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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Aug 28, 2009
Page
7
The Dow rose 87 points to 9580.63 marking an eight day win streak the longest of the year. The S&P 500 gained 2.86 to 1080.98 and the Nasdaq rose 3.30 to 2027.73 as financial and industrial stocks offset energy losses. Mortgage rates edged up but remained near record lows as GDP for Q2 showed a 1 percent annualized shrinkage, suggesting a recovery in sight.
Rockwell Collins will phase out its San Jose California displays unit over the coming months, eliminating about 600 jobs or 5 percent of the company’s global workforce. The move triggers a realignment of operations in Florida Iowa Oregon with production and planning shifted to Portland Manchester and other sites. The company says the decision reflects declining volume and shifts in defense contracts and priorities.
Bloomsbury Farm near Atkins marks 14 years of agritourism with a 10 acre corn maze opening Saturday and a new interactive text messaging game sending clues to visitors phones. The maze honors CBS Sunday Morning 30th anniversary with the show logo carved in corn. The Petersens hope CBS host Charles Osgood will visit.
Owners Dave and Karen Petersen welcome visitors to Bloomsbury Farm at 3260 69th St Atkins with a fall maze and gem seeking activity. They cite weather as their biggest annual challenge while inviting families to enjoy the season from Saturday through Oct 31 with limited hours.
Former Federal Reserve Bank of Chicago director Jack Evans told the Iowa City Rotary Club that extraordinary steps were needed to stabilize the financial system but warned about how the Fed will unwind its large portfolio without triggering inflation. He cited debt reaching 12 trillion and projected to 19 trillion, questioned timing to apply brakes, and noted leverage risks and mixed success of stimulus efforts.
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