Wall St. rallies on central banks' help for Europe

Central Bank

(Reuters) - Stocks surged on Wednesday after major central banks agreed to make cheaper dollar loans for struggling European banks to prevent the euro-zone debt woes from turning into a full-blown credit crisis.

The Dow posted its best day since March 2009 after the Federal Reserve, the European Central Bank and other major central banks stepped in to head off escalating funding pressures that threaten the key arteries of the world's financial system.

The S&P 500 scored its best daily percentage gain since August.

The central banks' liquidity move touched off a buying frenzy in financial shares. The S&P financial sector index gained 6.6 percent, with Bank of America the most actively traded stock. The stock jumped 7.3 percent to $5.44 on more than 420 million shares traded.

The drama in Europe kept the U.S. stock market on a roller-coaster ride throughout the month. For November, the S&P ended down just 0.5 percent, but the month was marked by sharp daily swings.

"You don't have to fix everything, you have to be on a path towards fixing things," said Tobias Levkovich, chief U.S. equity strategist at Citigroup in New York.

"Markets will reward you for the efforts you are making as long as you are moving in the right direction. It's the carrot and the stick; you get rewarded when you do the right thing, and you get punished when you do the wrong thing."

The Dow Jones industrial average shot up 490.05 points, or 4.24 percent, to end at 12,045.68. The Standard & Poor's 500 Index jumped 51.77 points, or 4.33 percent, to 1,246.96. The Nasdaq Composite Index soared 104.83 points, or 4.17 percent, to close at 2,620.34.

The Dow scored its largest daily gain -- in terms of points and percentage -- since March 23, 2009.

The S&P 500 posted its best daily percentage advance since August 11.

For the month, the Dow gained 0.8 percent, while the Nasdaq slid 2.4 percent.

Other economically sensitive sectors, including energy, materials and industrials, also were strong performers for the day.

Copper and oil futures rose sharply, while the S&P materials sector index jumped 5.9 percent.

The central banks' actions were intended to ensure that European banks, facing a credit crunch, have enough funding amid the euro zone's worsening sovereign debt crisis.

The moves followed an unexpected cut in bank reserve requirements in China, intended to boost an economy running at its weakest pace since 2009.

Among the banks, shares of JPMorgan Chase & Co gained 8.4 percent to $30.97, its biggest daily percentage gain since May 2009.

The gains in financial shares came despite Standard & Poor's move to cut the credit ratings of 15 big banks, mostly in Europe and the United States, late on Tuesday.

Further encouraging investors, the latest U.S. data suggested the U.S. economy was moving more solidly toward recovery. The U.S. private sector added the most jobs in nearly a year in November, while business activity in the U.S. Midwest grew faster than expected in November.

The day's volume was high, with nearly 10 billion shares changing hands during the day on U.S. exchanges compared with the daily average of 7.96 billion shares.

Advancers beat decliners on the NYSE by nearly 7 to 1 and on the Nasdaq, by about 5 to 1.

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Authorities foil NY protest bid to shut Wall Street

Wall Street, U.S.A

(Reuters) - New York police prevented protesters from shutting down Wall Street on Thursday, arresting at least 177 people in repeated clashes with an Occupy Wall Street rally that grew to several thousand strong.

Occupy Wall Street protesters took to the streets in rainy New York and elsewhere in the U.S. for a day of action seen as a test of the momentum of the two-month-old grassroots movement against economic inequality.

Demonstrators targeted bridges they considered in disrepair in cities such as Miami, Detroit and Boston to highlight what they said was the need for government spending on infrastructure projects to create jobs.

In the biggest New York protest since a police raid broke up the protesters' encampment in a park near Wall Street on Tuesday, organizers and city officials had expected tens of thousands to turn out.

A crowd that disappointed organizers throughout the day grew to several thousand after the standard workday ended and labor union activists joined a march across the Brooklyn Bridge, where last month more than 700 people were arrested during a similar march.

"If you look at the crowds today, they are getting larger and more diverse. It's wonderful when you see the unions get involved. It truly shows this movement represents people from all different walks of life," said Terri Nilliasca, 38, a United Auto Workers member from New York.

