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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Sep 16, 2009
Page
9
Stocks rose Tuesday as better retail and manufacturing data plus Bernanke’s hint the recession may be ending lifted sentiment. The Dow climbed 56.61 to 9,683.41, the S&P 500 gained 3.29 to 1,052.63, and the Nasdaq rose 10.86 to 2,102.64.
The Labor Department reports wholesale prices rising 1.7 percent in August, well above the 0.8 percent forecast, with energy costs driving the surge after a 0.9 percent July drop. The rise is not viewed as signaling a broader inflation threat due to ongoing weak demand.
U S business inventories declined 1 percent in July for the 12th straight month while sales rose 0.1 percent for a second month, signaling a shift from stockpiling to renewed orders. Kroger reported Q2 profit down 7.7 percent to 254.4 million with 17.7 billion in sales, blamed on cautious shoppers chasing lower prices.
Best Buy Co. said its second quarter earnings fell 22 percent to 158 million dollars or 37 cents a share for the three months ended Aug. 29 from 202 million or 48 cents last year. It cites Circuit City closures boosting market share but weaker consumer spending weighs on results.
Twenty five additional Iowa counties join as disaster areas eligible for Farm Service Agency low interest emergency loans and SRAP aid after August storms. Primary areas: Calhoun Grundy Hamilton Hardin Ida Sac Webster Woodbury. Contiguous: Black Hawk Boone Buena Vista Butler Carroll Cherokee Crawford Franklin Greene Humboldt Marshall Monona Plymouth Pocahontas Story Tama Wright.
Genencor International marked the grand opening of a 20 000 square foot grain processing applied innovation center in Cedar Rapids next to its bioproducts plant. The facility will employ 22 scientists to develop new products and refine processes while sharing knowledge with Palo Alto. An accompanying 47.6 million expansion at the Cedar Rapids plant created 19 jobs and boosts production capacity as Danisco eyes fuel ethanol and biofuels growth.
A'Hearn Plumbing and Heating of Hiawatha, a 41 year old contractor, seeks immediate dismissal of its Aug. 28 bankruptcy filing as liens threaten projects and creditors. The firm estimates a more than 500000 unsecured claim with Farmers State Bank of Marion and aims to preserve 60 employees and ongoing public and private works.
Federal Reserve Chair Ben Bernanke signaled the recession may be over from a technical view though the labor market remains weak With unemployment near 9.7 percent and the jobless tally around 15 million he warned the recovery would be sluggish Eli Lilly meanwhile announced a 5500 job cut over two years as part of a company restructuring effort Marked his most optimistic note yet on the economy.
The article notes a government report showing retail sales up 2.7 percent in August, the largest gain in over three years. Analysts forecast the economy expanding at a 3 to 4 percent annual rate in the current quarter ending September 30.
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