MarketWatch.com - MarketPulse
SAN FRANCISCO (MarketWatch) - Gold futures rose for a second straight trading day on Monday as the dollar fell against a basket of other major currencies. Copper futures rose for a fourth day. Gold futures for February delivery rose $1.1, or 0.1%, to $816.5 an ounce on the New York Mercantile Exchange. Copper futures for March delivery rallied 5.6 cents, or 1.8%, to $3.1535 a pound. Copper has risen more than 10% since Dec. 19. The dollar index, which tracks the value of the dollar against a basket of other major currencies, fell for a second day, down 0.2% at 77.57. A weaker dollar tends to increase the appeal of dollar-denominated gold as an investment haven.
MarketWatch.com - MarketPulse
SAN FRANCISCO (MarketWatch) -- Fitch Ratings said Monday it is maintaining its negative outlook on Merrill Lynch & Co. despite efforts by the investment bank to boost its capital as it is expected to record additional losses going forward. "Fitch believes that there is a high probability that additional losses will be recognized in fourth-quarter 2007 which collectively may result in Merrill Lynch posting a loss for its 2007 fiscal year," said Fitch in a statement. However, the rating agency noted that Merrill Lynch's move to secure up to $6.2 billion from Temasek Holdings Pte. Ltd. and Davis Selected Advisors and its sale of Merrill Lynch Capital to GE Capital are positive developments for potentially stemming further downgrades. Fitch cut Merrill Lynch's long term issuer default rating to A+ on Oct. 24.