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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Jan 27, 2004
Page
12
Stocks surged as Fed chair Alan Greenspan expressed confidence that jobs lost in the recession could be replaced. The Dow rose 134.22 to 10,702.51 and the Nasdaq gained 29.96 to 2,153.83, marking fresh highs since mid 2001.
Gary Van Middlesworth, former site VP at Duane Arnold, was appointed by Nuclear Management Co. to oversee Point Beach Nuclear Plant north of Milwaukee. He will serve temporarily until a permanent replacement is in place as the company seeks continued operation improvements.
The Treasury sold 18 billion in three month bills at 0.890 discount rate up from 0.875 last week. An additional 16 billion in six month bills went at 0.955 percent up from 0.950. The discount rates imply yields of 0.907 percent for three months and 0.976 percent for six months.
The FDA announced rules to prohibit mammalian blood and blood products in cattle feed, ban chicken waste and uneaten restaurant scraps from being recycled, and close loopholes tied to the mad cow disease case in Mabton, Washington.
McLeodUSA Inc. announced a two year deal with golfer Vijay Singh to wear the company logo and take part in promotions and events. Singh, 40, top money winner in 2003 and No. 2 in the world, began wearing the logo January 9 at the Mercedes Championship and joined a 2004 sales update in Phoenix.
Archer Daniels Midland Co leads Cedar Rapids property owners in 2003 with $105.1 million in listed value and ADM also appears at sixth with $41.9 million. Rounding out the top five are Rockwell Collins, Weyerhaeuser, SDG Macerich, and McLeodUSA. The 20 owners total $691.6 million with $142.9 million exempt.
Boeing considering divesting its Wichita Kansas manufacturing site home to 12 400 workers as part of a move to keep only initial design and final assembly work. An internal planning document cited by The Seattle Times says Everett Washington would host core assembly while Wichita produces fuselages engine casings and cockpit sections for multiple jets.
Washington AP reports the Fed is expected to pledge kept low rates for a considerable period at the first 2004 meeting as weak December jobs data raise concerns of a jobless recovery. Greenspan noted flexibility of the economy to regain lost jobs, with retraining needed for many workers.
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