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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Nov 17, 2009
Page
6
Stocks jump on Monday as retail sales in October beat expectations. The Dow gains 136.49 points to 10,406.96, the S&P 500 up 15.82 to 1,109.30, and the Nasdaq composite advances 29.97 to 2,197.85 amid a weaker dollar.
The Postal Service reported a net loss of 3.8 billion dollars for 2009, about 1 billion more than the prior year, despite cutting 40,000 jobs and enforcing cost-saving measures. Declining mail volume from the Internet and the recession hit advertising mail, while Postmaster General John Potter seeks Congress approval to cut delivery to five days.
UPS Inc. expects to deliver about 22 million small packages on its busiest day of 2009, projected for December 21, a 40 percent rise over typical daily volumes. For the holiday season from Thanksgiving to Christmas, UPS projects around 400 million worldwide packages, up slightly from 2008. Dubai Aerospace Enterprise selects Rockwell Collins systems for 70 new Airbus A320 aircraft, signaling expanded leasing partnerships.
The Treasury Department auctioned 30 billion dollars in three month bills at a discount rate of 0.065 percent, unchanged from the prior week. It also offered 31 billion dollars in six month bills at 0.165 percent.
Cedar Rapids single-family home sales rose 8 percent in October to 422, a ten-year high, while Iowa City area sales slipped 2.9 percent to 168. Uncertainty over the first-time homebuyer tax credit may have influenced closings. The average selling price rose 2.6 percent to $183,279 as days on market fell to 81. Nationwide, 2,822 homes sold and the average price dropped 4.4 percent to $136,560.
In Michigan the medical marijuana industry grows rapidly after 2008 legalization. Manufacturers, retailers, doctors, lawyers and publishers advertise and open storefronts while certified caregivers remain less visible. Rick Ferris expands hydroponics manufacturing and plans a Michigan Medical Marijuana magazine as the state issues thousands of certificates for legal use.
Fed chief Ben Bernanke told the Economic Club of New York the central bank will watch the falling dollar but keep policy rates at record lows to sustain the recovery. He said the Fed will monitor dollar moves closely while allowing low rates to support spending, noting inflation should stay subdued for some time.
GM reports a second and a half quarter loss of 1.2 billion from emergence to Sept. 30, plans to repay 6.7 billion in U.S. loans with a 1.2 billion December payment, and cites new products including the Camaro Equinox and Terrain as drivers of improved results. North America pre tax losses linger while Asia Pacific, Latin America rise. CEO Fritz Henderson says progress signals a solid foundation for the new GM.
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