Wall Street rebounds after Fed rate cut and pledge
Investors cheered as the Federal Reserve slashed rates to a target of zero to 0.25 percent and pledged broad support to revive the economy. The Dow jumped 360 points, the S P 500 gained 44.61, and the Nasdaq rose 81.55. The same day, The U S Department of Transportation awarded 4.3 million to The Eastern Iowa Airport for runway rehabilitation. Best Buy offered voluntary severance to about 4,000 corporate staff amid a 77 percent drop in third quarter profit. GE maintained its outlook but stopped issuing quarterly earnings targets. Goldman Sachs posted its first quarterly loss since going public, at 2.29 billion dollars.
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Wall Street
Federal Reserve
Standard & Poor
U.S. Department of Transportation
Iowa
Cedar Rapids
Best Buy Co. Inc
Best Buy
Circuit City
Goldman Sachs
Goldman
Gas Prices Survey in the Corridor Yesterday
A selective survey of gas prices across the Corridor as of yesterday afternoon shows rounded prices up to the nearest cent. Local drivers observed modest fluctuations while suppliers report steady demand and regional variations in price levels.
Fed Cuts Key Rate to Zero to 0.25 Percent Record Low
The Federal Reserve lowered the federal funds rate to a range of zero to 0.25 percent in a bid to counter a severe financial crisis and recession. Officials signaled we will use all tools, including plans to buy up to 600 billion in debt and mortgage backed securities, to boost liquidity and sustain ultra-low rates for some time. Major banks, including Wells Fargo and U.S. Bank, quickly cut prime lending rates in response.
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Washington
Federal Reserve
Fed
Ben Bernanke
Fannie Mae
Freddie Mac
Federal
Iowa farmland values hit new statewide high in 2008
Iowa State University Extension reports statewide farmland values rose 14 percent to an average of 4,468 per acre in the nine year run of gains. Scott County led at 6,310 while Decatur was lowest at 2,002. Linn and Johnson counties also posted strong increases amid concerns about flooding and fewer sales in east central Iowa.
MENTIONED IN THIS ARTICLE
Cindy Hadish
Gazette
Iowa
Iowa State University Extension
Mike Duffy
ISU Extension
Scott County
Decatur County
Linn County
Johnson County
Duffy
Ames
Treasury chief says major institutions stabilized during crisis
Treasury Secretary Henry Paulson told CNBC he does not expect any more systemically important firms to fail and sees no need to unlock the second $350 billion of the rescue package before January. He cited ample firepower from the rescue plan and Fed programs, as markets surged after a zero to 0.25 percent federal funds rate cut and the Treasury announced $2.45 billion in direct bank stock purchases involving 28 banks.
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Washington
Treasury
Henry Paulson
Congress
CNBC
Paulson
United States
Federal Reserve
Fed
Wall Street
Treasury Department
Savvy tips to convert reward points into holiday savings
A consumer guide from Bil Hardekopf advises redeeming unused credit card reward points for gift cards or merchandise to fund holiday gifts. Gather unused gift cards and airline miles, read card fine prints to avoid fees, and consider online malls and partners offering extra points.
MENTIONED IN THIS ARTICLE
Bil Hardekopf
LowCards. Com
Hardekopf
American Express Starwood
Pottery Barn
Citi Thank
Target.com
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General Electric Co
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First Ave
15Th St
Williams Boulevard
Casey's
Dubuque & Market Streets
Iowa City
First Avenue
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Wells Fargo
U.S. Bank
Lowa
Wosultur
IRA
TG Now
Extension. Instate
Edu
Savvy Consumer
Vicki Lee Parker
Raleigh News & Observer
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