Many protesters complained of police brutality, pointing to one media image of man whose face was bloodied during his arrest and another of a woman who was dragged across the sidewalk by an officer.

Police reported seven officers were injured, including one whose hand was cut by a flying piece of glass and five who were hit in the face by a liquid believed to be vinegar.

Police barricaded the narrow streets around Wall Street, home to the New York Stock Exchange, and used batons to push protesters onto the sidewalk as they marched through the area to try and prevent financial workers getting to their desks.

Workers were allowed past barricades with identification and the New York Stock Exchange opened on time and operated normally.

Protesters banged drums and yelled "We are the 99 percent" -- referring to their contention that the U.S. political system benefits only the richest 1 percent.

At the Union Square subway stop, one of the busiest in the city, protesters tried to crowd the entrance but police repeatedly moved them against the walls to make way for subway riders.

"The mayor wanted to shut us down at Zuccotti Park, but try shutting this down," said Travis McConnell, 27, of Brooklyn. "They can't. This movement is now worldwide and the more politicians and police try to stop us, the stronger we become."

PROTESTS ACROSS U.S.

In St. Louis, more than 1,000 protesters marched through downtown in support of the Occupy St. Louis movement which was evicted last week from its campsite near the Gateway Arch. The Thursday march was by far the largest since Occupy St. Louis began in support of the New York demonstrators.

In Los Angeles, hundreds of anti-Wall Street demonstrators blocked a downtown street, snarling traffic on surrounding freeways, before police moved in and arrested 23 people.

The Los Angeles protest took place near demonstrators' encampment on the City Hall lawn, and a handful of people in grinning Guy Fawkes masks -- a style hallmark of the Occupy movement -- joined the march.

"I think we're all saying the same thing, but in a million different ways," said Good Jobs LA organizer Sandra Gonzalez, 42, in explaining the relationship between her group, which organized the march, and the nationwide Occupy protests.

At least 300 people gathered at Chicago's Thompson Center, giving speeches in English and Spanish. The protest was focused on jobs with signs reading "We need jobs, not cuts" and "Jobs, schools, equality: end the wars."

The Washington gathering was smaller than hoped for by organizers. One protester in McPherson Square said he expected about 1,000 people while perhaps 200 showed and many left within the hour.

In Dallas more than a dozen people were arrested when police shut down their six-week-old camp near City Hall.

Before dawn on Thursday, police cleared away a protest camp from a plaza at the University of California, Berkeley, where 5,000 people had gathered on Tuesday night.

Protesters say they are upset that billions of dollars in bailouts given to banks during the recession allowed a return to huge profits while average Americans have had no relief from high unemployment and a struggling economy.

They also say the richest 1 percent of Americans do not pay their fair share of taxes.

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Occupy Wall Street arrests in Texas, Oregon

Wall Street

(Reuters) - Dozens of protesters at economic inequality demonstrations in Austin, Texas, and Portland, Oregon were arrested peacefully early on Sunday over allegedly failing to comply with rules in each city.

Both protests were among many held across the country since September by demonstrators who say they are angry over economic inequality and what they see as Wall Street greed.

At Occupy Austin, some 38 people were arrested on Saturday night and early Sunday after refusing to let police take down food tables and clean the City Hall plaza where they had camped for several weeks, police told Reuters on Sunday.

They were charged with criminal trespass and issued citations that mean they can't return to the protest site.

"We've had a very peaceful Occupy Austin, especially compared to the rest of the nation, but we do have rules that have to be enforced," said Austin Police Officer Dennis Farris.

Makeshift encampments sprouting up in cities nationwide have forced local officials to tread carefully between allowing peaceful assembly and addressing concerns about trespassing, noise, sanitation and safety.

In Portland, protesters' attempt to extend their occupation to a third city park in an upscale downtown neighborhood was broken up by police early Sunday morning.

Some 25 protesters were arrested on charges related to rules about use of the park.

"It was peaceful, methodical and business-like," said police spokesman Pete Simpson.

Protesters at the Nashville, Tennessee, Occupy encampment were spared a curfew check on Saturday night after more than 50 arrests last week over curfew violations. They were released after a court official said there were no grounds for charges.

Other weekend protests struggled against the elements.

