Stocks slip after smaller Fed rate cut disappointment
The Federal Reserve cut rates by a quarter point disappointing Wall Street. The Dow fell 98.32 points to 9,011.53 and the Nasdaq slipped 2.95 to 1,602.66 as investors had hoped for a larger move.
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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Jun 26, 2003
Page
9
The Federal Reserve cut rates by a quarter point disappointing Wall Street. The Dow fell 98.32 points to 9,011.53 and the Nasdaq slipped 2.95 to 1,602.66 as investors had hoped for a larger move.
Alliant Energy Corp plans to offer 15 million primary shares under its shelf registration. Proceeds will fund capital contributions to domestic utilities, debt repayment, and development of new generation and distribution facilities. Underswriters include Banc of America Securities Merrill Lynch co managers Robert W Baird Lehman Brothers Wachovia and Williams Capital. General Mills reports Q4 earnings 225 million or 59 cents per share on 2.55 billion in sales.
Three former Diversified Software Industries executives launch InnoMatix LLC in early this year and base at the University of Iowa Oakdale Technology Park. Ron Stahlberg Norman North Liberty joins founders from IVIS legacy to support existing customers. Ford Nissan Design America and Johnson Controls count among first clients.
Senator Chuck Grassley seeks to extend the Chapter 12 bankruptcy provision for farmers and ranchers beyond June 30, proposing a Jan 1 deadline. The House already approved a bill and the measure would let debt-ridden farmers reorganize without creditor consent and sell assets to sustain operations. An Iowa State study showed most Chapter 12 filers in 1986 87 remained in farming.
The Federal Reserve lowered the federal funds rate from 1.25 percent to 1.0 percent, the lowest since 1958, in a 11-1 vote led by Fed Chairman Alan Greenspan. The move aims to energize consumer spending and business investment and signal readiness for further cuts if growth falters.
May data show durable goods orders fell 0.3 percent from April after a 2.4 percent drop in March to April, while new home sales jumped 12.5 percent to a seasonally adjusted annual rate of 1.16 million, a record high. Existing home sales rose 1.2 percent to 5.92 million, the third highest on record, underscoring uneven economic recovery.
Sen. Tom Harkin with Sens. Cochran and Durbin urged the General Accounting Office to audit U S prevention of mad cow disease in cattle feed. They seek review of FDA feed ban compliance, test development for ruminant tissue, and further steps to shield U S cattle from BSE, citing a 2002 GAO warning.
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