Sep 9 - Summary of business headlines: President Obama faces tough sell on pivotal jobs plan; ECB Board member to step down according to Reuters; Bank of America reportedly talking job cuts; A moment of silence at the NYSE for 10th Anniversary of 9/11. Jill Bennett reports.
President Barack Obama faces an uphill battle to sell his pivotal $447 billion dollar jobs plan to Republicans. Obama unveiled his make-or-break plan in a speech on Capitol Hill Thursday night. The White House sees the plan, a mix of payroll tax cuts, incentives for businesses to hire, and spending to upgrade schools, roads and bridges, as the best hope for creating jobs in the stumbling economy. Financial markets reacted coolly to the speech, as investors remain skeptical about how much of the plan would make it through Congress. Also affecting the markets: news European Central Bank Executive Board member Juergen Stark will step down from his post, on a conflict over the ECB's bond-buying program, sources told Reuters on Friday. Bank of America officials will meet Friday to finalize restructuring plans, which have included as many as 40 thousand cuts, according to a Wall Street Journal report. The company has lost money in four of the last six quarters and the stock has fallen by half year-to-date. And finally: A moment of silence at the NYSE on the 10th Anniversary of 9/11 to honor those who were lost. The families of exchange members lost on 9/11 were joined at the Opening Bell by politicians, and military officers. Jill Bennett, Reuters