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Newspaper
Bluefield Daily Telegraph
Location
Bluefield, West Virginia, United States of America
Date
May 18, 2000
Page
7
Closing prices and quotations provided by Ron Campbell Investment Planning Raymond James Financial Services. Contact (304) 325-7334 for NASD SIPC membership details.
Wytheville council grants tentative rezoning for a 90 acre shopping center near Interstate Exit 70 with Wal-Mart and Lowes as primary tenants. Azureus of Knoxville develops the project. permits and details remaining before construction. Public hearings drew crowds over 200 attendees.
The Commerce Department report shows the U.S. economy lifted incomes faster than inflation in 1999 with per capita income averaging 28518 dollars, up 4.8 percent. Wyoming posted the fastest growth at 7 percent, while Mississippi remained lowest at 20506. Connecticut led at 39167 and Alaska grew 2.5 percent.
Americans handle finances better when times are good but struggle as rates rise. The piece cites higher interest costs, potential layoffs, pricier credit, and falling stock values, while noting the fragile facade of middle class prosperity amid rising mortgages and debt. The discussion references The Fragile Middle Class by Sullivan Westbrook and Warren, and the Fed's rate hikes as a potential disruptor to wealth.
Investors remained wary as the Federal Reserve's half point rate increase prompted a stock market retreat. The Dow fell 166.03 to 10769.74 and the Nasdaq declined 72.68 to 3644.89 amid profit-taking after a four day rally and expectations of further rate rises later in the year.
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