With the help of the French Minister of Economy, the financial markets' opening bell was rung remotely from Paris on Monday.
Bank of America is the latest in a string of big banks showing better than expected second quarter earnings. The nation's second largest bank says its profit fell 41%, as losses in its struggling mortgage operations were offset by business in other parts of the company.
But the bank easily beat Wall Street estimates, and shares rose $3 a share early on Monday.
Bank of America's CEO said the bank does not see the economy slipping into prolonged recession. Four of the nation's five biggest banks have reported better than estimated results.
Factories cut workers' hours and stocks tumbled, forcing the economy to contract in June.
The New York based Conference Board's forecast of future economic activity fell .1%. It revised its May figure to show a decline instead of slight growth.
Downturns in the auto and housing industries have been devastating for the manufacturers that produce everything from spark plugs to vinyl siding. And more job cuts are almost certain.
Manufacturers that make anything related to cars and trucks have been laying off workers, cutting their hours, selling the companies, or shutting their doors.
Things have not improved in the airline industry. Layoffs and cutbacks continue on a large scale.
American Airlines has announced another round of layoffs. The move came one day after posting big second-quarter losses.
American says more than 1500 mechanics, managers, and support staff are being added to the chopping block. The airlines' plan is to recover by offsetting soaring fuel costs with cuts.
As one passenger put it, "I mean, it makes me almost want to go with another airline, you know, if that's the case, or chose another one for future flights."
Although the second-quarter losses are better than Wall Street analysts had expected, many still believe American Airlines will lose more money through 2010.
22 students from Sullivan University left Monday for the 2008 Olympic Games. They will be cooking and catering for the U.S. Olympic team in Beijing.
They were sent by Sullivan University's National Center for Hospitality Studies, which boasts one of the country's leading culinary schools.
Glenn Sullivan, Sullivan University President, explains, "Everybody knows this is a great opportunity for our students, a great way to showcase their talents and skills, to show off the things they've learned, and to support our athletes and the entire Olympic delegation in Beijing."
Mayor Jerry Abramson and the International Caterers' Association wished the students luck before they loaded on the bus to leave for the airport.
Family and friends were also there to send the students off.