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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Jun 02, 2005
Page
16
Investors push stocks higher on Wednesday as expectations grow that the rate tightening cycle may end soon. Oil prices climb late in the session, curbing gains. The Dow gains 81.58 to 10,549.06 and the Nasdaq rises 19.64 to 2,087.86 amid a 3 to 1 advance on the NYSE.
A Creighton University survey shows the Mid-America Business Conditions Index at 60.7 in May amid cooling wholesale inflation and moderating raw material prices. Despite a mild growth signal, regional business confidence fell for a fifth straight month to 58.6 as export tensions and global trading shifts dampen prospects six to nine months ahead. Iowa shows mixed results with durable goods growth while food processors slow.
SEC Chairman William Donaldson announced his resignation, effective by month end. Installed by President Bush to restore confidence after corporate scandals, Donaldson will turn 74 today and did not name a successor. He led the SEC since February 2003 and oversaw Sarbanes-Oxley implementation.
The Institute for Supply Management reports a 51.4 manufacturing index for May, below April and economists' 52 forecast, signaling slower expansion as firms face high energy prices and bloated inventories, with auto sector pressures prominent. The index remains above 50, indicating growth but at its weakest since June 2003.
Airbus said the A380 delivery delays now affect early customers with lags from 2 to 6 months. Qantas seeks compensation as Air France confirms postponing the April 2007 A380 service launch, after Airbus advised further impacts.
Airbus faces delivery delays to launch customers including Singapore Airlines and Qantas amid manufacturing issues. Cedar Rapids supplier Rockwell Collins and Alcoa Davenport Works provide avionics and skin parts, while Air France KLM spokesman cites unspecified compensation talks.
A May NFIB survey shows 64 percent of Iowa small business members expect good conditions in the next three months, higher than surrounding states except Wisconsin. Only 6 percent regard Iowa’s climate as supportive, while 55 percent report rising sales and 16 percent have job openings, the lowest among the neighbors.
The National Highway Traffic Safety Administration began a preliminary probe into about 75,000 2005 Prius vehicles after 33 complaints of sudden engine stalls at 35 to 65 mph. Toyota, cooperating, says no deaths or injuries reported and this is an early stage inquiry.
The in school Stafford loan rate will jump 1.93 points to 4.7 percent while repayment loans rise to 5.3 percent and parent PLUS loans to 6.1 percent. Rates are set from three month Treasury bills. Sallie Mae calculates the changes. Consolidation options now available may save borrowers money over a 10 year repayment.
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