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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Nov 03, 2011
Page
15
New York markets rose broadly as leaders work to salvage a week old plan to avert a European financial crisis. Strong earnings and payroll gains boosted sentiment with the Dow up 178.08 to 11836.04, the S&P 500 up 19.62 to 1237.90, and the Nasdaq advancing 33.02 to 2639.98.
The Iowa Leading Indicators Index fell from 104.5 in August to 104.4 in September, with five of eight components decreasing. Officials note a 0.2 percent six month decline through September, an annualized 0.5 percent, the first such drop since November 2009, suggesting possible stall in employment growth this winter.
CenturyLink reports third quarter net income down as op ex rise from the Qwest acquisition dampens profits while revenue climbs to 4.6 billion with 2.7 billion from Qwest. Syms Corp and Filene's Basement file for bankruptcy protection, plan to close all 46 stores, affecting about 2,450 employees.
Federal Reserve Chair Ben Bernanke said the economy is likely to grow at a frustratingly slow pace as the Fed lowers its forecast for the next two years. He noted potential moves to buy more mortgage backed securities if housing worsens while stressing no trigger details. The 2011 forecast sees 1.7 percent growth, with 2.5 to 2.9 percent in 2012, and unemployment near 9 percent through next year.
The article traces Chevrolet from its 1911 Detroit launch by Louis Chevrolet and William Durant to its rise as a mass market icon. It highlights innovations like all steel bodies and electric starters, cultural impact through ads and songs, and the later rust-prone era before a global comeback with 60 percent of sales outside the U S.
Towers Watson finds 75 percent of firms that cut 401(k) matches have reinstated them. About 74 percent kept the original level, 23 percent lowered the rate, and 3 percent increased it mainly where pension plans had ended. Median suspension lasted 12 months.
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