Countdown to the close: 59 min 59 sec

INVESTOR ALERT
Stocks shoot for ninth gain in 10

January 6 2009 7:54 P.M. EST

Alcoa cutting 13,500 jobs
Company says it's taking 'decisive action' in downturn
Aluminum giant says it will lay off 13% of staff, freeze salaries and slash spending to cop with global slowdown..
• After hours: Shares of Alcoa tick higher on cost-cutting plans

Asia
 Japanese stocks target 7th day of gains
 Exporter shares drive Tokyo advances in early trading. South Korea, Australia also rise.
• Toyota to idle production in Japan to sling supply with demand
• South Korea's $37 billion 'Green New Deal'
• For business news in Chinese, see Chinese.wsj.com

 
EUROPE
U.K. bargains may not last
Pound’s drop has slashed prices of tourist favorites. London hotel rooms and pints of ale more than 25% cheaper in dollars.
• U.K. house prices slump 16% in December
• German billionaire's death called a suicide; said to short in VW
 • Gazprom ready to negotiate over natural gas prices
 • Euro-zone inflation slows to 1.6%, below ECB target
 • LyondellBasell talking with creditors amid bankruptcy reports
Trading Strategies: January 2009
Starting over
So 2008 has ended, but that alone won't make investing any easier. From bear-
market rally tips, to hedging the Obama effect, to a pure play on the Baltic Dry Index, our experts have ideas for 2009.
 
THIS MONTH'S HIGHLIGHTS | Full report
• 'January Effect' vs. 'January Barometer'
 • Hulbert gauges inauguration's impact
 • Adam Bold picks three funds for 2009
 
Latest News more » Top Stories more » Market Pulse more » Headlines more » Press Releases more »

  • 7:06 p.m.

    February crude oil futures down 18 cents to $48.40 a barrel

  • 7:04 p.m.

    U.S. dollar buying 93.34 yen in Asian currency trading

  • 7:03 p.m.

    Australia's S&P/ASX 200 advances 0.8% to 3,774

  • 7:03 p.m.

    Japan's Topix gains 0.5% to 880.31 in early minutes

  • 7:03 p.m.

    Japan's Nikkei rises 0.4% to 9,114.66 in early trading

  • 5:09 p.m.

    [AMD] AMD gets U.S. approval to set up semiconductor joint venture

  • 4:50 p.m.

    [AA] Alcoa late-traded shares turn lower; down 4% to $11.64

  • 4:40 p.m.

    [AA] Alcoa late-traded shares resume trade; up 1.8% at $12.34

  • 4:37 p.m.

    [MCHP] Microchip late-traded shares down 1.1% at $19.79

  • 4:18 p.m.

    [MCHP] Microchip intends to maintain dividend

  • 4:17 p.m.

    [MCHP] Microchip sees Q3 rev falling 29%-31% sequentially

  • 4:16 p.m.

    [MCHP] Microchip Technology sees Q3 EPS of 21c-24c

  • 4:13 p.m.

    [BAC] S&P upgrades Merrill Lynch to 'A+'

  • 4:12 p.m.

    [FFIV] F5 Networks late-traded shares up 4.3% to $23.47

  • 4:11 p.m.

    [VMW] VMware names Tod Nielsen as chief operating officer

  • 4:10 p.m.

    [AA] Alcoa sees Q4 charges of $900 mln-$950 mln

  • 4:09 p.m.

    [AA] Alcoa to sell 4 non-core downstream businesses

  • 4:08 p.m.

    [AA] Alcoa reducing 2009 capital expenditures by 50%

  • 4:08 p.m.

    [AA] Alcoa freezing salaries and hiring

  • 4:08 p.m.

    [AA] Alcoa to reduce 1,700 contractor positions

 
Today inside MarketWatch
   IN MULTIMEDIA
The end of
Wall Street

Three-part Wall Street Journal series looks at how the financial crisis unfolded, why market participants bet on bad debt and
what the implications are for the nation.

