NEW YORK - Stocks spiked higher Monday as Wall Street joined overseas markets in riding a wave of merger news to bounce back from a losing week. The Dow Jones industrials rose 115 points. The buyout news, particularly the possibility of an enormous deal that would unite Dutch bank ABN Amro Holding NV with British bank Barclays PLC, propelled stocks higher as investors theorized that companies remain upbeat about the economy if they're willing to cut new deals. The advance kicked off an important week for economic data; the first reading, a report from the Chicago Federal Reserve, said regional manufacturing slowed in January. The market was also waiting for today's start of the U.S. Federal Reserve's two-day meeting on interest rates. Given the volatility that has returned to the marketplace and the upcoming statement from the Fed, market watchers aren't ruling out more big swings in stocks going forward. "I think the markets are very sentiment driven. It does also appear that when the global markets see recovery in one area they all seem to move up and when they see concern in another market they all seem to move down," said Subodh Kumar, global investment strategist at Subodh Kumar & Assoc. in Toronto. The Dow rose 115.76, or 0.96 percent, to 12,226.17, its biggest one-day gain since March 6. The Standard & Poor's 500 index gained 15.11, or 1.09 percent, to 1,402.06, and the Nasdaq composite index advanced 21.75, or 0.92 percent, to 2,394.41. Bonds fell as stocks made gains. The yield on the benchmark 10-year Treasury note rose to 4.57 percent from 4.55 percent late Friday. The dollar was mixed against other major currencies, rising to 117.59 yen from 116.73 yen late Friday. Gold prices rose. Advancing issues outnumbered decliners by more than 3 to 1 on the New York Stock Exchange, where consolidated volume came to 2.67 billion shares - down from 3.31 billion shares on Friday, when contract expirations elevated trading volumes. The Russell 2000 index of smaller companies rose 8.28, or 1.06 percent, to 787.05. Light, sweet crude fell 52 cents to $56.59 a barrel on the New York Mercantile Exchange amid concerns that demand could slump.
SESCO announces staff additions
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BRISTOL, Tenn. - SESCO Management Consultants, a human resource consulting firm, has announced the addition of three to its staff. Aubrey Lee has joined the firm as staff consultant, reporting to the company's corporate office in Bristol, Tenn. Lee will serve clients throughout the United States with an emphasis in organizational development, management development, employment law compliance through on-site audits, and will represent clients before the Equal Employment Opportunity Commission and state Human Rights Commission. Lee has extensive human resource experience in manufacturing, health care, utilities and nonprofits. Lee obtained a master's degree from Tusculum College and is currently pursuing a doctorate in management from the University of Maryland. He is active with the Boy Scouts of America, Kiwanis Club, various chambers of commerce, and the Wesley Foundation of East Tennessee State University. Lee has also served as adjunct faculty at Tusculum College. SESCO has also announced that Jamie Hasty has joined the firm as an intern, responsible for client research, SESCO system development and paraconsulting duties. Following graduation from ETSU in May, Hasty will join the staff as staff consultant, serving clients primarily in Tennessee and Virginia. And Stephanie Peters has joined SESCO as senior vice president of the Richmond Division. She will be primarily responsible for the company's Northern and Eastern Virginia clients and also various trade and business association clients headquartered in Washington, D.C., and Richmond.
Kingsport Livestock Auction
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March 17. Steers, medium frame 1: 200-300 lbs., $110-124; 300-400 lbs., $82.50-126; 400-500 lbs., $76-122; 500-600 lbs., $70-112; 600-700 lbs., $75-104; 700-800 lbs., $50-95. Heifers, medium frame 1: 300-400 lbs., $80-107; 400-600 lbs., $60-108; 500-600 lbs., $50-98; 600-800 lbs., $57-89.50. Beef cows and calves: $660-925. Stock cows, $500-775. Baby calves, $40-150; Butcher bulls: 1,000-1,500, $53-57; 1,500 lbs. and up, $53-64.50. Sl cows breakers & boners: $40-42. Sl cows lean: $43-47.50. Low dress: $20-35; crips, $.05-.10.