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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Sep 17, 2003
Page
8
The Fed’s soothing stance spurred a late day stock market rally as investors grew confident in a recovery path. The Dow rose 118.53 points to 9567.34, the Nasdaq gained 41.55 to 1887.25, and advancing issues led decliners 5 to 2 on the NYSE.
The New Jersey Department of Education awarded Pearson Educational Measurement a two year extension worth 11 million dollars for continuing the Grade Eight Proficiency Assessment. The GEPA supports the state plan to meet federal No Child Left Behind testing mandates in literacy and mathematics from grades three through twelve by the 2005 2006 school year.
Des Moines AP Iowa officials and industry leaders gathered at the Iowa Farm Bureau Federation in West Des Moines to address bioterror threats to the food supply from feedlots to dining tables. Patty Judge noted the need to include all stakeholders in protection plans and recalls.
GMAC Mortgage is closing its Waterloo direct lending center and laying off 100 workers. Spokeswoman Erica Stoddard cited a sharp decline in refinancing due to rising mortgage rates. Operations will move to GMAC's Laurel NJ center.
Armond Dawson and Craig Sell launched Stylze at 209 Second St SE, offering urban streetwear and athletic apparel from Phat Farm Rocawear and Brooklyn Express. The shop plans NFL jerseys and NBA sweats, aiming for value and statement pieces. They see downtown as ripe for diverse fashion choices in a central location.
The board of Elder-Beerman Stores Corp. agreed to sell to The Bon-Ton Stores Inc. for 92.8 million dollars after a bidding war with Wright Holdings. Elder-Beerman will become a Bon-Ton subsidiary, expanding geographic reach and nearly doubling store count to about 68 outlets across nine states.
The Federal Reserve holds its target federal funds rate at 1 percent and signals it will stay at rock-bottom levels for a considerable period to support a sustained rebound. Wall Street rallies as investors digest the pledge while labor market weakness persists with payroll cuts and higher unemployment claims.
The Iowa Transportation Commission approved a 9.9 million RISE grant to back Wells Fargo in West Des Moines as it eyes a 175 million campus that would retain 2,300 jobs and add 1,000 more. Mayor Meyer urged support for road and avenue improvements to serve the site, with total project cost 13.8 million and 3.9 million funded by TIF. One commissioner dissented, saying the grant share was too large for the state.
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