Markets rally as Greenspan signals possible end to rate hikes
The Dow rose 80.61 to 10,727.19 while the Nasdaq fell 24.02 to 3,967.27 and the S&P 500 edged up 3.78 to 1,479.40. Eastern Iowa stocks saw 29 gains, 15 declines, and two unchanged led by Weyerhaeuser and International Paper after strong Q2 results. Heinz slipped 2 to 43.37 as Fiserv gained 2.5 to 47.87 and Aegon rose 1.21 to 36.68.
MENTIONED IN THIS ARTICLE
Federal Reserve
Alan Greenspan
Fed
Standard & Poor
Iowa
Weyerhaueser
International Paper
Heinz
Fiserv
Aegon
Consumers Borrowing Rises Sharply in May
The Federal Reserve reports May consumer credit up $11.8 billion, an annual 9.8 percent gain and the strongest rise since January. Analysts had predicted $8 billion, making the May increase unexpectedly large.
MENTIONED IN THIS ARTICLE
Federal Reserve
WorldCom Signals Sprint Merger Is Dead
Bernard Ebbers, WorldCom president and CEO, indicated the planned Sprint merger is effectively dead after setbacks from Justice Department and EU antitrust regulators. He criticized heavy industry regulation as harming U.S. companies and consumers during a speech at a Wireless Communications Association International conference.
MENTIONED IN THIS ARTICLE
WorldCom Inc
Sprint Corp
U.S
Wireless Communications Association
WorldCom
Bernard Ebbers
Justice Department
European Union
Ebbers
Study cites USDA authority to equalize prices for small farmers
A Tuesday study argues the USDA can force meatpackers to pay small-scale farmers the same prices as livestock producers to ensure fair competition. Wisconsin professor Gerald Thain led the research noting market concentration with four firms controlling over 65 percent of beef and hog markets. critic John Crabtree warns delay could bankrupt small producers.
MENTIONED IN THIS ARTICLE
U.S. Department of Agriculture
USDA
John Crabtree
Center For Rural Affairs
University of Wisconsin
Gerald Thain
UBS to Acquire PaineWebber for 12 Billion
UBS reportedly agreed to buy New York based PaineWebber in a deal valued at 12 billion dollars. The PaineWebber board is to vote Wednesday with a formal NY announcement to follow. The price implies about 73 dollars per share, 48 percent above Tuesday close.
MENTIONED IN THIS ARTICLE
UBS
PaineWebber
New York
Financial Times of London
Bond Prices Muted Amid Surge of Corporate Issues
New corporate debt supply drew investor interest away from government securities on Tuesday. The 10 year Treasury slipped 1/16 point, about 62.5 cents per 1000, while its yield held at 6.04 percent and the 30 year yield remained at 5.88 percent. Trading across government bonds was otherwise lackluster.
MENTIONED IN THIS ARTICLE
Treasury
Greenspan urges education standards for information tech era
Fed chair Alan Greenspan urged U.S. leaders to set comprehensive standards for teaching information technology in schools. He called for collaboration among states districts unions and businesses to move beyond basic Internet wiring and to prepare students for a tech driven workforce. He stressed higher education must stay a global research leader and noted computers boost productivity.
MENTIONED IN THIS ARTICLE
Washington
Federal Reserve
Alan Greenspan
Greenspan
Tion
Fed
Delaware County Fair judge crowns leaner rabbit champion
Luke Romig, 17, won the Delaware County Fair senior breeding doe title with a tall, lean rabbit from his 12-rabbit herd near Edgewood. He and his family have raised rabbits for years. he markets dressed rabbits around 4 pounds for about $4.50. The Manchester fair runs through Sunday with rides, races, a free dance, and daily Budweiser Clydesdales appearances visiting residents at Good Neighbor Home Saturday.
MENTIONED IN THIS ARTICLE
Romig
FFA
Jim Romig
Manchester
Penford breaks ground for Cedar Rapids R&D lab
Penford Corp starts a 4.7 million research and development lab at 1001 First St. SW Cedar Rapids across from its downtown plant. The facility aims to boost organic potato and corn based products with 35 staff, 10 new hires, and an 80 percent five year tax abatement.
MENTIONED IN THIS ARTICLE
Cedar Rapids
Penford Corp
Penford
First St
First Street
Jeffrey Cook
Burger King
Ball Park
Greg Keeley
Penford Products Co
Todd Bergen
Economic Development Agency
Priority One
Bergen
Farm bill gains House approval amid veto threat
The House passed a 75.3 billion dollar farm bill after defeating attempts to end subsidies for cattle and sheep ranchers. Clinton opposes funding levels and safety provisions, and a veto is anticipated. Bill maintains predator subsidies and wool programs while FDA egg testing rules face negotiation.
MENTIONED IN THIS ARTICLE
Washington
House
Clinton
Agriculture Department
Food and Drug Administration
David Obey
House Agriculture Committee
Congress
FDA
Mikey Life Cereal ad returns in nostalgia push
Quaker Oats revive the Mikey Life Cereal commercial era with a Times Square screening and special edition boxes. Cedar Rapids plant continues to produce Life Cereal, and marketing chief Scott Hughes notes enduring cultural memory of Mikey.
MENTIONED IN THIS ARTICLE
Quaker Oats Co
Life
Astrovision
New York
Times Square
Mikey
Quaker
John Gilchrist
Scott Hughes
Quaker Oats
Cedar Rapids
Mark Collins
Also Mentioned on This Page
Sprint
Consumer Product Safety Commission
Appliance Co. of America
Great Neck
N.Y
BizFacts
Kat
State College
Delaware County
By Marlene Lucas
Anheuser-Busch
Good Neighbor Home
By Dave DeWitte
The
Canada
United States
West
Mikey’ Life
the Life Cereal
Aly
Benton
Buchanan
Cedar
Delaware
Johnson, Jones, Iowa, & Linn
Collins Community Credit Union
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