During today’s news update we provide links to Obama’s Supreme Court pick and economy related news.
Elena Kagan to be Obama’s Supreme Court pick
President Barack Obama will name Solicitor General Elena Kagan as his pick to replace retiring Supreme Court Justice John Paul Stevens, a choice that comes 176 days before the 2010 midterm election and is freighted with potential political implications.
The announcement, which was first reported by NBC’s Pete Williams, is expected to be formalized by Obama today.
Kagan was regarded in some political circles as a somewhat safe pick given that she was confirmed to her current post last March by a 61 to 31 vote.
European Markets Surge
European stocks surged Monday, as investors took heart from a €750 billion ($954.83 billion) rescue package intended to stabilize the single currency and prevent the Greek debt crisis from spreading to other member countries.
Overnight, European Union finance ministers reached agreement on a support plan for nations facing financial meltdown. It will consist of up to €440 billion in loans from euro-zone governments and €60 billion from an EU emergency fund, in addition to €250 billion from the International Monetary Fund.
Fannie Mae asks for more federal aid after Q1 loss
NEW YORK, May 10 (Reuters) – Fannie Mae (FNM.N), the largest U.S. residential mortgage provider, on Monday reported a net loss of $13.1 billion in the first quarter and said it tapped the Treasury for additional aid of $15.3 billion.
Another strong sales month for McDonald’s
CHICAGO (MarketWatch) — McDonald’s Corp. had another strong month, posting same-store sales growth in all of its global markets for April, the fast-food giant said Monday.