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US stocks plunge in volatile trade Posted: 31 May 2013 06:04 PM PDT NEW YORK: US stocks tumbled Friday, accelerating their losses after a flurry of mixed indicators sparked volatile trade in the last session of the month. The Dow Jones Industrial Average shed 208.96 points (1.36 per cent) at 15,115.57. The broad-based S&P 500 dived 23.67 (1.43 per cent) to 1,630.74, while the tech-rich Nasdaq Composite lost 35.39 (1.01 per cent) at 3,455.91. The indices plunged more than 1.0 per cent in late trade as the "fear index" measuring market volatility finished at its highest level since mid-April. The market was hammered by "a war between the differing readings on the US economic data," said Gregori Volokhine of Meeschaert New York. The Commerce Department reported that consumer spending dropped by 0.2 per cent last month, the first monthly fall since May 2012 and a signal that growth slowed at the beginning of the second quarter. Offsetting that was a jump in the Chicago area PMI index to 58.7, its highest since March 2012, and the University of Michigan consumer confidence barometer, which rose to a better-than-expected 83.7, the highest since July 2007. Jon Ogg of 24/7 WallSt. said the Chicago PMI reading was not as strong as the headline number suggested, pointing to comments from those surveyed in the region. "The commentary from the ISM Chicago appears to be far more cautious than the numbers might have led you to believe," Ogg said. Among top-traded stocks, insurer AIG tanked 3.8 per cent, Amazon rose 0.9 per cent and Morgan Stanley edged up 0.3 per cent. Facebook added to its 5.3 per cent gain Thursday, rising almost 3.0 per cent on the back of analyst upgrades. A day after their bidding war for broadband carrier Clearwire heated up, Dish Networks fell 2.5 per cent while Sprint lost 0.5 per cent. Clearwire shares dropped 0.4 per cent. Krispy Kreme Doughnuts soared 21.5 per cent to US$17.32 after reporting a 37 per cent jump in fiscal first quarter net income and revenue up 11.2 per cent. The donuts chain also raised its forecast for the full year. Monsanto shares plunged 4.3 per cent to US$100.64 as the US agriculture giant faced a rising protest over its genetically engineered seeds after an unapproved modified wheat strain was found on an Oregon farm. Computer chip maker Omnivision Technologies soared 19.2 per cent after it turned in a strong jump in profits for its fiscal fourth quarter, to US$8.9 million from US$2.7 million a year earlier, on a 54 per cent climb in revenues. -- AFP

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Yanira Maldonado freed from Mexican jail - BBC News Posted: 31 May 2013 08:47 AM PDT 31 May 2013 Last updated at 11:45 ET Yanira Maldonado was returning from her aunt's funeral in Mexico A US woman has been freed after spending a week in a Mexican jail fighting drug-smuggling charges. Yanira Maldonado, 42, left the jail near Nogales, Mexico and crossed into the US state of Arizona on Thursday. Mrs Maldonado had been returning to the US from a family funeral when nearly 12lb (5.4kg) of marijuana was found under her coach seat at a checkpoint. She denied the cannabis was hers, and the charges were dismissed when a court ruled prosecutors lacked evidence. Her husband said he was arrested first, but Mrs Maldonado pleaded to stay with him and officials arrested her instead. Mrs Maldonado subsequently gave a tearful jailhouse interview to a US television station, and at a press conference after her release, she thanked journalists for helping to expedite her case. Checkpoint searches "Many thanks to everyone, especially my God who let me go free, my family, my children, who with their help, I was able to survive this test," Mrs Maldonado said. But she pledged to return to Mexico: "It's not Mexico's fault. It's a few people who did this to me." According to local news station KPNX-TV in Phoenix, Mrs Maldonado's conditions in prison improved as her situation became more widely publicised. Mrs Maldonado and her husband Gary were reportedly seen in security footage boarding the coach in the Mexican city of Los Mochis, on their way home to Phoenix, Arizona. They carried blankets, a purse and bottles of water. The coach passed through at least two security checkpoints without a problem, but at a third checkpoint in Querobabi the passengers were ordered off the bus during the search. According to Gary Maldonado, a man sitting behind him ran away while the search was under way.

Democrat drops out, says goal was to oust Bachmann - San Francisco Chronicle Posted: 31 May 2013 08:47 AM PDT ST. PAUL, Minn. (AP) — Minnesota Democratic congressional candidate Jim Graves halted his campaign Friday to replace Republican Rep. Michele Bachmann just days after she ruled out a re-election run, saying his goal had been to oust Bachmann from office. In an email message to supporters, Graves, who narrowly lost to Bachmann last year, said he felt his primary goal of unseating Bachmann was complete even if she decided to step away voluntarily rather than face him in a rematch race. "We set out to defeat Rep. Bachmann, and that has been accomplished. You should feel incredibly proud," he wrote to his backers. "After all, it was the grassroots movement that you built that kept the pressure on and forced Rep. Bachmann from her seat in Congress." Bachmann made her own announcement in a Web video on Wednesday in which she tried to head off speculation that she was stepping down to avoid another tight race or because of various ethics investigations surrounding her. She hasn't spoken publicly about her decision since then. Graves, who founded a hotel chain, narrowly lost to Bachmann in 2012. He had previously announced he would challenge Bachmann again next year if the incumbent opted to try for a fifth term. Her district is the most heavily Republican in Minnesota. Without a polarizing figure like Bachmann opposite him on the ticket, political experts predicted that Graves would find the task of raising money and converting GOP-leaning voters to his side more difficult. Several Republicans are weighing a run. No other Democrats have emerged yet. Minnesota Republican Party Chairman Keith Downey said no matter whom his party chooses, the seat looks safe for the GOP. "We have a really good chance for a Republican candidate to win that race in the general election in 2014, and apparently Jim Graves saw that as well. We agree with Jim Graves." Heading into the 2014 campaign, Minnesota Democrats enjoy a 5 to 3 advantage over Republicans in the House delegation. ___ Associated Press writer Patrick Condon contributed to this report.

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