Wall Street dips on renewed euro zone fears

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NEW YORK (Reuters) - Stocks fell on Thursday as comments by the ECB president on the euro raised worries about Europe's outlook and curbed investors' appetite for risky assets.


The euro currency dropped against the safe-haven dollar and yen after European Central Bank President Mario Draghi said the exchange rate was important to growth and price stability, which investors took as a sign the bank is concerned about the euro's advance in recent days.


Materials shares were among the weakest performers on the S&P 500, with the S&P 500 materials index <.splrcma> down 0.7 percent, while housing stocks also declined. A housing sector index <.hgx> was off 1.4 percent.


Despite the day's decline and weakness earlier this week, the stock market has been in an almost uninterrupted uptrend for most of the year, with the S&P 500 gaining more than 5 percent for 2013.


Many investors could see buying opportunities in the decline.


"I don't think there's the systemic risk that we had some time ago of bank failures in Europe and so forth. They seem to be ahead of that sort of crisis," said Dan Veru, chief investment officer of Palisade Capital Management, in Fort Lee, New Jersey.


The Dow Jones industrial average <.dji> was down 67.95 points, or 0.49 percent, at 13,918.57. The Standard & Poor's 500 Index <.spx> was down 6.31 points, or 0.42 percent, at 1,505.81. The Nasdaq Composite Index <.ixic> was down 16.76 points, or 0.53 percent, at 3,151.72.


Top U.S. retailers reported strong January sales after offering compelling merchandise that drew in shoppers facing a hit to their take-home pay from higher payroll taxes.


Macy's Inc rose 1.5 percent to $40.09 after reporting January same store sales rose 11.7 percent.


But Ann Inc dropped 6.7 percent to $30.59 after forecasting fourth-quarter sales below analysts' expectations.


Fund manager David Einhorn's Greenlight Capital on Thursday said it has sued Apple Inc and said the company needs to do more to unlock value for shareholders. Apple shares gained 0.6 percent to $457.43.


Akamai Technologies Inc lost 15.6 percent to $35.06 as the worst performer on the S&P 500 after the Internet content delivery company forecast current-quarter revenue below analysts' expectations.


(Additional reporting by Angela Moon; Editing by Kenneth Barry and Nick Zieminski)



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Southern diet, fried foods, may raise stroke risk

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Deep-fried foods may be causing trouble in the Deep South. People whose diets are heavy on them and sugary drinks like sweet tea and soda were more likely to suffer a stroke, a new study finds.


It's the first big look at diet and strokes, and researchers say it might help explain why blacks in the Southeast — the nation's "stroke belt" — suffer more of them.


Blacks were five times more likely than whites to have the Southern dietary pattern linked with the highest stroke risk. And blacks and whites who live in the South were more likely to eat this way than people in other parts of the country were. Diet might explain as much as two-thirds of the excess stroke risk seen in blacks versus whites, researchers concluded.


"We're talking about fried foods, french fries, hamburgers, processed meats, hot dogs," bacon, ham, liver, gizzards and sugary drinks, said the study's leader, Suzanne Judd of the University of Alabama in Birmingham.


People who ate about six meals a week featuring these sorts of foods had a 41 percent higher stroke risk than people who ate that way about once a month, researchers found.


In contrast, people whose diets were high in fruits, vegetables, whole grains and fish had a 29 percent lower stroke risk.


"It's a very big difference," Judd said. "The message for people in the middle is there's a graded risk" — the likelihood of suffering a stroke rises in proportion to each Southern meal in a week.


Results were reported Thursday at an American Stroke Association conference in Honolulu.


The federally funded study was launched in 2002 to explore regional variations in stroke risks and reasons for them. More than 20,000 people 45 or older — half of them black — from all 48 mainland states filled out food surveys and were sorted into one of five diet styles:


—Southern: Fried foods, processed meats (lunchmeat, jerky), red meat, eggs, sweet drinks and whole milk.


—Convenience: Mexican and Chinese food, pizza, pasta.


—Plant-based: Fruits, vegetables, juice, cereal, fish, poultry, yogurt, nuts and whole-grain bread.


—Sweets: Added fats, breads, chocolate, desserts, sweet breakfast foods.


—Alcohol: Beer, wine, liquor, green leafy vegetables, salad dressings, nuts and seeds, coffee.


