Greenspan lifts markets as Cisco jolt trims gains
Stocks traded mixed after Greenspan testimony with the Dow rising early before slipping into negative territory and finishing higher by 12.32 to 10 127.58 while the Nasdaq declined 14.98 to 1 751.88.
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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Feb 28, 2002
Page
20
Stocks traded mixed after Greenspan testimony with the Dow rising early before slipping into negative territory and finishing higher by 12.32 to 10 127.58 while the Nasdaq declined 14.98 to 1 751.88.
McLeodUSA Inc shares on Nasdaq were halted at 18 cents after the company filed for Chapter 11. Nasdaq indicated trading would resume only with additional information, noting that bankruptcy generally disrupts listings and may lead to a new trading symbol with a Q suffix. Bryce Nemitz said the firm is responding to Nasdaq requests.
Nasdaq halted McLeodUSA stock at 7:33 a.m. January 31 after its Chapter 11 filing. Fleming Securities analyst Stephanie Gallegos cautioned bondholders must approve a preliminary bankruptcy plan for reorganization. Local brokers noted uncertainty on a resume date and focus on post-reorg value for shareholders and creditors.
Rancher Bob Hasse promotes introducing yak to the American West highlighting yak meat as a healthier low fat option. Yak meat sells at premium prices in niche markets with chefs like Chad Schothorn already featuring it at Cosmopolitan in Telluride and planning a James Beard House showcase in New York.
Federal Reserve Chairman Alan Greenspan said there are mounting signs the mild recession is ending but warned a robust recovery is unlikely. He noted consumer spending stayed strong after the terrorist attacks, mortgage rates remain low, and businesses are boosting high tech investment, with 2001 growth seen at 2.5 to 3 percent.
Senate Agriculture chair Tom Harkin questions Ann Veneman at a hearing about farm bill funding. Veneman refuses to reveal negotiating strategy and says the administration seeks a clear conference position while Bush worries about early-year spending.
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