Stocks rise on Fed remarks in early 2004 rally
Wall Street started 2004 with a sharp advance as Fed rate signals, strong semiconductor sales, and a Siebel Systems forecast boosted sentiment. Nasdaq rose about 2 percent to 2047.36, Dow gained over 130 points to 10544.07, marking highs not seen since early 2002.
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New York
Wall Street
Siebel Systems
Federal Reserve
Alfred E. Goldman
A.G. Edwards & Sons Inc
St. Louis
Construction spending in November hits all time high
Construction activity set a record in November with a 1.2 percent monthly rise to a seasonally adjusted annual rate of 934.5 billion dollars. Private construction climbed 1.2 percent to 710.8 billion, public construction up 1 percent to 223.7 billion, led by a 2 percent gain in residential work to 495.7 billion.
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Washington
Commerce Department
Federal Reserve
GAO urges overturn of EDS $860 million contract
GAO recommends HUD overturn an $860 million EDS contract after a lower bidder challenge. EDS may have failed to show why its proposal was superior to Lockheed Martin’s cheaper bid and may have underperformed subcontracting obligations to small businesses. HUD has not decided. EDS expects a new bidding round.
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GAO
Dallas
Electronic Data Systems Corp
Lockheed Martin Corp
Federal
Department of Housing and Urban Development
EDS
Lockheed Martin
Fred Geldon
Oil futures jump as weather fuels demand in Northeast
Crude oil futures rise about four percent to near thirty four dollars a barrel as colder Northeast weather boosts heating oil and natural gas demand. Analysts cite weather forecasts, storage data due midweek, and cross market links between natural gas and oil markets as drivers of the rally.
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New York
Scott Meyers
Pioneer Futures Inc
Meyers
Ries
Federal Energy Information Administration
U.S. Department of Energy
U.S
Enron seeks 36 million to keep key workers from leaving
Enron Corp requests a 36.2 million employee retention and severance package for up to 600 workers as part of a revised reorganization plan. The plan spans nearly two years and includes a completion bonus for those laid off after completing duties. Hearing set for Jan 29 before Bankruptcy Judge Arthur Gonzalez in New York.
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Arthur Gonzalez
New York
Enron
Gonzalez
Karen Denne
Denne
Anthony Sabino
St. John’s University
Sabino
Portland General Electric
Pacific Northwest
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