"They're not mutually exclusive" — for example, hamburgers fall into both convenience and Southern diets, Judd said. Each person got a score for each diet, depending on how many meals leaned that way.


Over more than five years of follow-up, nearly 500 strokes occurred. Researchers saw clear patterns with the Southern and plant-based diets; the other three didn't seem to affect stroke risk.


There were 138 strokes among the 4,977 who ate the most Southern food, compared to 109 strokes among the 5,156 people eating the least of it.


There were 122 strokes among the 5,076 who ate the most plant-based meals, compared to 135 strokes among the 5,056 people who seldom ate that way.


The trends held up after researchers took into account other factors such as age, income, smoking, education, exercise and total calories consumed.


Fried foods tend to be eaten with lots of salt, which raises blood pressure — a known stroke risk factor, Judd said. And sweet drinks can contribute to diabetes, the disease that celebrity chef Paula Deen — the queen of Southern cuisine — revealed she had a year ago.


The National Institute of Neurological Disorders and Stroke, drugmaker Amgen Inc. and General Mills Inc. funded the study.


"This study does strongly suggest that food does have an influence and people should be trying to avoid these kinds of fatty foods and high sugar content," said an independent expert, Dr. Brian Silver, a Brown University neurologist and stroke center director at Rhode Island Hospital.


"I don't mean to sound like an ogre. I know when I'm in New Orleans I certainly enjoy the food there. But you don't have to make a regular habit of eating all this stuff."


___


Marilynn Marchione can be followed at http://twitter.com/MMarchioneAP


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The Lede: Video of Protests Across Tunisia After an Opposition Leader Is Gunned Down

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Video of a protest outside the interior ministry in Tunis on Wednesday from the blog Nawaat.

As my colleagues Kareem Fahim and Gerry Mullany report, there were protests across Tunisia on Wednesday following the assassination of Chokri Belaid, a leader of the secular opposition.

Video shot by activist bloggers for the independent Tunisian site Nawaat showed protesters rallying outside the interior ministry on the tree-lined Avenue Habib Bourguiba in Tunis early in the day, and then being chased from the street by police officers who fired tear gas into the crowd and beat demonstrators.

The Tunisian blog Nawaat’s video of police officers attacking protesters in Tunis on Wednesday.

After the avenue was cleared, witnesses reported that a small crowd accompanied the ambulance carrying Mr. Belaid’s body down the same street.

As news of the assassination spread, there were protests in other cities and reports of attacks on the offices of Ennahda, the ruling Islamist party. Mr. Belaid had criticized Ennahda’s leaders for failing to condemn violent attacks on his party’s activists by young Islamists, in a television appearance shortly before his death, the French radio station Europe 1 reported.

Agence France-Presse video showed protesters marching in Sidi Bouzid, the town where the Tunisian revolt began.

More video of the demonstration in Tunis, and a clip of protesters occupying the headquarters of Ennahda in the city of Sfax, was posted online by Jadal, a Tunisian news site set up by the Institute for Peace and War Reporting.

Video from the Tunisian news site Jadal, said to show protesters occupying the offices of the ruling party in Sfax on Wednesday.

A demonstration outside the office of Ennahda in the coastal city of Mahdia was caught on video by a Nawaat blogger.

Before the demonstration at the interior ministry was attacked by the police, activists in the crowd posted updates on the protest on Twitter.

Among the chants, witnesses reported, were calls for the resignation of the interior minister, Ali Larayedh, a leader of Ennahda who is a former dissident.

Mr. Larayedh called the assassination of Mr. Belaid a “terrorist act” and “a blow to the democratic transition experience in Tunisia,” the state news agency reported.

One member of the crowd was Amira Yahyaoui, the president of the rights organization Al Bawsala, who suggested that Tunisians had waited long enough for reform of the hated police force. After Mr. Balaid’s death, she wrote, it was “necessary to go inside the interior ministry and clear out the incompetents and, worse, the facilitators” who had allowed such acts of political violence to take place.

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Alex Morgan Channels Katy Perry's Sexy Album Cover Look

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By Dahvi Shira





02/06/2013 at 02:40 PM EST







Alex Morgan as Katy Perry


Courtesy ESPN


Sexy soccer star Alex Morgan's latest photo feature is a definite score!

The athlete, 23, channels Katy Perry, 28, in ESPN magazine's Feb. 18 music issue, sporting the same pose and summery ensemble as the cover of the pop star's 2008 One of the Boys album.

