Wall Street slides after weak Treasury auction sparks selloff
Weak demand at a Treasury bond sale raised concerns about funding for the recession fight. Investors booked some gains after a strong rally this week and awaited Friday’s April employment report. The Dow dropped 102.43 to 8,409.85, the S&P 500 slid 12.14 to 907.39, and the Nasdaq declined 42.86 to 1,716.24.
MENTIONED IN THIS ARTICLE
Treasury
Mortgage rates edge up but stay under 5 percent
Freddie Mac reports week to week increases in mortgage rates with 30-year fixed at 4.84 percent, 15-year fixed at 4.51 percent, five-year ARM at 4.9 percent, and one-year ARM at 4.78 percent.
MENTIONED IN THIS ARTICLE
Freddie Mac
Farm Service Agency offers emergency loans for spring 2008 losses
Lonnie Janechek says the May 26 deadline applies to Farm Service Agency emergency loans for Buchanan and Linn counties. Eligible family farmers unable to obtain credit may receive loans to recover from storms and flooding, with a 3.75 percent interest rate. Call Independence office at (319) 334-6036 for details.
MENTIONED IN THIS ARTICLE
Lonnie Janechek
Buchanan
Linn
Farm Service Agency
Independence
Wells Fargo plans six billion dollar common stock sale
Wells Fargo & Co. announced plans to offer six billion dollars of common stock to the public with J P Morgan Securities Inc and Wachovia Securities underwriting. The move follows the government stress test results showing Wells Fargo needs thirteen point seven billion dollars in additional capital. Shares closed down nearly eight percent at twenty four point seventy six dollars amid heavy volume.
MENTIONED IN THIS ARTICLE
Wells Fargo & Co
San Francisco
J.P. Morgan Securities Inc
Wachovia Securities
Wells Fargo
Jobless claims fall to 14 week low as retail sales rise
U.S. Labor Department data show initial unemployment claims dropping to 601000 last week while a record 6.35 million people received benefits. Retailers led by Wal Mart report April sales above expectations amid warmer weather and tax refunds. analysts urge caution on a slow recovery with unemployment high.
MENTIONED IN THIS ARTICLE
Washington
Wal-Mart Stores Inc
Labor Department
Goldman Sachs
Wal-Mart
Mercy unveils automated 7500-square-foot pharmacy at Mercy Medical Center
Mercy Medical Center opened a fully automated 7,500 square foot pharmacy after a June flood damaged the original facility. The system uses a robotic picker, drug storage carousel, and bar code verification to count doses and ensure patient safety, with 99.99 percent accuracy. Five new pharmacists were added as staff shifts focus to patient floors. The project cost 2.6 million dollars and includes bedside verification beginning in June.
MENTIONED IN THIS ARTICLE
Cindy Hadish
Gazette
Edar Rapids
Desmond Waters
Mercy Medical Center
Mercy
Tim Charles
Macy
Waters
U.S. Food and Drug Administration
Iowa
Michigan
Alliant to Eliminate 20 to 25 Leadership Roles Companywide
Alliant Energy will cut 20 to 25 leadership positions and merge several departments. The plan, outlined by spokesman Ryan Stensland, aims to reduce director headcount by 30 percent and exclude the corporate board. Layoffs or reassignment will replace eliminated director roles as restructuring proceeds.
MENTIONED IN THIS ARTICLE
Alliant
Dave DeWitte
Alliant Energy
Ryan Stensland
Stensland
Bill Harvey
FDIC Chair Focuses on Teaching Kids Money Skills
Sheila Bair, chair of the FDIC, used her book Rock Brock and the Savings Shock to illustrate budgeting for children. Her guidance urges saving at least 10 percent of allowance, earning extra for saving, using a clear jar, and opening a savings account to earn interest.
MENTIONED IN THIS ARTICLE
Sheila Bair
University of Kansas
Bair
Rock
Brock
Federal Deposit Insurance Corp
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Agribusiness
FSA
Costco Wholesale Corp
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Paula Sion
Mercy Pharmacy
Cindy
Hadish
Gazcomm.com
Madison
Wis
George.ford
FDIC
Steve Rosen
Cansas City Star