Wall Street Rises After 0.75 Point Rate Cut by Fed
Wall Street surged as investors cheered stronger earnings from Lehman Brothers and Goldman Sachs and a 0.75 percentage point cut by the Federal Reserve to 2.25 percent. The Dow jumped 420 points to 12,392.66, S&P 500 up 54.14 to 1,330.74, and Nasdaq 91.25 higher at 2,268.26 amid Treasury yield shifts and housing data showing february declines in starts and a sharp drop in building permits.
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Eastern Cornbelt carcass prices and Illinois hogs report
Prices for various carcass sizes range from 42.50 to 54.00 bf with 0.5 to 0.9 inch grades. Today's Illinois direct hog purchases total 12 754 with trading mostly 2.00 to 3.00 lower amid light demand and offerings. 300-400 Ibs 9.00-13.00, 400-500 Ibs 10.00-14.00, 500-600 Ibs 12.00-16.00, some 18.00, over 600 Ibs 14.00-18.00, few 19.00. Boars under 300 Ibs 12.00-17.00, over 300 Ibs 3.00-6.00.
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Boeing protests Air Force tanker ruling amid uphill battle
Boeing charged the Air Force biased bid scrutiny favored Northrop Grumman and EADS in the 35 billion KC-X contest. The protest, filed with GAO, claims the review was not fair and that changes biased the process. Boeing negotiators say reversal is an uphill battle but remain confident.
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Grain futures rise on CBOT amid steady gains
Agriculture futures moved higher on Tuesday at the Chicago Board of Trade. May wheat advanced 32.5 cents to 11.64 a bushel, May corn up 8 cents to 5.4725, May oats up 5.5 cents to 3.78, and May soybeans rose 4.25 cents to 13.07 a bushel.
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