Wall Street hits year high as stocks rise
The Dow Jones Industrial Average inched up to 9,543.52, a seventh straight daily gain, as markets closed higher on reports of stronger home sales and factory orders. The S&P 500 and Nasdaq edged into positive territory at 1,028.12 and 2,024.43 respectively.
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Standard & Poor
Home sales rise 9.6 percent in July market rebound
The Commerce Department reports new home sales climbed 9.6 percent in July to a seasonally adjusted annual rate of 433,000, up from 395,000 in June. Sales are over 30 percent above January's bottom but still about 70 percent below the four year peak.
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Commerce Department
Durable goods rise boosting economy with recalls planned
U S durable goods orders rose nearly 5 percent in July, led by a transportation jump over 18 percent due to air craft demand. GM and Chrysler reopened plants post bankruptcy while Toyota recalls 95 700 vehicles in the United States for 2008 2010 Corolla and Scion xD models due to potential brake vacuum port freezing in cold weather.
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Nigel Gault
U.S
IHS Global Insight
General Motors
Chrysler
Toyota Motor
National Highway Traffic Safety Administration
Toyota
Scion
United States
Iowa
FDIC Faces Potential Shortfall amid Bank Failure Surge
The FDIC may slip into the red this year as bank failures soar and loan defaults rise. The agency considers higher fees or Treasury borrowing to bolster cash while awaiting the quarterly update on troubled banks, with 81 failures so far this year and Guaranty Bank costing about $3 billion.
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New York
Federal Deposit Insurance Corp
FDIC
Treasury
Sheila Bair
Bair
Gerard Cassidy
ABC Capital Markets
Guaranty Bank
Texas
S&l
Dermatology tenant signs first lease for Cedar Rapids building
A 10 000 square foot office project at 1815 First Ave SE in Cedar Rapids has signed its first major tenant, the dermatology practice of Donald B. Johnson and David L. Knutson occupying 5 000 square feet on the upper floor. They plan to move in late fall. An additional half floor could be leased to another prospective tenant. The project, developed by Ahmann Design of Hiawatha and built by Compass Construction, preserves materials from four demolished homes for historic preservation groups aiding flood recovery. Green Iowa AmeriCorps and the Iowa Historic Preservation Alliance reused foundation stones and building materials for community projects and flood recovery efforts.
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the Gazette
Cedar Rapids
First Ave
Donald B. Johnson
David L. Knutson
Mount Vernon Road SE
Tiffany Earl
Skogman Commercial Group
Earl
Joe Ahmann
Ahmann Design of
Hiawatha
Compass Construction
Ahmann
Green Iowa AmeriCorps
Third Street
Iowa Historic Preservation Alliance
Vern Zakostelecky
First Avenue
Fifth Avenue SE
Zakostelecky
Xtreme Sports to close Cedar Rapids shop after eight years
Cedar Rapids editor confirms Xtreme Sports at 5070 Lindale Dr NE will shut Sunday after eight years citing a 40 percent holiday sales drop due to recession. Owner Shellie Moore notes declining customer loyalty and online competition as key factors. The closure affects local sponsorships and availability of parts for BMX and skate gear as the city’s flood damaged Riverside skate park reduces activity. Moore hopes a new skate park opens for local youth.
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Cedar Rapids
Xtreme Sports
Lindale Dr. NE
Shellie Moore
Lo Xtreme Car
Moore
Lindale Mall
Riverside Park
Brandon
Trey
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Wall Street
Dow
Capitol Hill
David. Dewitte
Gazcomm.com
Andy Kuehl
Atkins
Hawkeye Electric