hinton, Chief Executive of Dow Jones & Co., and Rebekah Brooks, head of the company's British newspaper arm, stepped down as Murdoch said he's sorry for those hurt by the hacking. Investor Don Yacktman, who owns News Corp shares says other companies have faced and overcome these kind of difficulties over time. DON YACKTMAN, PRESIDENT/CIO, YACKTMAN ASSET MANAGEMENT, (ENGLISH) SAYING: "People should, you know, have to pay consequences for doing bad things, and then the other things will fall into place." Gold rose for a 10th straight session on concerns about U.S. debt. Technical projections show gold should rise to as much as $1,700 an ounce in the next few months. Wall Street edged higher in volatile trading after results showed European banks did slightly better than expected on stress tests. For the week the Dow and the Nasdaq lost ground. And European stocks posted their biggest weekly loss in four months, as markets closed ahead of the stress tests results. Carmen Roberts. Reuters.