BOSTON (TheStreet) -- A coordinated effort by global central banks to strengthen dollar swap lines leads your quick fix of company, market, economic and investing news for Wednesday, Nov. 30.
Wednesday's 5 Biggest Stories
Don't get flustered by the terminology of "dollar swap lines" above. Here's a more simple explanation: Central banks around the globe have acted in desperation to boost liquidity in the system, which has sparkd a rally in equities. [MarketWatch]
Oh, and by the way, the U.S. economy added a lot of jobs in November, according to ADP. [Business Insider]
China cut its reserve requirements for banks, the first time in nearly three years. China's growth is slowing and the Shanghai index is down 3% overnight, but don't tell that to stock futures. [WSJ]If you haven't heard by now, Standard & Poor's downgraded its ratings on a bunch of banks, like Bank of America (BAC) and Citigroup (C), just like it said it would. [NYT DealBook] Plan 853 to Save Europe: National central banks print money, they loan the money to the IMF, ???, problem solved. [FT]
Quote of the Day"It's easy to talk the talk, but you gotta walk the walk," Occupy Los Angeles protestor Opamago Cascini said of his willingness to be arrested as police raided the group's encampment early Wednesday. [Fox News]
Company NewsThe first bids for a minority stake in Yahoo! (YHOO) are in. And they sure look low. [Bloomberg] No shocker here: Apple's (AAPL) iPad is costing chipmakers billions. [Bloomberg] Keep an eye on Pfizer (PFE) today as Lipitor's patent protection ends. [Reuters] Goldman Sachs (GS) has raised $600 million to fund up to 10 new hedge funds. No word yet on whether Hank Paulson will share material nonpublic information with them. [WSJ]
MarketsAn explanation of why yields on U.K. gilts are tumbling. [Business Insider] Businesses are already prepping for the end of the euro. [FT]
Investment StrategyWhy financial stocks don't matter much to the market anymore. [Stock Sage] Social media stocks are so hot right now. But what about OpenTable (OPEN). [TechInsidr] Famed investor Jim Rogers likes gold, the dollar and Myanmar. [CNBC]
Odds and EndsThe European Union takes a break from solving the debt crisis to propose a law that would break up the Big Four auditing firms. [Reuters] Those three Connecticut money managers who won the $254 million Powerball jackpot may have been a front for a client who wanted to remain anonymous. [DealBreaker] Your Wednesday morning music video comes from '80s mopesters The Psychedelic Furs. [YouTube] -- Written by Robert Holmes in Boston.
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