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Newspaper
Bluefield Daily Telegraph
Location
Bluefield, West Virginia, United States of America
Date
May 05, 2001
Page
5
The market showed a modest gain with a change around 1.43 percent. Details show a previous close near 10,951 and a high of 11,722.98 set on January 14, 2000, while current figures hover around 10,958.14 and 10,951.24.
U.S. stocks moved higher amid worries of a slowing economy and higher unemployment. The Dow peaked above 10,900 then settled with a 154.59 gain to 10,951.24, while the Nasdaq and S&P 500 also rose. Analysts see a likely 50 basis point Fed cut at the May meeting as tax relief prospects boost markets. Wind River Systems fell after cutting quarterly earnings and signaling staffing cuts.
Kenneth Hart, president of The People's Bank of Honaker Virginia, announced a groundbreaking ceremony at 11 30 a m on Stafford Drive for a new Princeton West Virginia branch to open in September. The bank will hire at least 10 staff including a manager and two trust officers. Hart said the local independent bank aims to bring back old style banking to Princeton and Mercer County. The Princeton branch will be the first in West Virginia, with existing Virginia locations in Weber City Castlewood Lebanon Haysi and Claypool Hill. The bank holds about 180 million in assets and 18 million in capital and plans free checking and a no hassle loan from the Princeton office. Hart has 29 years in banking and previously worked for the Honaker unit before founding The People’s Bank.
The April jobless rate rose to 4.5 percent the largest monthly job loss since February 1991, fueling recession fears. Economists warn momentum is fading though Wall Street sees tax relief prospects, while Fed rate cuts pace continues with a May meeting anticipated.
Federal mediators propose a settlement between Comair and its pilots who have been on strike since March 26. The talks follow nine days of breakups and ongoing negotiations with American Airlines flight attendants and Delta pilots awaiting votes on new contracts. Delta faces daily losses estimated at 3 to 4 million dollars, while Comair and its master executive council work from Cincinnati amid stalled contract talks.
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