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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Dec 19, 2009
Page
12
The market halted a three day slide as Oracle and Research In Motion reported better than expected earnings. The Dow rose 20.63 to 10,328.89, the S P 500 gained 6.39 to 1,102.47, and the Nasdaq climbed 31.64 to 2,211.69.
General Motors made the first loan repayment from the U.S. and Canadian governments, sending 1 billion to the U.S. Treasury and 192 million to Canada. Ed Whitacre Jr. said full repayment depends on economic and business health, with total U.S. debt around 52 billion and potential stock offerings next year.
Morgan Stanley's outgoing chief executive John Mack says in a memo to staff that he will not take a year end bonus for the third year in a row. He cites the unprecedented environment and government support to the industry and notes the firm repaid its $10 billion TARP loan in June.
Mortgage rates rose for a second straight week but refinancing demand remained strong. The average 30 year fixed rate climbed to 4.94 percent from 4.81 percent, according to Freddie Mac reported by the Associated Press.
Home sales jumped in Cedar Rapids and Coralville Iowa City in November from a year earlier. Cedar Rapids sold 385 homes, up 29.6 percent from 297. Coralville Iowa City sold 201 homes, up 93 percent from 104. Prices declined versus October in both areas.
Naser and Pat Shahriyar run the Art and Gift Center at Lindale Mall Cedar Rapids offering more than 200 originals and prints. Naser recently won the International Artist Challenge No 55 with Morning Calm. Both artists display Iowa landscapes and portraits and also teach daily oil painting and airbrush classes.
Iowa's seasonally adjusted unemployment rose to 6.7 percent in November from 6.6 percent in October, with the statewide unemployed totaling 113,100. Nonfarm employment increased by 4,300 to 1,483,300, driven by gains in service and goods sectors, while manufacturing fell by 21,600 and construction by 9,100 over the year.
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