DJIA: Stocks Recovering, House Passes Spending Bill, Whitman New HP CEO

Stocks opened lower today but have since recovered some ground, after markets spiraled downward and the Federal Reserve issued one of its most dire outlooks for the economy and warned bluntly that global financial institutions were in danger. Investors are fleeing to their new safe haven, the U.S. dollar, which is now at a seven month high, as Greece moves closer to default and economic data in the U.S. and EU suggests a double dip recession. By a largely party-line vote of 219 to 203, the Republican-controlled House in a late-night vote approved a bill that would keep the government running through Nov. 18 and provide $3.65 billion for disaster relief in one of the most extreme years for weather in U.S. history. Republican leaders managed to minimize defections from lawmakers aligned with the conservative Tea Party movement, who had helped defeat a nearly identical version of the bill a day earlier. Last night was the third Republican debate in the last three weeks in Orlando Florida, yet again pitting Rick Perry against Mitt Romney, with most analysts putting Romney in the winner’s circle. According to post debate analysis, Romney sounded polished and presidential, while Perry tripped over his words and seemed unprepared. Today is the first official day for Hewlett Packard’s new CEO Meg Whitman, after the company ousted her predecessor Leo Apotheker yesterday. Whitman, who was eBay’s CEO for 10 years, says she doesn’t plan on making any strategy changes, and stands by the company’s decision last month, staying firm on their commitment to Autonomy. Now for a look at our major indices… the Dow Jones industrial average is up 18.8 points, to 10,752.60… the NASDAQ rose .77 percent, to 2,474.62… and the S&P 500 index is up 6.61 points, to 1,136.17. Oil prices continue to fall today, at one point retreating below the $79 mark, amid falling equity markets and a weaker demand for crude as the global economy slows. Crude oil is down .72 percent, to $79.93 a barrel. Gold prices fell about 3 percent today, setting up the third weekly decline for a commodity that has recently been touted as the pre-eminent safe haven. Gold is currently down 62 points, to $1679.30 an ounce. Let’s check in with the major currency pairs… euro dollar is up 58 pips, trading just below its most widely traded price, at 1.3519… the dollar yen is up 4 basis points, trading at 76.27… and the pound dollar is at 1.5432, up 92 pips. The dollar swissie is down 35 pips, currently trading at .9047… the dollar cad fell 13 pips, to 1.0268… and the aussie dollar rose 65 basis points, trading at .9804.