Market Gains Amid Fed Rate Bets And Tech Modest Wins
Wall Street rose as investors priced in a Fed rate cut before the March 20 meeting. The Dow closed up 200.63 at 10,642.53 and the Nasdaq rose 45.99 to 2,308.50, with 35 of 48 Iowa stocks up. Major movers included McLeodUSA and Weyerhaeuser, while Procter & Gamble and Fiserv fell. Goss Holdings posted higher 2000 results, DaimlerChrysler warned of year deficits, and a Lakota Iowa ethanol plant project drew farmer interest before a March 1 signup deadline. EToys filed for bankruptcy protection, closing its site by March 8.
MENTIONED IN THIS ARTICLE
Wall Street
Federal Reserve
New York Stock Exchange
Procter & Gamble
Fiserv
Iowa
Britt
Lakota
Midwest Grain Processors
Etoys
Wall Street Darling
eTays
Treasury bill rates fall in Monday auctions
Treasury sold 10 billion in three month bills at 4.710 percent, down from 4.905. Ten billion in six month bills sold at 4.495 percent, down from 4.770. New discount rates imply yields of 4.835 percent for three month and 4.662 percent for six month bills. Federal Reserve notes one year bill yield averaged 4.69 percent, down from 4.80.
MENTIONED IN THIS ARTICLE
Treasury
Treasury Department
Federal Reserve
Microsoft denies stifling competition in court fight
In Washington the Microsoft legal team tells a U.S. appeals court it did not illegally choke rivals as judges press both sides during arguments over the antitrust case. The hearing centers on claims Microsoft bundled Internet Explorer with Windows to crush Netscape and a historic breakup order.
MENTIONED IN THIS ARTICLE
Washington
Microsoft
U.S
David Tatel
Netscape
Ment
Minear
Edwards
Richard Urowsky
Urowsky
A. Raymond Randolph
Navigator
Montgomery Ward exits Cedar Rapids with Westdale closing
Cedar Rapids loses its last Montgomery Ward store as Westdale Mall shuts the doors at the close of business on Sunday. Ward liquidations accelerate after a Chapter 11 filing, with Iowa stores closed in Davenport and Bettendorf. Des Moines and other locations follow as Kimco Realty leads bids to buy stores and warehouses.
MENTIONED IN THIS ARTICLE
Chuck Knittle
Wards
Iowa
Davenport
Bettendorf
United States
Merle Hay Mall
Des Moines
Mike McCue
Westdale Mall
McCue
Jcpenney
Montgomery Ward
Montgomery Wards
Federal Bankruptcy Court
Delaware
Knittle
Kimco
Home Depot
Kohl’s
Sears
Target
Wal-Mart
Westdale Associates Inc
Westdale
Cedar Rapids
Third St
Existing home sales drop as economy slows in January
Sales of existing homes fell 6.6 percent in January to a seasonally adjusted annual rate of 4.65 million, the lowest since 2000. Consumer confidence hit a four month low as stock volatility, higher energy costs, and weak job growth dampened demand, signaling slower GDP growth around 2 percent for the year.
MENTIONED IN THIS ARTICLE
Washington
Federal Reserve
Alan Greenspan
National Association of Realtors
David Lereah
Association
Leach Criticizes Farm Credit Expansion Move
Representative Jim Leach of Iowa denounces the Farm Credit Administration plan to end territorial charters and broaden credit authority. The proposal would let regional lenders compete nationwide, risking rural lending and local institutions, Leach warns. Banks groups back congressional opposition citing regulatory risk and financial concentration.
MENTIONED IN THIS ARTICLE
E. Michael Myers
Washington
Jim Leach
Iowa
Farm Credit System
Leach
Senate Agriculture Committee
U.S
Michael Reyna
Farm Credit Administration
American Bankers Association
Independent Community Bankers of America
Congress
America
General Accounting Office
P&G lowers earnings forecast due to Turkey crisis
Procter & Gamble cuts its third quarter core earnings outlook to 69 to 72 cents a share and lowers full year guidance as Turkey’s financial crisis hits its market, with P G stock falling 5.22 percent.
MENTIONED IN THIS ARTICLE
Cincinnati
Procter & Gamble Co
Turkey
P&g
First Call
Thomson Financial
Crest
Tide
New York Stock Exchange
Procter & Gamble
Iowa City
Also Mentioned on This Page
Fed
Goss
Goss Holdings Inc
Goss Graphic Systems Inc
DaimlerChrysler
DaimlerChrysler AG
Chrysler Corp
Daimler-Benz
Djia
BizFacts
Wai Research
PAT
Paul Trap
Krt
Kimco Realty Corp
Ch Knittle
National Association For Business Economics
The
Comair
National Mediation Board
Comair Pilots’ Union
Northern Kentucky International
Air Line Pilots Association
Delta Connection
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