May 10 - Summary of business headlines: Stocks turn in their third weekly gain on Friday; Bernanke's warning to banks; Icahn new Dell offense; Yen falls to 4-1/2 year low. Bobbi Rebell reports.
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U.S. stock indexes turn in a third straight week of gains after a late day surge.
For the week The Dow rose one percent; The Nasdaq up 1.7 percent.
And in Friday's session all the major indexes moved higher- The Dow and S&P 500 at new record highs- The S&P now up close to 15 percent this year.
Priceline stock a standout- jumping a day after the online travel company's earnings beat forecasts.
U.S. Federal Reserve Chairman Ban Bernanke - warning banks of excessive financial risk. At a speech in Chicago, he said the Federal Reserve is increasing its monitoring of asset markets.
SOUNDBITE: U.S. FEDERAL RESERVE CHAIRMAN BEN BERNANKE (ENGLISH) SAYING:
"In light of the current low interest rate environment, we are watching particularly closely for instances of "reaching for yield" and other forms of excessive risk-taking, which may affect asset prices and their relationships with fundamentals."
Dell shares got a bump up in Friday's session. Activist Investor Carl Icahn and Southeastern Asset Management, two of Dell's biggest shareholders- have offered an alternate buyout to the $24.4 billion buyout offer from founder Michael Dell to take it private. Icahn's group is proposing shareholders get $12 of cash per share- and let's them keep the stock.
The yen fell to a 4-1/2 year low versus the dollar- after data confirmed Japanese investors were purchasing more foreign assets. The euro hit a more than three year high versus the yen. Meanwhile, gold slipped to a two-week low on Friday.
JP Morgan's board unanimously recommended keeping Chairman and CEO Jamie Dimon in both positions in a letter to shareholders. It comes in response to recommendations by proxy advisory firms to split the two positions.
In Europe: shares scaled new five-year highs on Friday- led by telecoms and healthcare stocks. All the major country indexes closed with solid gains.
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