In New York, a day after authorities confiscated their generators, hundreds of protesters struggled to stay warm and dry Saturday after more than an inch of snow fell in the city.

In Washington, demonstrators marched in sleet to the Treasury to urge higher taxes on the financial sector, beating a drum and chanting "Banks got bailed out, we got sold out!"

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Wall Street protests swell in New York, Boston

New York (CNN) -- A group of union-backed organizations joined the loosely defined Occupy Wall Street movement again Tuesday, leaving behind the confines of New York's financial district for the posh neighborhoods that dot Manhattan's Upper East Side, according to multiple group representatives.

Crowds also swelled in Lower Manhattan's Zuccotti Park, where demonstrators waved placards and chanted slogans attacking corporate greed and social inequality.

The union-organized march, meanwhile, took protesters past the homes of well-to-do residents like billionaire David Koch, News Corp. CEO Rupert Murdoch and JP Morgan Chase CEO Jamie Dimon.

Organizations such as UnitedNY, the Strong Economy for All Coalition, the Working Families Party, and New York Communities for Change were accompanied by protesters typically based in Zuccotti Park, a privately owned park in New York's financial district.

The Upper East Side march was "in support" of the Occupy Wall Street movement, but was not organized by it, said T.J. Helmstetter, a spokesman for Working Families Party, a coalition of New York community and labor groups.

Protesters hopped on the subway, emerging at Fifth Avenue and 59th Street near Central Park, where organizers held a press conference that addressed both New York-centric themes, such as state taxes, and the movement's broader concerns of social inequity.

"We are the 99%," the group chanted, a reference to their insistence that most Americans lack the influence in their country's political and financial affairs enjoyed by the elite 1%.

"I think it's time that these people realize that people are hurting in this country and it's time to reform what's going on in Washington," said New York resident Lenore Silverstein, who attended Tuesday's march.

Emily Monroe , a North Carolina college student and marcher, said the city's wealthiest "are buying billion-dollar apartments and living lavishly, while we are just trying to sustain ourselves."

"The American dream is no longer possible because these people are stealing from the middle class," she told CNN Radio.

New York Mayor Michael Bloomberg, meanwhile, said authorities will defend protesters' right to demonstrate, but he doesn't appreciate "the bashing of all of the hardworking people who live and work here."

"Our city depends on the jobs that the financial services industry provides," Bloomberg said during a news conference in the Bronx.

He added that he didn't understand what the picketing of wealthy and prominent New Yorkers is intended to achieve.

The mayor's comments coincided with a state comptroller report released Tuesday that predicts Wall Street could lose an additional 10,000 jobs by the end of next year, raising the total number of jobs lost in the securities industry since 2008 to 32,000.

Earlier, in Boston, 129 protesters were arrested during a similar demonstration Tuesday, mostly for "unlawful assembly and trespassing," said police spokesman Eddy Chrispin.

The group allegedly blocked traffic and refused to disperse while marching to "areas of the city where they hadn't been previously," he said.

Protesters have been occupying Dewey Square Park in downtown Boston, but expanded to the neighboring Rose Fitzgerald Kennedy Greenway on Monday night. Protesters were given a 1:30 a.m. deadline to move back to Dewey Square. Those who did not were arrested.

The nationwide Occupy movement has been largely peaceful, though it has led to some skirmishes with police and arrests. It has also stoked fervent public debate, including among politicians. Democrats have generally offered sympathy for protesters' concerns while several Republicans, among them 2012 presidential candidates Herman Cain and Newt Gingrich, have described the demonstrations as "class warfare."

The movement shows few signs of slowing down. Rallies and marches have been held in numerous towns and cities in recent days, with many more planned.

That includes a "Call to Action Against Banks" planned for Saturday, which New York's Occupy Wall Street announced on its Facebook site.

"No longer will banks take our homes. No longer will banks rob students of our future. No longer will banks destroy the environment. No longer will banks fund the misery of war. No longer will banks cause massive unemployment. And no longer will banks create and profit from economic crisis without a struggle," according to the online message Monday.

It then urges people to "visit your local Bank of America, Wells Fargo or Chase (branches) and let them know, we will not allow business as usual."

"We. Will. Occupy. Everywhere," the posting ends.

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