Wall Street Advances as Oil Drop Offsets Economic Concerns
Stocks ended higher on Thursday after crude oil futures fell sharply, aiding sentiment amid renewed questions about the economy. The Dow rose 34.03 to 12063.09, the S&P 500 added 5.02 to 1342.83, and the Nasdaq gained 32.35 to 2462.06. Penford's Cedar Rapids starch and ethanol plants, shut by Cedar River flooding, remain insured but full recovery won’t come until at least August, with $30-$35 million in NFIP and other coverage. Penford CEO Tom Malkoski reaffirmed ongoing recovery and supply resumption efforts.
MENTIONED IN THIS ARTICLE
New York Mercantile Exchange
China
Standard & Poor
Penford Products Corp
Cedar Rapids
Cedar River
Penford
Tom Malkoski
Penford Corp
Gas Prices Push Americans Toward Fewer Miles and Smaller Cars
Rising gas prices above four dollars a gallon drive Americans to drive 1.4 billion fewer highway miles in April versus last year and 400 million fewer in March. Midsize SUV sales drop 38 percent year over year in May while cars account for 57 percent of purchases. Mortgage rates rise across 30 and 15 year fixed and ARMs, with 30-year at 6.32 percent, 15-year at 5.93 percent, five-year ARM at 5.70 percent, and one-year ARM at 5.09 percent.
MENTIONED IN THIS ARTICLE
Transportation Department
Freddie Mac
Gas prices in Corridor survey shows Cedar Rapids Iowa City rates
A selective gas price survey as of yesterday lists regular unleaded at Road Ranger 3.98 and 3.88 at First Ave. 15th St. NE Cedar Rapids, BP 3.97 and 3.87 on Williams Boulevard Cedar Rapids, Casey's not available at Dubuque & Market in Iowa City, and Coralville BP 4.15 and 4.00 with a notable low at 2.91 in 2007.
MENTIONED IN THIS ARTICLE
First Ave
15Th St
Cedar Rapids
Williams Boulevard
Casey
Advice for flood stricken Cedar Rapids businesses
More than 200 Cedar Rapids business owners were urged to apply quickly for federal disaster assistance and to use local providers. The Cedar Rapids Small Business Recovery group, with 300 plus members, hosted a two hour session on SBA loans and disaster recovery.
MENTIONED IN THIS ARTICLE
JWG Waccuc
Cedar Rapids
Small Business Recovery Organization
Crsmallbusiness
Recovery.com
Sound Concepts
Don Karr
Affordable Plumbing
Karr
SBA
Federal Emergency Management Agency
Westdale
Smith
Lee Clancey
Brian Fagan
Power struggle in Cedar Rapids electrical rebuild after floods
Demand for power reconnection inspections in Cedar Rapids after last week's floods strains area electrical contractors. Inspecting residential systems costs at least 75 dollars, with repairs running into hundreds or thousands. Firms like Munson Electric and Justice Electric report long hours, heavy workloads, and mounting stress as Alliant Energy restores power and customers face additional costs for furnaces and AC units.
MENTIONED IN THIS ARTICLE
Dave DeWitte
Gazette
Edar Rapids
Alliant Energy
Munson
Audit trail urged to prove flood losses for many firms
Businesses in the Corridor face substantial losses from flooding with limited flood insurance. Experts urge careful documentation of all flood related expenses, lost profits, and job descriptions, plus a separate cost code system to create a verifiable audit trail for insurance, SBA, or FEMA assistance.
MENTIONED IN THIS ARTICLE
Shawn Fox
RSM McGladrey
Kansas City
Fox
Also Mentioned on This Page
Wall Street
Small Business Administration
Steven Smith
U.S
Westdale Mall
Prairie High School
Palo Fire Department
Alex Contreras
David.dewitte
Gazcomm.com
Justice Electric
Sheri Justice
Justice
Hawkeye Electric
Tim Wilson
Paetec
Town Centre
Wilson
Hawkeye
Pat Streff
Streff Electric
Streff
Carolyn Kaltenback
Hoddy-Gates Electrical
Kaltenback
Springville
David
Dewitte
Jim Slosiarek
the Gazette
Riverview
New Orleans
Janet Borholm
U.S. Small Business Administration
Ron Moore
Risk Limited
Loren Coppock
TrueNorth
Moore
Janet.rorholm
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