"I love Katy Perry," Morgan tells ESPN's blog. "There were a couple of other choices, but I just gravitated toward this one. The cover is cute and fun. It [was] a great shoot [with] such a fun background and I never get to wear an outfit like this."

Although Morgan says, "I don't have a voice like her, I don't really look like her," she feels confident that she pulled off the memorable look with success.

"I love the lips, I love the curls," she says. "This shoot was 75 percent getting ready, 25 percent shoot. The shot was one and done. It was perfecting every little detail the whole shoot: Sit this way, don't move, raise your eyebrows, move this."

No word yet on Perry's reaction to her sporty doppelganger.

Alex Morgan Channels Katy Perry's Sexy Album Cover Look| Music News, Alex Morgan, Katy Perry

Katy Perry's One of the Boys album

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Critics seek to delay NYC sugary drinks size limit

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NEW YORK (AP) — Opponents are pressing to delay enforcement of the city's novel plan to crack down on supersized, sugary drinks, saying businesses shouldn't have to spend millions of dollars to comply until a court rules on whether the measure is legal.


With the rule set to take effect March 12, beverage industry, restaurant and other business groups have asked a judge to put it on hold at least until there's a ruling on their lawsuit seeking to block it altogether. The measure would bar many eateries from selling high-sugar drinks in cups or containers bigger than 16 ounces.


"It would be a tremendous waste of expense, time, and effort for our members to incur all of the harm and costs associated with the ban if this court decides that the ban is illegal," Chong Sik Le, president of the New York Korean-American Grocers Association, said in court papers filed Friday.


City lawyers are fighting the lawsuit and oppose postponing the restriction, which the city Board of Health approved in September. They said Tuesday they expect to prevail.


"The obesity epidemic kills nearly 6,000 New Yorkers each year. We see no reason to delay the Board of Health's reasonable and legal actions to combat this major, growing problem," Mark Muschenheim, a city attorney, said in a statement.


Another city lawyer, Thomas Merrill, has said officials believe businesses have had enough time to get ready for the new rule. He has noted that the city doesn't plan to seek fines until June.


Mayor Michael Bloomberg and other city officials see the first-of-its-kind limit as a coup for public health. The city's obesity rate is rising, and studies have linked sugary drinks to weight gain, they note.


"This is the biggest step a city has taken to curb obesity," Bloomberg said when the measure passed.


Soda makers and other critics view the rule as an unwarranted intrusion into people's dietary choices and an unfair, uneven burden on business. The restriction won't apply at supermarkets and many convenience stores because the city doesn't regulate them.


While the dispute plays out in court, "the impacted businesses would like some more certainty on when and how they might need to adjust operations," American Beverage Industry spokesman Christopher Gindlesperger said Tuesday.


Those adjustments are expected to cost the association's members about $600,000 in labeling and other expenses for bottles, Vice President Mike Redman said in court papers. Reconfiguring "16-ounce" cups that are actually made slightly bigger, to leave room at the top, is expected to take cup manufacturers three months to a year and cost them anywhere from more than $100,000 to several millions of dollars, Foodservice Packaging Institute President Lynn Dyer said in court documents.


Movie theaters, meanwhile, are concerned because beverages account for more than 20 percent of their overall profits and about 98 percent of soda sales are in containers greater than 16 ounces, according to Robert Sunshine, executive director of the National Association of Theatre Owners of New York State.


___


Follow Jennifer Peltz at http://twitter.com/jennpeltz


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Wall Street stymied as investors lack catalysts to trade

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NEW YORK (Reuters) - U.S. stocks were little changed on Wednesday as investors, without any major economic reports to guide them, awaited fresh incentives to trade after rallies took the S&P 500 to five-year highs.


Transportation stocks were among the worst performers, weighed down by a 10 percent drop in CH Robinson Worldwide to $60.40 after the freight transport company posted a lower-than-expected adjusted quarterly profit.


The Dow Jones Transportation index <.djt> shed 0.3 percent after closing at a record high Tuesday for a gain of more than 10 percent in 2013.


The benchmark S&P 500 index has advanced 6 percent this year, climbing to its highest since December 2007. The Dow industrials <.dji> have risen above 14,000 recently, making it a challenge for investors to push stocks higher in the absence of strong positive catalysts.


