Investors sell as inflation and energy costs rise
Markets fell after four weak economic reports signaled higher inflation with a 1.6 percent wholesale price jump in January led by a 4.8 percent energy spike. The Dow dropped 85.64 to 7914.96 and the Nasdaq slid to 1331.23 amid broad declines. Northwest Airlines added a $10 fuel surcharge, while thrift profits surged to a record 118 billion on assets over 1 trillion. Mortgage rates dipped to new lows, with 30-year fixed at 5.84 percent and 15-year at 5.21 percent.
MENTIONED IN THIS ARTICLE
Labor Department
New York Stock Exchange
Office of Thrift Supervision
Freddie Mac
Gas gouging charges denied by Iowa trade group
Cedar Rapids officials report Iowa gas prices 46 percent higher year over year with regular gas at 1.61 per gallon in February. The Iowa/Nebraska Petroleum Council defends industry, citing factors from crude prices to refinery outages and Iraq’s exports, while noting no FTC findings of collusion or gouging amid spikes. Local Cedar Rapids prices hit 1.52 per gallon, Iowa City at 1.68, with heating oil and diesel also up.
MENTIONED IN THIS ARTICLE
Dave DeWitte
Cedar Rapids
Iowa
Iowa Department of Natural Resources
Schumer
FTC
Timothy Muris
Nebraska Petroleum Council
Rolf Hanson
Hanson
Whiting
Ind
Iraq
U.S
U.S. Strategic Petroleum Reserve
Strategic Petroleum Reserve
The
Petroleum Council
ConocoPhillips
Exxon-Mobile
Texaco
Shell
Iowa City
Dairy expansion debated by developers and farmers in Iowa
In Manchester a developer group pursues dairy expansion to raise in-state milk processing and corn use, arguing added herds boost economy. A local farmer warns large investment herds would drive milk prices down, hurting existing dairy operations and raising feed costs as big producers secure favorable terms.
MENTIONED IN THIS ARTICLE
the Gazette
Manchester
Iowa
Towa
Mike Meissen
Iowa Area Development Group
West Des Moines
Midwest
Meissen
Kunde
Idaho
California
Postville plant to add product line expansion
Industrial Laminates Norplex will expand to add Micarta product line after Industrial Dielectrics Inc acquired Micarta Industrial Composites of Hampton South Carolina from Nevamar. Micarta products serve power generation, transmission, electronics and medical equipment.
MENTIONED IN THIS ARTICLE
George C. Ford
Gazette Postville
Norplex
South Carolina
Industrial Dielectrics Inc
Noblesville
Ind
Micarta Industrial Composites
Hampton
S.C
Nevamar Company LLC
Hanover
Micarta Industrial Laminate
Micarta
Postville
Industrial Dielectrics
Lybrand St
FCC overhauls telecom rules in split FCC vote
The FCC voted 3-2 to let states decide on competition between regional Bell companies and rivals and eased rules on discount access to fiber lines for broadband. Chair Powell dissented, warning the changes could harm consumers and trigger renewed lawsuits, delaying market clarity.
MENTIONED IN THIS ARTICLE
FCC
Michael Powell
Bells
Kathie Hackler
Gartner Dataquest
Powell
Agriculture Department sees record corn crop this year
Agriculture Department chief economist Keith Collins projects a 10.3 billion bushel corn harvest this year, up from 9 billion last year, with soybean output at 2.82 billion bushels. Prices may fall due to rising yields and competition, while drought and flood relief aid totaling 3.1 billion dollars is provided by Congress.
MENTIONED IN THIS ARTICLE
Washington
Agriculture Department
Keith Collins
Collins
Congress
Also Mentioned on This Page
Eta
Pels
Northwest
Northwest Airlines
Continental
Minnesota
American Trans Air
Jennifer Moelmann
Nigeria
Ana
Sory
Echyone
AP Stockquote
Local
Culver
Coralville
Gazette
Buzz Orr
Culver’s
Highway 965
Ron
Gaby Nove
Culver's
Prairie du Lac
Wis
Dave Kunde
Tom Merrell
Industrial Laminates
George. Ford
Gazettecommunications Com
Federal Communications Commission
Commission
At&t Corp
WorldCom Inc
Bell South Corp
SBC Communications
Verizon Communications
Qwest Communications
McLeod USA
APAC
Aegon NV
Alcoa Inc
Mesteh
Moore Corp
Alliant Energy
Nash Finch Arch Dan Mid
Bandag Inc
Pearson PLC
Caseys Gen Store
Penford Corp
Columbus McKinnon
Pepsico
Practer
Gen Mills
Skyworks
Gillette Co
Tanger Factory
Terex Co Heartland
Heinz
Hon Inds
Union Planters
Indl Paper
Keane Inc
US Bancorn
Kohls Corp
US Cellular
Unowa Inc
Magc Pry Eat
Verizon Comm
Marsh & McLennan
WalMart
Maytag
Wells Fargo & Co
Weverhauser
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