Also in Multimedia:
 • The future of Morgan Stanley  
• Inheriting the wind  

   IN COMMENTARY
LETTERS FROM ABU DHABI
 'Arab Street' a
busy intersection
There is no single voice on what's going on in Gaza, according to Ray Beauchemin.
• Outside the Box: Toward a new Mideast

Also in Commentary:
 • Ashbaugh says 2009 tone is good, so far
• Weidner watches bad guys go scot-free
• Marsh warns Europe on fluctuations
• Kellner's warning on short-term fixes

  IN PERSONAL FINANCE
ETF focus
 The Obama factor

Exchange-traded funds in infrastructure stocks may benefit from president-elect's stimulus plan, writes John Spence
• Gird for unexpected ETF tax hits (WSJ.com)

Also in Personal Finance:
 • Farrell steers clear of latest Street 'con job'
• Openshaw on 2008's worst predictions
• Silver lining for some bank customers
• Finding a new job in midcareer

IN NEWSLETTERS
mark Hulbert
 One good year does not a winner make
To get a picture of newsletter performance, look at 10 years' worth of results.

Also in Newsletters :
 • Brimelow on cautious gold bugs

TECHNOLOGY SHOWS
Poletti on Macworld: Boring
Apple's sayonara to San Francisco gathering was lackluster for paucity of major new products and for absence of iconic CEO.
(Tony Bennett, at left, sings for attendees.)

Something's missing
Other than Steve Jobs sitting out the proceedings, the biggest news at gathering so far is the new pricing at iTunes music store.
• Tech Tales: Definitely not too much information from Apple's CEO

Apple changing its iTunes
Songs to come free of copy protection and at various price points.

Recession shifts focus for CES
 For annual show beginning Wednesday in Las Vegas, emphasis
will be on evolving products, not pricey "wow" factor.

U.S. MARKETS
Stocks retain bulk of gains
Major indexes hold ground after Fed minutes reveal efforts to combat
a deep slowdown and the president-elect stumps for stimulus.
• 'S&P will hit 1,100 by summer ' Audio | Semiconductors pace tech rally
 Oil back under $50 a barrel | Hot stocks: Energy  

FINANCIALS
Bank of America CEO warns on results
Ken Lewis also says he's recommending no bonuses for 2008. 
• Loss for brokerage business as Bob McCann exits B. of A. (First Take

the fed and the u.s. economy
 Fear of long slump
 Fed members saw risks of depression and deflation as
they mulled new approaches to monetary policy, minutes show.
• Home sales suffer | Factories at a crawl

FUNDWATCH
Stocks to gain big in 2009, BlackRock's Doll says
Forecast from CIO of prominent investment manager is tempered by decline in GDP and lagging global growth.

retail
 Retailers feel wrath of Scrooge  
Industry expected to post big losses in December after bleak holiday sales despite many stores offering hefty discounts.
• Next, Debenhams surprise with updates

CHEMICALS
Dow mulling legal options
 Global chemical giant is considering course after Kuwaiti deal pullout.

WASHINGTON IN TRANSITION
 Burris left out in cold
 Scandal-plagued Illinois governor's selection
to fill Obama's seat is rebuffed at the Senate.
• New Congress keen to weigh in on stimulus
• Senate turns away Burris  

NEWSROOM ROSTER | CORRECTIONS | CODE OF CONDUCT | FEEDBACK

U.S. Europe Asia Currency/Rates More Markets»
Dow
9,015 62.21
Nasdaq
1,652 24.35
S&P 500
935 7.25
Global Dow
1,601 12.85
Oil
$48.40 -0.18
Gold
$866.00 8.20
London
4,639 59.28
Paris
3,396 36.30
Frankfurt
5,026 42.32
Global DowEU
1,117 0.14
Tokyo
9,163 82.50
Hong Kong
15,510 -53.80
Sydney
3,748 58.80
Global Dow
1,601 12.85
10yr Treas
2.45% 0.00
Euro / $1US
1.35 -0.0012
$1US / Yen
94.04 0.6100
Pound / $1US
1.49 -0.0002
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