EU Economy Commissioner Olli Rehn called for government action to speed up economic output, saying his forecasts show that growth will not top 1.5 percent and the jobless rate will stay close to current highs without reforms over the next five years.
Dow dips below 10,000, then bounces back
NEW YORK (AP) â¿¿ A rally pushed the Dow Jones industrials back over 10,000 after the stock market sank to its lowest levels of the year Tuesday. The late-day rebound did nothing to erase lingering worries about Europe's debt crisis.The Dow plunged more than 250 points after the opening bell and stayed under 10,000 most of the day, then charged back to finish down only 22 when signals from Washington suggested banks would not be forced to sell their lucrative derivatives units as part of financial reform. But the market worries that even austerity measures by governments there will not be enough to fix the problem and fight off a prolonged economic slump in Europe, or even another global recession. ___ BP engineers draw up plans for 'top kill' COVINGTON, La. (AP) â¿¿ BP is going in for the kill. The trick is to do the job quickly and cleanly. As early as dawn Wednesday, the oil company will try to choke to death the gusher at the bottom of the sea by force-feeding it heavy drilling mud and cement â¿¿ a tactic called a "top kill" that is routinely used above ground but has never been tried 5,000 feet underwater. If it's not done just right, it could make the leak worse. The stakes for BP are high, with politicians and others losing patience with the company over its inability to stop the oil leak that sprang more than a month ago after an offshore drilling rig exploded. ___