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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Jun 08, 2010
Page
12
Stocks slid in the final hour as fears of Europe’s economic woes drag on the global recovery. The Dow dropped 115.48 points to 9,816.49, a 1.2 percent fall, while the S&P 500 shed 14.41 points to 1,050.47 and the Nasdaq declined 45.27 to 2,173.90.
The Federal Reserve reports borrowing rose by 954.8 million in April, while March’s gain was revised away to a 5.44 billion drop. If confirmed, April would mark only the second advance in 15 months, with economists counting on consumer borrowing to fund renewed purchases and fuel growth.
The National Agricultural Statistics Service reports virtually all Iowa corn and 82 percent of soybeans have emerged. Corn is 55 percent good and 23 percent excellent with minor poor or very poor ratings. Southern Iowa bears the worst crop stress with erosion and standing water, and southeast counties see a harsher season than 2008 or 2009. Burlington rainfall is 9.84 inches above normal.
Gas prices appear to be leveling off after a 20 cent fall in the past month. The national average on Monday was 2.724 per gallon, based on data from AAA, Wright Express and Oil Price Information Service.
Cedar Rapids business Zins at 227 Second Ave SE celebrates the anniversary of its June 11 2009 reopening after a full year of rebuilding from the Cedar River flood. The current year marks another milestone in the downtown recovery.
Zins restaurant marks a one year reopening with a Back from the Flood anniversary weekend. Festivities run Friday to Sunday with a 4 15 pm ceremony removing a We're Back banner and themed drinks and events each day.
A Baltimore Sun analysis notes many workers face reduced earnings as not all jobs rebound. About 9 million Americans remain in part time work or take lower pay, with pay freezes common and 15 percent of firms signaling permanent reductions. Historical studies link early cuts to long term earnings losses.
Chrysler and NHTSA announce recalls of 288,968 Jeep Wranglers from 2006–2010 for potential brake fluid leaks and 284,831 minivans including Dodge Grand Caravan and Chrysler Town & Country from 2008–2009 for wiring that can spark a fire in sliding doors. An additional 110,573 units abroad are also recalled. No crashes or injuries reported. Repairs free. recall starts later this month.
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