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Page 2 — THE LACONIA DAILY SUN, Saturday, August 13, 2011
Stocks finish wild week on up note
NEW YORK (AP) — The wildest week on Wall Street since the financial crisis in 2008 ended with a second day of gains. The Dow Jones industrial average finished Friday with a gain of 125 points. Most other times it would have been a fairly big day. By this week’s standards, it was a sleeper. Friday capped a week when the blue-chip index had four 400-point swings in a row for the first time in its 115-year history. Trading was frantic across financial markets all week. The yield on the 10-year Treasury note hit a record low. Gold briefly topped $1,800 per ounce. “It was a sharp and violent week in the stock market, but it’s my sense that the worst is over,” said Michael Kaufler, a portfolio manager at Federated Investors. Investors reacted to every scrap of news and each whispered rumor. A credit downgrade for the United States. Concerns about European bank solvency. Fears of a possible new recession in the U.S. Word that the Federal Reserve would keep interest rates low for two more see STOCKS page 24
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THEMARKET
3DAYFORECAST
Saturday High: 83 Record: 95 (2002) Sunrise: 5:48 a.m. Saturday night Low: 61 Record: 47 (1983) Sunset: 7:53 p.m.
Sunday High: 80 Low: 65 Sunrise: 5:49 a.m. Sunset: 7:51 p.m. Monday High: 70 Low: 61
DOW JONES 125.71 to 11,269.02 NASDAQ 15.30 to 2,507.98 S&P 6.17 to 1,178.81
LOTTERY#’S DAILY NUMBERS Day 9-2-5 6-3-7-4
TODAY’SWORD
mundify
verb; To purge or purify.
— courtesy dictionary.com
Evening 3-9-3 4-9-9-5
records are from 9/1/38 to present
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Federal appeals court strikes down core element of Obamacare, the individual insurance mandate ATLANTA (AP) — A federal appeals panel struck down the centerpiece of President Barack Obama’s sweeping health care overhaul Friday, moving the argument over whether Americans can be required to buy health insurance a step closer to the U.S. Supreme Court. The divided three-judge panel of the 11th Circuit Court of Appeals concluded Congress overstepped its authority when lawmakers passed the so-called individual mandate, the first such decision by a federal appeals court. It’s a sting-
ing blow to Obama’s signature legislative achievement, as most experts agree the requirement that Americans carry health insurance — or face tax penalties — is the foundation for other parts of the law. Chief Judge Joel Dubina and Circuit Judge Frank Hull found in a 207-page opinion that lawmakers cannot require residents to “enter into contracts with private insurance companies for the purchase of an expensive product from the time they are born until the time they die.” In a lengthy dissent, Circuit Judge Stan-
ley Marcus accused the majority of ignoring the “undeniable fact that Congress’ commerce power has grown exponentially over the past two centuries.” He wrote that Congress generally has the constitutional authority to create rules regulating large areas of the national economy. The White House argued the legislative branch was using a “quintessential” power — its constitutional ability to regulate interstate commerce, including the health care industry — when it passed see OBAMACARE page 14
DES MOINES, Iowa (AP) — Months behind other GOP candidates, Rick Perry has something most of them don’t: Buzz. The Texas governor will enter the race Saturday with splashy appearances in South Carolina and New Hampshire. At the same time, he is putting together what looks a lot like a traditional presidential campaign. The path he hopes will lead to the Republican nomination starts here,
in the leadoff caucus state of Iowa, with a message of jobs and values as he tries to set himself apart from GOP front-runner Mitt Romney. The Texan’s team is working to expand what it says is already a robust fundraising network and to hire veteran campaign operatives in early primary states. The campaign, as many before it, aims to march through early states, court a broad
coalition of conservatives and stress an economic message backed by the candidate’s home-state job growth. “We cannot and must not endure four more years of rising unemployment, rising taxes, rising debt and rising energy dependence on nations that intend us harm,” Perry is to say Saturday in Charleston, S.C., according to remarks prepared for delivery. see PERRY page 24
An instant GOP contender, Texas Governor Perry announcing today
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