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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Aug 12, 2010
Page
15
Stocks retreated with the Dow down 265.42 to 10,378.83 and the S P 500 slipping to 1,089.47 as investors grew pessimistic about the U S economy. The Nasdaq fell 68.54 to 2,208.63 while job openings dropped to 2.54 million in June from 2.6 million in May.
The Federal Reserve will purchase 18 billion dollars of government debt in a program to spur the economy. The first operation starts August 17 with nine total operations ending September 13. Officials say the impact on mortgage and corporate debt rates should be limited as current levels are already near record lows.
The United States posted a nearly $50 billion June trade deficit, the largest in almost two years, as exports fell 1.3 percent to $150.5 billion and imports rose 3 percent to just over $200 billion. Economists fear second quarter growth may be only about half the preliminary 2.4 percent estimate.
A Cedar Rapids site at 4850 J St SW opens for Roof 2 Road, turning retired asphalt shingles into road material. The landfill charges 38 dollars per ton while Roof 2 Road bills 25 dollars per ton, a shift supported by the Solid Waste Agency to reduce landfill waste and promote green recycling.
Sellers face sharp price trimming as housing slows after tax credit rush. Analysts warn values may drop 2 to 10 percent with a long flat bottom. Buyers deem homes overpriced. sellers must price precisely to avoid languishing on the market and avoid token counteroffers.
South Florida based Mark Hanson & Company Inc opens a Cedar Rapids showroom at 312 Third St. SE in a restored downtown building. Cedar Rapids native Mark Hanson calls it a homecoming and says the firm offers full service office furnishings including procurement, space planning, AutoCAD, installation and reupholstery with locations in Ft. Lauderdale and Boca Raton.
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