NPR 2009-10-31

One day after a rosy 1 outlook sent stocks up more than 2%, Wall Street took it all back in lump sum today. Worries over a weak report on consumer spending last month as well as an end-of-month selling bout 2 caused investors 3 to pull back. Britt Beemer is a retail 4 expert with America's Research Group. He said today consumers still appeared to have doubts about whether an economic recovery is actually taking hold.

Everybody wants the recession to end. The problem is no one has told the consumer yet. We find that consumers are extremely pessimistic about the future.

Government reported this morning consumer spending fell a half percent in September while personal incomes also declined. Many economists 5 worry if consumers do sharply rein 6 in their spending in the months ahead, any recovery could stall.

The White House has released new figures today, crediting the administration's economic stimulus 7 program was saving or creating nearly 650,000 jobs. Figures are based on reports from more than 130,000 recipients 8 of stimulus money including school districts able to save jobs as a result of money funneled 9 to the states. The administration says it remains 10 on track to achieve the goal of 3.5 million jobs over two years.

President Obama has announced he will overturn a 22-year-old travel and immigration ban against people with HIV early next year. In an order to be finalized 11 Monday, the president said today it's completion of a process begun during the previous administration.

"Congress and President Bush began this process last year and they ought to be commended for it. We are finishing the job. It's a step that will encourage people to get tested and get treatment. It's a step that will keep families together and it's a step that will save lives."

US is currently one of a dozen countries that bar entry to travelers with visas or anyone seeking a green card based on their HIV status.

British Oil Company BP is being hit with a record fine by the Occupational Safety and Health Administration for continued violations 12 at a facility hit by fatal explosion in 2005. From Larry Miller 13 reports from London. BP is contesting the allegations.

The 87-million-dollar fine imposed on BP is the biggest in OSHA's history. An explosion 4 years ago at BP's Texas City refinery 14 killed 15 and injured 180. The oil company was fined 23 million dollars then and entered into an agreement to bring the facility up to safe standards. After a 6-month inspection 15 to ensure BP complied, OSHA said it's committed hundreds of new violations, which, Labor 16 Secretary Hild Solis said, could lead to another catastrophe 17. In a statement, BP said, it formally contests all the citations 18, alleged 19 violations and penalties. BP says it’s in full compliance 20 and insists its safety improvement at Texas City have been among the most strenuous 21 and comprehensive ever in the refining industry. For NPR News, I'm Larry Miller in London.

On Wall Street the Dow Jones Industrial Average plunged 22 249 points, ending the week at 9,712. For the week, the Dow lost more than 2.5%.

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Investigators 23 are continuing their search off the California coast near San Diego for 9 people missing after a Coast Guard C1-30 is believed to have collided with a Marine 24 Corps 25 Super Cobra helicopter overnight. Coast Guard officials have been searching in the brief fields some 50 miles off the coast, but have been unable to find any of the victims. Pentagon spokesman did say, however, it is likely all 9 people were killed. The Coast Guard plane was on a nighttime search for a missing boater while the marine corps helicopter was on a training mission.

The daughter of Martin Luther King Junior will be the new head of the Civil Rights Organization that her famous father co-founded and its first female president. The Southern Christian 26 Leadership Conference announced today it chose Bernice King at its Atlanta headquarters. Elda Eisa from member station WABE was there.

Interim 27 SCLC President Byron Clay unsealed the results of Thursday's ballot 28 before a roomful of reporters. The board voted 23 to 15 for King with one no vote. Clay then called King to congratulate her.

"You have been elected as the new president and CEO of the greatest organization in the world, the Southern Christian Leadership Conference."

King accepted it. The SCLC was critical to the passage of the voting rights and civil rights acts but in recent years has floundered. It's been troubled by financial problems and internal fighting and has struggled recently to define its mission. King will be the third in her family to head the organization after her father and older brother Martin Luther King the third. For NPR News, I'm Elda Eisa from Atlanta.

Crude oil futures 29 prices are ending the week lower. Crude futures fell $2.87 a barrel today to end the session at $77 a barrel on the New York Mercantile Exchange.