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Gold hits record near $1,500 after S&P cut

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Gold prices rallied to a record high $1,497.20 an ounce on Monday after Standard & Poor's downgraded its credit outlook for the United States and as investors worried about debt in the euro zone and inflation in China.
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Philips CEO turns off TV in search of profit

Philips is hiving off its once leading television business, the first step by new chief executive Frans van Houten to boost flagging profit at Europe's biggest consumer electronics maker.
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Instant View: Citi first-quarter profit falls 32 percent

Citigroup Inc's first-quarter profit fell 32 percent, slightly beating expectations, as the bank lost less money on bad loans. The third-largest U.S. bank said it earned $3.0 billion, or 10 cents per share, down from $4.4 billion, or 15 cents per share, a year earlier. Analysts on average had expected 9 cents per share, according to Thomson Reuters I/B/E/S.
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Homebuilder sentiment slips in April

U.S. homebuilder sentiment slipped a notch in April as home prices continued to fall in most areas of the country amid widespread foreclosures, a survey released on Monday showed.

'Congress Will Always' Raise the Debt Limit, Geithner says

Treasury Secretary Timothy Geithner's statements on Sunday that Congress will raise the U.S. debt ceiling in the coming months are in line with separate recently-proposed long-term plans by the Democratic and Republican leadership in Congress and the White House to increase the debt by trillions of dollars in the next decade.
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Attorney admits role in mortgage loan scheme

The United States Attorney for the District of Connecticut announced that John Bryk, 61, of Trumbull, has waived his right to indictment and pleaded guilty before United States District Judge Janet C. Hall in Bridgeport to one count of conspiracy to make a false statement in a Department of Housing and Urban Development transaction.
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Oil drops as S&P cuts U.S. outlook, demand weak

Oil fell more than $2 on Monday after ratings agency S&P cut its U.S. credit outlook to negative, adding to losses sparked by top exporter Saudi Arabia saying weak demand had forced it to reduce crude output.
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Community Health converts Tenet offer to all-cash

Community Health Systems Inc is converting its $3.3 billion bid for Tenet Healthcare Corp to all cash, the hospital operator said, sweetening the offer after questions about its billing practices hit its shares.
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Oil falls $2, below $122 on weaker demand fears

Oil prices fell more than $2 a barrel on Monday to under $122 a barrel after OPEC ministers said high oil prices could place a major strain on consumer countries, and S&P revised its U.S. outlook to negative.
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Wall St drops on U.S. cut, global economic worry

U.S. stocks dropped on Monday after ratings agency Standard & Poor's cut its long-term outlook on the United States and another step by China to stem growth reignited worries about the global economy.
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Wall St set to open lower on global jitters

U.S. stocks were poised for a lower open on Monday after China took another step to stem the growth of its economy and worries persisted Greece may need to restructure its debt.
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Stock futures lower on earnings worry

U.S. stock index futures fell on Monday before a raft of corporate earnings, including Citigroup, as investors weigh whether corporate results and outlooks will be hurt by rising commodity costs.

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