Wall Street Ends Mixed After Jobs Data Push
Wall Street produced a mixed session as gains from a stronger jobs report faded. The Dow rose 48.20 to 13,058.20, the S&P 500 advanced 4.56 to 1,413.90, while the Nasdaq fell 3.72 to 2,476.99.
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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
May 03, 2008
Page
20
Wall Street produced a mixed session as gains from a stronger jobs report faded. The Dow rose 48.20 to 13,058.20, the S&P 500 advanced 4.56 to 1,413.90, while the Nasdaq fell 3.72 to 2,476.99.
Weyerhaeuser Co, a major timber owner and wood products maker, reports a first quarter loss of $148 million or 70 cents a share, reversing a year earlier profit of $720 million. Sales drop 24 percent to $3.39 billion from $4.5 billion as analysts anticipated a 17 cent per share loss on $3.63 billion in revenue.
Allegiant Travel Co the parent of Allegiant Air reports a 9.7 million profit or 47 cents a share for the quarter ended March 31 unchanged from a year ago. Operating revenue rises to 133.1 million up 57.8 percent from 84.3 million. Allegiant serves The Eastern Iowa Airport with direct flights to Las Vegas Orlando and Phoenix-Mesa.
Freddie Mac reports 30-year fixed-rate loans at 6.06 percent this week, up from 6.03 percent and the highest in seven weeks. The 15-year rate slips to 5.59 percent while five-year ARMs rise to 5.73 percent and one-year ARMs hold at 5.29 percent.
A random survey lists gas prices in the Corridor as of yesterday afternoon. Prices are rounded up to the nearest cent across stations and brands.
Asoyia in Iowa City attracts a 4 million venture infusion from Prolog Ventures of St. Louis and Life Science Partners of Boston. CEO Greg Keeley says the funding will scale ultra low linolenic soybean oil toward major marketing, with board members from Prolog and Life Science Partners guiding growth. The deal, tied to Asoyia’s four year proof of concept, builds on Iowa State University research and local entrepreneurial support.
Practical steps from Inc. magazine to help children become money savvy. Lead by example at the grocery store, discuss finances openly, involve teens in saving for college, explore ways kids can earn money, and practice transparent saving to reinforce long term financial goals.
The Fed injected cash via a new lending operation to restore liquidity in the federally guaranteed student loan market. Banks and investment firms may use bonds backed by student loans as collateral for Treasury securities, aiming to stabilize lenders amid the credit crisis. Senator Christopher Dodd praised the move as injecting needed liquidity. More than two dozen lawmakers urged action earlier.
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