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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Jun 27, 2009
Page
18
Stocks closed mixed after the Commerce Department showed personal spending up 0.3 percent and savings rising to 6.9 percent in May. The Dow fell 34.01 to 8438.39, the S&P 500 slipped 1.36 to 918.90, and the Nasdaq gained 8.68 to 1838.22 for the day.
Gas prices eased daily this week from a summer peak near $2.70 as U S storage swelled. The national average dropped to 2.658 a gallon per AAA Wright Express and OPIS. Crude futures fell $1.07 to $69.16 on the NYMEX as markets track Fed inflation signals.
Treasury prices edged higher after a Commerce Department report showed the saving rate jumped to 6.9 percent in May while consumer spending rose only 0.3 percent. The 10 year note yielded 3.53 percent and the two year 1.12 percent, with other yields and prices mixed.
Iowa regulators approved Interstate Power and Light five year energy efficiency plan with annual spending rising from 60 million to about 78 million by 2013 and efficiency goals from 0.86 to 1 percent. The settlement includes renewable energy, renter help, and a lower income program, with several intervenors parties opposing higher targets.
In Cedar Rapids the 2008 flood disrupted many local businesses and opened a path for Julia-N-LeChef owners Tom and Toni Hauer to expand. They leased and later partnered with Roger Edkin to renovate a former chiropractic space at 426 First Ave NW for a permanent production kitchen, turning a part time venture into a full time catering business with events including a 230 guest wedding.
Cedar Ridge plans a 7 050 square foot winery and distillery on 10 acres at 1421 Marak Rd Swisher after floods delayed expansion. Co owner Jeff Quint says the project will expand wine and distilled spirits production with most space for production and a tasting area.
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