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Newspaper
Bluefield Daily Telegraph
Location
Bluefield, West Virginia, United States of America
Date
Jan 05, 2000
Page
5
U S government data show construction spending rose 2.6 percent in November, led by higher outlays for highways and schools. The gain ends three monthly declines and marks the strongest increase in 17 months, prompting economists to expect further Fed rate hikes to cool the expanding economy.
The U S stock market declined as fears of higher interest rates resurfaced, with the Nasdaq posting its worst point drop and the Dow sliding to 10 997 93. Investors shifted to secure gains amid worries that the Fed will tighten policy to curb inflation despite solid Y2K readiness. The broader S P 500 fell to 1 399 42 while Nasdaq dropped 229 46 to 3 901 69.
President Clinton nominated Alan Greenspan for a fourth term as Federal Reserve chairman. The move followed a record long economic expansion and a Dow drop sparked by rate hike fears. Greenspan called the tenure a challenging, data driven job as unemployment sits at a 30 year low.
Allegheny Power wraps up its 75 million acquisition of West Virginia Power assets announced in September, taking ownership January 1. The deal adds 50 000 electric and gas customers to Allegheny Energy's network serving 1.4 million customers across Maryland Ohio Pennsylvania Virginia and West Virginia with 19 power stations and 45 service centers employing nearly 5 000 people. Allegheny also plans to buy UtiliCorps Appalachian Heating and Kerstein Heating businesses in southern and central West Virginia.
Reader praise for EB5 Wrinkle Cream expands to age spot remedy from Robert Heldfond. The note touts EBS Age Spot Formula, its skin lightening claims, and availability at JCPenney with a money back guarantee. Contact details include toll free number and website.
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