"Overall, we believe that the next near-term market dip should provide an opportunity to buy stocks ahead of rallies higher in the coming months, but we are skeptical about the long-term sustainability of these gains due to the maturing age of the bull market," said Ari Wald, equity research analyst at C&Co\PrinceRidge in New York.


The Dow Jones industrial average <.dji> was up 5.28 points, or 0.04 percent, at 13,984.58. The Standard & Poor's 500 Index <.spx> was up 0.56 point, or 0.04 percent, at 1,511.85. The Nasdaq Composite Index <.ixic> was up 1.67 points, or 0.05 percent, at 3,173.25.


The tech-heavy Nasdaq index was supported by Apple Inc , which rose 1.1 percent to $462.62.


Walt Disney Co was among the bright spots, up 1.1 percent at $60.31, after the company beat estimates for quarterly adjusted earnings and gave an optimistic outlook for the next few quarters.


According to Thomson Reuters data through Wednesday morning, of 301 companies in the S&P 500 <.spx> that have reported earnings, 68.1 percent have exceeded analysts' expectations, above a 62 percent average since 1994 and 65 percent over the past four quarters. In terms of revenue, 65.8 percent of companies have topped forecasts.


Looking ahead, fourth-quarter earnings for S&P 500 companies are expected to grow 4.7 percent, according to the data, above a 1.9 percent forecast at the start of the earnings season.


The benchmark S&P index rose 1.04 percent Tuesday, its biggest percentage gain since a 2.5-percent advance on January 2 after lawmakers agreed on a temporary delay of the "fiscal cliff."


Ralph Lauren Corp climbed 8 percent to $178.15 as the best performer on the S&P 500 after reporting renewed momentum in its holiday-quarter sales and profits.


Time Warner Inc jumped 4.4 percent to $52.15 after reporting higher fourth-quarter profit that beat Wall Street estimates, as growth in its cable networks offset declines in its film, TV entertainment and publishing units.


Visa , the world's largest credit and debit card network, is expected to report earnings per share of $1.79 for its first quarter, up from $1.49 a year earlier. Smaller rival MasterCard MA.N recently reported better-than-expected results but said its revenue growth could slow in the first half of the year due to economic uncertainty.


(Editing by Bernadette Baum and Kenneth Barry)



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Same-Sex Marriage Law Gains in Britain

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Luke Macgregor/Reuters


Demonstrators Martin Brown, left, and Archie Young were outside Parliament Tuesday in support of gay marriage in England.







LONDON — The House of Commons overwhelmingly approved a law on Tuesday permitting same-sex marriage, a major gain for a bill that Prime Minister David Cameron has made a centerpiece of his drive to modernize his Conservative Party.




The House of Commons voted 400 to 175 for the measure after its second reading, a stage in the parliamentary process that gives approval in principle to legislation before it goes forward for detailed scrutiny. If enacted as expected later this year, the bill will add Britain to a growing list of nations that have passed laws approving same-sex marriage: 13, including seven in Europe, according to a tally in The Guardian newspaper on Tuesday that included the United States, where deep political divisions over the issue have limited same-sex marriage laws to a small group of states.


Many of the opponents were Conservatives. The resurgent Labour Party, which is riding high in the polls, is strongly in favor of same-sex marriages, as is the third major party in British politics, the Liberal Democrats.


Although Mr. Cameron played the role of protagonist for the bill before British lawmakers, and risked adding momentum to a restiveness about his leadership among right-wing Conservative backbenchers, he was not among the 70 or so members of the House of Commons who spoke in the debate on Tuesday.


But he addressed reporters at 10 Downing Street, where he had been holding talks with Vice President Joseph R. Biden Jr.


“Today is an important day,” he said, before heading for the Commons to cast his vote. “I am a strong believer in marriage. It helps people commit to each other, and I think it is right that gay people should be able to get married too.”


“Yes, this is about equality,” he added. “But it is also about making our society stronger. I know there are strong views on both side of the argument; I accept that. But I think this is an important step forward for our country.”


A day after the newly confirmed archbishop of Canterbury, Justin Welby, took office saying that he shared the Church of England’s opposition to marriage between people of the same gender, three cabinet officials said in a letter published in The Daily Telegraph that the new legislation was “the right thing to do at the right time.”


“Marriage has evolved over time,” the letter said. “We believe that opening it up to same-sex couples will strengthen, not weaken, the institution.”


