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Financial Reform: Friday's Headlines

Stocks in this article: BAC C GS

NEW YORK ( TheStreet) -- Here are the top stock market headlines for the morning of Friday, June 25, 2010.

Friday's Early Headlines

  • Congress Panel Reaches Deal on Financial Regulation -- House and Senate negotiators completed early Friday an overhaul of banking regulations. A vote on the final bill from the House and Senate is expected next week, and lawmakers hope to send the legislation, a priority of President Obama, to the president's desk by July 4. According to The Financial Times, lawmakers will force banks to spin off their swaps desks but have made significant concessions to Wall Street. A ban on banks investing in hedge funds was relaxed to allow them to invest up to 3% of their tier one capital, the newspaper reports. An earlier proposal allowed 2% of tangible common equity -- a difference worth billions to the biggest banks. Bank stocks including Bank of America (BAC), Citigroup (C) and Goldman Sachs (GS) were trading higher in Friday's premarket session.
  • BP Costs of Oil Spill Rise to $2.35 Billion -- BP (BP) said Friday the costs of responding to the oil spill in the Gulf of Mexico have risen to $2.35 billion, news that sent shares down 4.1% in premarket trading. BP said in a statement on its Web site that to date almost 74,000 claims have been filed and more than 39,000 payments have been made, totaling almost $126 million.
  • Boeing to Inspect 787s Before Next Flights -- Boeing (BA) will inspect the 787's horizontal stabilizers, the smaller wing on the plane's tail, on all flight test airplanes before their next flights. The inspections are expected to take one or two days. "Reports that the fleet is 'grounded' are incorrect," Boeing said in a statement on its Web site. Boeing said it decided to do the inspections before their next flights to "ensure any rework is completed as quickly as possible." If a plane needs rework, it could take up to eight days for each plane.
  • Europe Out of Deficit Spending: EU Official -- Europe has run out of deficit spending, European Commission President Jose Manuel Barroso said during a news conference ahead of the Group of 20 summit, Reuters reports. "It will not be a change overnight but there is no more room for deficit spending," Barroso said, according to the report. Barroso's comments come as President Obama continues to champion stimulus efforts ahead of the G-20 meeting.
  • Unemployment Benefits Bill Fails in Senate Vote -- A plan to extend jobless benefits and to provide aid to struggling states failed in the Senate Thursday, falling short of the 60 votes needed to pass. Senate Republicans blocked the aid package, arguing that it would add billions more to the U.S. deficit. "At a time when people are struggling to find work and keep their homes, it is difficult to comprehend why anyone would vote against helping them," Senate Majority Leader Harry Reid said in a statement on his Web site. Senate Republican Leader Mitch McConnell said in a statement on his Web site that the "only thing Republicans have opposed in this debate are job-killing taxes and adding to the national debt."

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