Wall Street edges higher amid housing data and gains
Stocks finished modestly up as higher commodities offset a drop in home sales. The Dow rose 1.51 points to 10,466.44, the S&P 500 gained 2.57 to 1,120.59, and the Nasdaq climbed 16.97 to 2,269.64. Federal officials announce Iowa State University will receive a 125000 grant for agricultural research on soil water flowpaths and the nitrogen cycle through USDA.
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Housing November New Home Sales Slump 11 Percent
New home sales fell 11 percent in November to the lowest pace since April signaling a rocky housing recovery. The drop follows an extended tax credit deadline for first time buyers and a broadened program for relocating homeowners.
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Congress
Associated Press
Shoppers cut back as recession grips holiday spending
The International Council of Shopping Centers findings show 75 percent of shoppers trimmed spending over the past year while more than half expect to spend more as the economy recovers. Reasons include salary cuts and job loss. NRF projects holiday sales down 1 percent to 437 billion.
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Local investors buy City State Bank in Central City
A group of Cedar Rapids area investors has gained control of MLB Corp. owner of City State Bank and City State Insurance Agency in Central City. Key members include Roger and Angie Baker Kay Hill Kent Hill Brian and Molly Scott Thomas and Clare Slattery Monica Vernon Bruce and Jan Anderson and the Elizabeth K. Dummermuth Trust. Bruce Anderson remains CEO and will keep management stable as John Maurice stays invested. City State Bank, opened 2007 in Marion, surpassed 100 million in assets and was founded in 1946.
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