It continued: “Attitudes toward gay people have changed. A substantial majority of the public now favor allowing same-sex couples to marry, and support has increased rapidly.”


The three ministers — George Osborne, the chancellor of the Exchequer, Foreign Secretary William Hague and Home Secretary Theresa May — also asked whether it was “any longer acceptable to exclude people from marriage simply because they love someone of the same sex.”


The debate divided Britain’s Conservatives, who lead in uneasy coalition with the Liberal Democrats.


Opponents of the legislation argued that it would alienate traditional Conservative voters, jeopardizing Mr. Cameron’s prospects in the 2015 national election. But supporters said it would bring in new backing from outside the party, and Mr. Cameron’s support of it is part of his effort to position the party for the general election.


Archbishop Welby, 57, was confirmed Monday to replace the Most Rev. Rowan Williams, who has retired after 10 years in office.


The new archbishop, the spiritual head of the world’s 77 million Anglicans, endorsed the traditional view that while the Church of England has no objection to civil partnerships between people of the same gender, it is, as a recent church statement put it, “committed to the traditional understanding of the institution of marriage as being between one man and one woman.”


Ed Miliband, the leader of the opposition Labour Party, said Monday that he would be “voting for equal marriage in the House of Commons, and I’ll be doing so proudly.” He also said he would urge his 255 legislators in the 649-member body to vote with him, although a small group will probably not.


“I’ll be voting for equal marriage for a very simple reason: I don’t think that the person you love should determine the rights you have,” Mr. Miliband said Monday.


The legislation, which applies to England and Wales, would permit civil marriage between same-sex couples, but specifically exempt the Church of England and other faiths from an obligation to perform such ceremonies. Some faith groups, including the Quakers, have said they want the legal right to perform same-sex marriages.


In their letter, Mr. Osborne, Mr. Hague and Ms. May said: “Our party also has a strong belief in religious freedom, a vital element of a free society. The bill ensures that no faith group will be forced to conduct same-sex marriages. The legal advice is clear that these protections for religious groups cannot be overturned by the courts.”


It said: “Religious freedom works both ways. Why should faith groups, such as the Quakers, that wish to conduct gay marriages be forbidden from doing so? This bill will enhance religious freedom, not restrict it.”


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Kate and William on Mustique for Another Vacation

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By Simon Perry





02/05/2013 at 02:30 PM EST







Mustique, with the Duchess of Cambridge (inset)


Getty; Inset: PA/Landov


Royal mom-to-be Kate is on a winter escape, enjoying the sunshine of a Caribbean vacation.

She and husband William are sunning themselves on the paradise island of Mustique.

They are staying in a luxury $28,000 villa, reports the U.K.'s Sun tabloid.

The island – which was popular with William's late great aunt, Princess Margaret, and is still hopping today with such celebrities as Mick Jagger – is a regular family vacation destination for the Duchess, whose parents, Carole and Mike, are said to be staying in a villa nearby.

Last year at this time, Kate and William stayed at Mustique's magnificent (and secluded) Aurora House.

This vacation comes at the same time Kate's office announced she is getting back into her public engagements.

On Feb. 19 she is due to check in on a facility run by one of her charities, Action on Addiction, which offers "a safe, secure and comfortable place for women to recover from substance dependence and receive additional support for other compulsive disorders."

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Critics seek to delay NYC sugary drinks size limit

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NEW YORK (AP) — Opponents are pressing to delay enforcement of the city's novel plan to crack down on supersized, sugary drinks, saying businesses shouldn't have to spend millions of dollars to comply until a court rules on whether the measure is legal.


With the rule set to take effect March 12, beverage industry, restaurant and other business groups have asked a judge to put it on hold at least until there's a ruling on their lawsuit seeking to block it altogether. The measure would bar many eateries from selling high-sugar drinks in cups or containers bigger than 16 ounces.


"It would be a tremendous waste of expense, time, and effort for our members to incur all of the harm and costs associated with the ban if this court decides that the ban is illegal," Chong Sik Le, president of the New York Korean-American Grocers Association, said in court papers filed Friday.


City lawyers are fighting the lawsuit and oppose postponing the restriction, which the city Board of Health approved in September. They said Tuesday they expect to prevail.


"The obesity epidemic kills nearly 6,000 New Yorkers each year. We see no reason to delay the Board of Health's reasonable and legal actions to combat this major, growing problem," Mark Muschenheim, a city attorney, said in a statement.


