| Business News |
Wall Street tumbles, led by financials
(Reuters)
 Reuters - Stocks tumbled more than 2 percent on
Thursday after a report showing yet another drop in U.S. home
sales prompted investors to take profits in financial shares,
which had rallied over the past week.
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Microsoft CEO backs Web spending, "done" with Yahoo
(Reuters)
 Reuters - Chief Executive Steve
Ballmer on Thursday defended Microsoft Corp's need to
make heavy investments in its Internet businesses but said the
company was "done," for now, with pursuing Yahoo Inc .
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Wachovia CFO Wurtz to leave
(Reuters)
Reuters - Wachovia Corp , which posted a
record $8.86 billion second-quarter loss Tuesday, said Chief
Financial Officer Thomas Wurtz will resign from the
fourth-largest U.S. bank after a successor is named.
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Home sales at 10-year low, jobless claims jump
(Reuters)
 Reuters - Jobless claims jumped and the pace
of existing home sales tumbled to a 10-year low as slowing
growth hit hiring and a glut of unsold houses weighed on real
estate, data released on Thursday showed.
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Morgan Stanley aggressively recruiting brokers
(Reuters)
 Reuters - Morgan Stanley said on Thursday
it is poaching brokers from Merrill Lynch and other
rivals, accelerating the expansion of its global wealth
management business during a period of turbulence on Wall
Street.
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Jobless claims jump as housing market gets weaker
(AP)
 AP - Two cornerstones of the economy — jobs and housing — sank to new depths Thursday, with unemployment claims bolting higher and home prices recording one of their steepest drops on record.
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| Obama plans Iowa trip with victory in sight - 18, May 2008 |
By Jeff Mason
PORTLAND, Oregon (Reuters) - Barack Obama will make a symbolic trip to Iowa on Tuesday, revisiting the state that launched his underdog bid for the White House on a day he hopes will put him over the top in the number of delegates needed to help clinch the nomination.
The planned Iowa rally, which the campaign announced on Saturday, will take place as polls close in Oregon and Kentucky in voting the Obama campaign believes will bring the Illinois senator a step closer to defeating his rival, New York Sen. Hillary Clinton.
Polls suggest Obama will win Oregon handily while Clinton is expected to prevail in Kentucky by a wide margin.
But the Obama campaign expects that when the results from both primary contests are added to his existing tally, he will have racked up more than half of the pledged delegates awarded in the state-by-state contests, making him the likely winner in the battle to become his party's nominee to face Republican John McCain in the November election.
"It will be (a) nice reunion with everybody who helped us get started," Obama told reporters during a stop at an amusement park outside Portland, speaking about the Iowa trip.
Obama said earlier this week his campaign would declare on Tuesday it had won the majority of pledged delegates.
Neither Obama nor Clinton will have enough pledged delegates to lock up the nomination, but Obama says superdelegates -- party leaders and elected officials with their own vote in the process -- should back the leader in pledged delegates.
The nominating contests began in January in Iowa, where Obama beat Clinton, a former first lady who was the national front-runner then and had an aura of inevitability.
(c) 2008 Reuters
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