Stocks rise as earnings lift markets despite Fed caution
Dow gains 0.7 percent to 8588.36 and Nasdaq up 1.3 percent while volume surges. Gillette posts 18 percent quarterly profit rise to 263 million driven by Duracell sales to military and consumer stockpiling. Three year Treasuries yield 2.009 percent, near-record lows, amid deficit and borrowing pressures.
MENTIONED IN THIS ARTICLE
Treasury
Principal Financial posts Q1 earnings rise on mortgage and pensions
Principal Financial Group Inc reports first quarter earnings of 155.7 million dollars or 47 cents per share up from a loss of 34.9 million or 10 cents a year earlier. Pension sales hit a record 2.5 billion dollars, up 101 percent, while operating revenues per share rose 24 percent to 210.5 million dollars. The result falls short of the 55 cents forecast per Thomson First Call.
MENTIONED IN THIS ARTICLE
Gillette Corp
Iraq
Gillette
Thomson First Call
Iowa City
Principal Financial Group Inc
Gazette
News Service
Health costs top labor concern in Iowa contract talks
Health insurance premiums are cited as the major hurdle in Iowa labor agreements. Panelists from Rockwell Collins, SEIU Local 199, ISU, PMX Industries, and Teamsters Local 238 call for labor management cooperation, medical cost reviews, and potentially federal action to address rising costs.
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Dave DeWitte
Gazette
Little Amana
Iowa
Industrial Relations Research Association
Dennis Kopf
Rockwell Collins
Coralville
International Brotherhood of Electrical Workers
Kopf
Service Employees International Union Local 199
Execu
Kim Miller
SEIU
Dustries
Teamsters Local 238
Gary Dunham
Rosemary Hayes
Union planned rally at Maytag shareholders meeting
Workers aim to pressure stockholders at Maytag annual meeting in Newton to reverse a closing of the Galesburg plant with 1,400 hourly workers facing loss of 1,600 local jobs. Lt. Gov. Pat Quinn is among officials attending the rally as IAM Local 2063 cites broader nine county job losses.
MENTIONED IN THIS ARTICLE
Galesburg, Ill
Galesburg
Maytag
Kevin Waetke
Newton
Pat Quinn
Mexico
Amana
International Association of Machinists and Aerospace Workers
Quinn
Knox County
Ilinois
AEGON profits fall in first quarter amid market woes
AEGON NV reports Q1 profit down 36 percent to 421 million dollars from 540 million a year earlier as weak stock markets bond defaults and a slipping dollar hit results. Revenue rises 11 percent to 8.4 billion amid U S and Dutch market pressures.
MENTIONED IN THIS ARTICLE
George C. Ford
Amsterdam
Netherlands
Aegon NV
Aegon USA
Cedar Rapids
United States
AEGON
Lukas Daalder
Oyens & van Eeghen
Daalder
U.S
Small-business group defends 2003 Iowa session
NFIB Iowa director Dave Brasher argues the legislature’s stance against new debt and taxes marks progress. He praises the pay-as-you-go approach and notes continued efforts on property tax reform income tax rewrite regulatory reform and major economic development while critics call the session a failure.
MENTIONED IN THIS ARTICLE
Des Moines
Tom Vilsack
Brasher
NFIB
Iowa
Iowa Senate
I Iowa
Vilsack
Fed holds rates steady amid hints of June cuts
The Federal Reserve kept the federal funds rate at 1.25 percent citing an uncertain recovery and the risk of price instability. Chairman Greenspan and colleagues signaled possible rate cuts at the June 24-25 meeting if growth strengthens, with economists noting an upcoming rebound but high uncertainty.
MENTIONED IN THIS ARTICLE
Wall Street
Federal Reserve
Arnie Holzer
Deutsche Asset Management Americas
Washington
Alan Greenspan
Fed
David Jones
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