Markets rise as Fed minutes signal gradual rate path
Stocks and bonds gained Tuesday after minutes from the Fed's March 22 meeting indicated a commitment to measured rate increases in the near term. The Dow climbed 59.41 points to 10,507.97, the S&P 500 added 6.55 to 1,187.76, and the Nasdaq rose 13.28 to 2,005.40 with 2.03 billion shares traded on the NYSE.
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Standard & Poor
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Oil prices slide on dim demand outlook and IEA forecast
Oil prices fell to a six week low on Tuesday as the IEA forecast slower oil demand growth this year. Light crude for May delivery dropped to $51.86 a barrel on the NYMEX and unleaded gasoline futures closed at $1.534 a gallon.
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International Energy Agency
New York Mercantile Exchange
WalMart pledges 35 million for wildlife habitat offset
Wal Mart Stores Inc plans to spend 35 million to compensate for habitat lost under its footprint. The company will purchase land totaling the area of its operations over 10 years, preserving at least 138000 acres as priority wildlife habitat for the National Fish and Wildlife Foundation. Kraft Foods sells fruit snacks unit to Kellogg for about 30 million.
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Cessna to Hire Up To 500 For Business Jet Demand
Cessna Aircraft Co plans to hire as many as 500 sheet metal workers in Wichita Kansas to meet rising orders for business jets. The move follows prior expansions and comes as Cessna aims to deliver 235 jets this year after delivering 181 last year.
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Verizon and MCI merger talks advance amid bids
Verizon submits proxy materials for its 7.5 billion buyout of MCI as MCI rejects Qwest's 8.9 billion bid and signals potential counteroffers. Verizon pays 1.1 billion for 43.4 million MCI shares tied to Carlos Slim. MCI shares close up while Qwest criticizes the merger strategy.
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Pearson Expands Scoring Center Reach to Coralville
Pearson Educational Measurement will open a 25 600 square foot administration facility at 2600 Crosspark Road in Coralville this summer. The move consolidates staff from Iowa City and expands national scoring capacity, part of a broader plan to hire over 10 000 scorers this year and process more than 100 million student scores. The Cedar Rapids Iowa City area hosts 1 188 Pearson employees amid service to 20 states including SAT writing and NAEP The Nation s Report Card.
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Grassley weighs CAFTA fate amid Senate doubts
Sen. Chuck Grassley said the CAFTA trade pact faces an open vote in the Senate with the panel set to hold a hearing. The agreement could boost U S agricultural exports by about 1.5 billion dollars annually, though critics urge stronger labor and environmental provisions. Grassley noted sugar producers oppose more imports without a global deal and urged textile support to sway the outcome.
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Bush abandons farm subsidy cuts amid congressional opposition
The Bush administration retreats from a proposed reduction in farm payments after opposition from lawmakers. Agriculture Secretary Mike Johanns says he will explore other deficit-saving options and work with Congress on alternative measures while the White House still supports trimming payment limits.
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Northeastern Iowa counties form joint economic push
Six counties Allamakee Clayton Delaware Fayette Howard and Winneshiek join the Northeast Iowa Economic Development Group to market the region as a business location. A $145 000 state grant plus private funds will fund a three year campaign titled Soaring to New Heights to attract expansions from existing firms and outsiders.
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Iowa Department of Economic Development
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