Another city lawyer, Thomas Merrill, has said officials believe businesses have had enough time to get ready for the new rule. He has noted that the city doesn't plan to seek fines until June.


Mayor Michael Bloomberg and other city officials see the first-of-its-kind limit as a coup for public health. The city's obesity rate is rising, and studies have linked sugary drinks to weight gain, they note.


"This is the biggest step a city has taken to curb obesity," Bloomberg said when the measure passed.


Soda makers and other critics view the rule as an unwarranted intrusion into people's dietary choices and an unfair, uneven burden on business. The restriction won't apply at supermarkets and many convenience stores because the city doesn't regulate them.


While the dispute plays out in court, "the impacted businesses would like some more certainty on when and how they might need to adjust operations," American Beverage Industry spokesman Christopher Gindlesperger said Tuesday.


Those adjustments are expected to cost the association's members about $600,000 in labeling and other expenses for bottles, Vice President Mike Redman said in court papers. Reconfiguring "16-ounce" cups that are actually made slightly bigger, to leave room at the top, is expected to take cup manufacturers three months to a year and cost them anywhere from more than $100,000 to several millions of dollars, Foodservice Packaging Institute President Lynn Dyer said in court documents.


Movie theaters, meanwhile, are concerned because beverages account for more than 20 percent of their overall profits and about 98 percent of soda sales are in containers greater than 16 ounces, according to Robert Sunshine, executive director of the National Association of Theatre Owners of New York State.


___


Follow Jennifer Peltz at http://twitter.com/jennpeltz


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Wall Street climbs 1 percent on results; Dow above 14,000

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NEW YORK (Reuters) - Stocks climbed on Tuesday, pushing the Dow above 14,000 a day after the market's biggest sell-off since November, as stronger-than-expected earnings brightened the profit picture.


All 10 S&P sectors were higher, and the S&P 500 and Nasdaq gained more than 1 percent.


Dell Inc's stock rose after the world's No. 3 computer maker agreed to be taken private in a $24.4 billion deal, the largest leveraged buyout since the 2008-2009 financial crisis. The stock gained 1.3 percent to $13.44 after a delayed open.


The market's bounce follows a sell-off on Monday that gave the S&P 500 its biggest percentage decline since mid-November. Still, the benchmark is up about 5 percent since the start of the year and is less than 5 percent away from its all-time intraday high of 1,576.09 in October 2011.


Analysts said fourth-quarter results have been among the positives for the market. On Tuesday, Archer Daniels Midland reported revenue and adjusted fourth-quarter earnings that beat expectations, boosted by strong global demand for oilseeds. Shares rose 3.4 percent to $29.40.


"This quarter was one that had relatively low expectations coming into it, but the beats on the earnings and on the revenue side have been pretty good, particularly on the revenue side," said Mark Luschini, chief investment strategist at Janney Montgomery Scott in Philadelphia.


"And in the aggregate so far, the earnings growth is just under 5 percent, and that's relieved those who thought maybe the earnings picture was deteriorating to the point where we would see surprisingly poor earnings."


The Dow Jones industrial average <.dji> was up 121.49 points, or 0.88 percent, at 14,001.57. The Standard & Poor's 500 Index <.spx> was up 16.95 points, or 1.13 percent, at 1,512.66. The Nasdaq Composite Index <.ixic> was up 40.79 points, or 1.30 percent, at 3,171.96.


Also in earnings, Estée Lauder Cos Inc reported a higher quarterly profit and raised its full-year profit forecast. The stock rose 5.7 percent to $64.52.


With results in for more than half of the S&P 500 companies, 69 percent have beaten profit expectations, compared with the 62 percent average since 1994 and the 65 percent average over the past four quarters.


Fourth-quarter earnings for S&P 500 companies are expected to rise 4.5 percent, according to the data, above the 1.9 percent forecast at the start of earnings season.


On the down side, McGraw-Hill shares slumped 7.5 percent to $46.51 after the Justice Department filed a civil lawsuit against it seeking $5 billion over mortgage bond ratings. Standard & Poor's, a McGraw Hill unit, was accused of inflated ratings and understated risks out of a desire to gain more business from investment banks.


On Monday, the stock market suffered its worst one-day decline since the 1987 market crash.


(Additional reporting By Angela Moon; Editing by Kenneth Barry)



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