Stocks rise after Fed signals steadiness and rate hike
Stocks climbed as the Federal Reserve raised rates to 1.5 percent and projected a resumption of growth. The Dow gained 130.01 to 9,944.67 while the Nasdaq rose 34.06 to 1,808.70 as oil prices surged and productivity figures showed slower gains. Northwest Airlines lost a bid for Des Moines Washington flights, Spirit wins slots, Abercrombie & Fitch beat earnings estimates but cut its third-quarter target.
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Federal Reserve
Wall Street
Fed
Open Market Committee
New York Stock Exchange
Northwest Airlines
Des Moines
Ronald Reagan
Washington National
Washington
U.S. Department of Transportation
Spirit Airlines
Myrtle Beach
S.C
Brian Streeval
Boyd Group
Evergreen
Colo
Northwest
Midwest Airlines
Abercrombie & Fitch
New Albany
Thomson First Call. Gazette
News Service
Fed Boosts Key Interest Rate to 1.50 Percent
The Federal Reserve raised the federal funds rate by a quarter point to 1.50 percent as it continues its inflation fight. Officials cited energy-price driven softness in the economy but signaled rate hikes may continue at a measured pace, with a September decision possible depending on growth.
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Washington
Federal Reserve
Central Bank
Fed
Alan Greenspan
Federal Open Market Committee
David Jones
Greenspan Fed
New York City
New York Stock Exchange
Wall Street
Federal Reserve Board
Federal Funds
Trump Casinos to Seek Chapter 11 Protection
Donald Trump moves to file prepackaged Chapter 11 for Trump Hotels & Casino Resorts in Atlantic City with a $400 million bailout from DLJ Merchant Banking Partners. He would stay chairman but give up CEO title and majority stake lowering his share to about 25 percent as Credit Suisse leads a restructuring.
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Atlantic City
N.J
Donald Trump
Trump Hotels & Casino Resorts
Trump
Trump Hotels
Associated Press
DLJ Merchant Banking Partners
Credit Suisse First Boston
Credit Suisse
Trump Casinos
Trump Taj Mahal
Cargill posts sharp earnings rise amid trade disruptions
Cargill Inc reports fourth quarter earnings up 38 percent to 195 million with a solid meat unit gain. Full year earnings hit 1.33 billion and revenue 62.9 billion as price volatility and trade uncertainty supported operating earnings. The private firm highlights strengths across food ingredients grain and oil seeds and risk management.
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Minneapolis
Cargill Inc
United States
Asia
Cargill
Warren Staley
Staley
ConAgra unveils Ultragrain White Whole Wheat flour
ConAgra Foods introduces Ultragrain White Whole Wheat flour blending whole grain fiber with white flour texture. The product, tested with children and slated for Las Vegas expo release, could appear in breads pizzas pastas and baked goods with a modest wholesale premium.
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Omaha, Neb
ConAgra Foods
Dean Ornish
Las Vegas
Dave Cole
Con- Agra Food Ingredients
Alliant Energy to Sell Illinois Utilities
Alliant Energy Corp plans to market and sell its two Illinois utilities Interstate Power and Light Co. Illinois operations and Wisconsin Power and Light South Beloit Water and Electric Co. The combined 35 000 gas and electric customers lie in Galena and South Beloit areas as the company focuses on core Midwest utilities. President Bill Harvey cites cost and administration challenges with small customer bases. Scott Drzycimski says no sale talks have occurred yet, but customers are informed before marketing begins.
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Alliant Energy Corp
Illinois
Interstate Power and Light Co
Wisconsin Power & Light
South Beloit Water and Electric Co
Galena
South Beloit, Ill
Alliant
Bill Harvey
Scott Drzycimski
Beloit
Alliant narrows portfolio. Beloit water sale progress noted
Alliant President Bill Harvey says the company will keep only operations with meaningful earnings or strong cash flow potential. Beloit and Ripon water systems are nearing a second deal, Beloit already owns the local water utility. The Kewaunee Nuclear Plant sale to Dominion Resources remains under regulatory review. Alliant has minor Minnesota exposure but no plans to sell other U.S. utilities.
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Alliant
Bill Harvey
Beloit
Wis
Ripon
South Beloit
Kewaunee
Dominion Resources Inc
Minnesota
Iowa
Wisconsin
U.S
Harvey
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