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Stocks climb on hopes for Greece debt assistance
NEW YORK —
The Dow Jones industrial average jumped back above 10,000 on hope that the European Union will help Greece manage its growing debt burden. The Dow rose 175 points Tuesday after closing below 10,000 on Monday for the first time in three months. The major indexes all gained more than 1 percent. Global markets bounced back on reports that European Central Bank President Jean-Claude Trichet is changing his travel schedule to attend a meeting of EU officials on Thursday and that plans are being developed to rescue Greece. The reports are raising hopes that policymakers will take bigger steps to contain troubles in Greece. The county is struggling with big budget gaps and is seeing demand fall for its debt. Though Greece's economy is small, investors are concerned that troubles there will spill into other countries. World stock markets have been tumbling in recent weeks on concerns that debt problems would spread. Investors are also concerned by budget gaps in Ireland, Portugal, Spain and the uncertainty has undermined Europe's common currency, the euro. The European debt problems are the latest obstacle for investors who have put the market's 10-month rally on hold. Stocks started to retreat in mid-January after China said it would try to control its economy to avoid speculative bubbles. Things got worse when President Barack Obama announced plans to curb trading by large financial institutions. On Tuesday, Greece took its latest steps to calm markets, pledging to increase retirement ages, raise fuel taxes and accelerate reforms. However a strike over the government's new austerity measures is still expected to proceed on Wednesday. "There's some euphoria that maybe it's not going to be blowing up," said Erik Davidson, director of investments for Wells Fargo Private Bank in Carmel, Calif., referring to easing fears over Greece. In early afternoon trading, the Dow rose 176.62, or 1.8 percent, to 10,085.01. The Standard & Poor's 500 index rose 15.44, or 1.5 percent, to 1,072.18, while the Nasdaq composite index rose 26.55, or 1.3 percent, to 2,152.60. Stocks have become more volatile in recent weeks as concerns grow about the strength and sustainability of a global economic recovery. The Dow, which fell almost 104 points Monday, has posted triple-digit moves in 10 of the last 16 trading days. The index has posted four consecutive Dow market has retreated 7.6 percent since hitting a 15-month high in the middle of January. The dollar fell against the euro, while gold rose. Crude oil rose 98 cents to $72.87 per barrel on the New York Mercantile Exchange. Stephen A. Lieber, chief investment officer at Alpine Woods Capital Investors LLC in Purchase, N.Y., said the market's response to reports that other EU countries will throw Greece a life preserver illustrate that investors are hungry for reassurances from policymakers. "People are scared that the entire delicate reconstruction of the system, which has been going on for two years, might be shattered," he said. "If the leaders are riding to the rescue then the market will feel renewed confidence." In corporate earnings, Coca-Cola Co. reported fourth-quarter profit that matched analysts expectations. Its revenue topped forecasts as sales rose globally. Coca-Cola rose $1.87, or 3.6 percent, to $54.52. Four stocks rose for every one that fell on the New York Stock Exchange, where volume came to 691 million shares compared with 512.7 million shares traded at the same point Monday. The Russell 2000 index of smaller companies rose 7.28, or 1.2 percent, to 593.77. Britain's FTSE 100 rose 0.4 percent, Germany's DAX index and France's CAC-40 each rose 0.2 percent. Earlier, Japan's Nikkei stock average fell 0.2 percent.
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Lake Columbia public meeting tonight
The Angelina and Neches River Authority will hold public meetings Monday and Tuesday night, 5-7:30 p.m. at the Norman Activity Center in Jacksonville, 526 E. Commerce St.
Monday night's meeting is a public information meeting set by the U.S. Army Corps of Engineers, and Tuesday's will be a formal public hearing designed to gather public comments about the project.
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JISD dismisses early Feb. 23
Jacksonville ISD plans an early dismissal for today, Tuesday, Feb. 23. All JISD schools will release one hour ahead of schedule. Busses will also run one hour early.
Schools will resume at 10 a.m. Wednesday, Feb. 24, weather permitting.
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Alexander Haig remembered as soldier-statesman
Soldier and statesman, Alexander Haig never lived down his televised response to the 1981 assassination attempt on President Ronald Reagan. Haig died Saturday at age 85 having held high posts in three Republican administrations and some of the U.S. military's top jobs.
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Flight diverts to Salt Lake after threatening note
United Airlines says a threatening note that diverted a plane mid-flight to Salt Lake City on Thursday did not contain a reference to a bomb as officials reported earlier.
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White House: Awaiting inquiry on Texas plane crash
The White House says it will await the results of an investigation before deciding whether to call a plane that crashed into a Texas office building an act of terrorism.
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Officials investigating Texas crash as a crime
A low-flying small plane crashed into an office building that houses the Internal Revenue Service in Texas on Thursday, and officials said they were investigating whether it was an intentional act by the pilot.
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LMC adds ag program
First sports programs and a set of hospitality management courses, now an agriculture program.
Lon Morris College announced Wednesday it plans the new classes for fall 2010. -
Child sex abuse conviction upheld
The conviction of George Henry Williams Jr. was upheld by the Sixth Court of Appeals last week.
Williams was convicted of continuous sexual abuse of a child in December 2008 by a Cherokee County jury and subsequently sentenced to 35 years for the offence. -
Housing construction up 2.8 percent in Janury
Housing construction posted a better-than-expected increase in January which pushed activity to the highest level in six months. The solid gain raised hopes that the construction industry is beginning to mount a sustained rebound from its worst slump in decades.
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Maidens need OT to turn back Lady Tigers
The Jacksonville Maidens outscored Mount Pleasant 7-4 in overtime in taking a 39-36 win over the Lady Tigers in a Class 4-A, Region II, bi-district game played at Hawkins High School Tuesday night.
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Lake Columbia public meeting tonight
