SLIPPING: Wall Street's celebration after the Dow broke the 14,000-point barrier was short-lived as mortgage and credit concerns began gnawing at investor confidence
US stock markets took another pounding on Friday as nervous investors braced for fresh volatility next week amid increased fears about the vast US mortgage market and a growing credit crunch.

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CRUISE SWITCH CONTROL: The recall was the US car manufacturer's sixth since 1999 and includes more than a dozen vehicle models built from 1992 to 2004
Ford Motor Co said it is recalling 3.6 million passenger cars, trucks, sport utility vehicles (SUV) and vans to address concerns about a cruise control switch that has led to previous recalls based on reports of fires.

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LOANS CRISIS: The TAIEX rose 1.2 percent on Friday as solid second-quarter results helped offset concern about problems in the US mortgage market
Asian stocks fell for a second week, led by Macquarie Bank Ltd and Taiwan Life Insurance Co (台灣人壽), on concern the US subprime loans crisis is spreading to the region's financial companies.

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The US dollar slumped to a 10-day low against the euro on Friday after US data showed a weaker-than-expected rise in new jobs, underlining sluggishness in the world's biggest economy.

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A new Chrysler emerged on Friday as DaimlerChrysler AG of Germany completed a US$7.4 billion deal to sell its US branch to private equity firm Cerberus Capital Management.

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SOLID SECOND QUARTER: Warren Buffett's holding company posted net earnings of US$2,018 per share as its firms and investments generated US$27.3 billion in revenue
Billionaire Warren Buffett's holding company Berkshire Hathaway Inc reported on Friday that its net income jumped nearly 33 percent during the second quarter because of a strong performance from its insurance division.

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Europe's main stock markets dived on Friday after disappointing US economic data crowned a volatile week that was rocked by investor concerns over the global impact of the slumping US housing sector.

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Energy futures fell on Friday as news of a cooling job market in the US outweighed concerns about tight oil supplies.

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Asian currencies completed a weekly decline, led by a 0.9 percent loss in the Indonesian rupiah, as overseas investors reduced holdings in the region's stocks.

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The US unemployment rate inched up to a six-month high of 4.6 percent last month as hiring simmered down. Workers' wages, meanwhile, grew modestly. Wall Street tumbled.

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If you're baffled by Wall Street's performance this past week, consider the increasing influence hedge funds have in manipulating the market.

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