Mar 20, 2007 at 10:21 AM
Stocks rise as investors bet on stable rates
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NEW YORK - Wall Street advanced for a second straight session Tuesday as investors placed bets that the Federal Reserve won't indicate that it's leaning toward an interest rate hike. Market watchers are anticipating that the Fed on Wednesday will leave rates on hold and say that economic growth is cooling while inflation remains a concern. Worries over the flagging housing market, particularly the subprime mortgage industry, have been dragging down stocks over the past month. But investors got some reassurance Tuesday from a Commerce Department report that construction of new homes rose by 9 percent in February to a seasonally adjusted annual rate of 1.525 million units, higher than the expected 1.450 million. The Dow Jones industrial average rose 61.93, or 0.51 percent, to 12,288.10, for a two-day advance of 177.69. This was the Dow's best two-day gain since Feb. 13-14. Broader stock indicators gained as well. The Standard & Poor's 500 index advanced 8.88, or 0.63 percent, to 1,410.94, and the Nasdaq composite index added 13.80, or 0.58 percent, to 2,408.21.
Study measures economic impact of NSTCC
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BLOUNTVILLE - Northeast Tennessee would be a poorer place without Northeast State Technical Community College, about $51 million per year poorer, according to a recent study of the college's economic impact on its service area. From 2001 to 2006, Northeast State contributed more than $257.5 million to the region's economy, an average of $51.5 million per year, according to an economic impact analysis released in February. "The study just reinforces Northeast State's position on the need for an educated work force in the region," said Bill Locke, president of Northeast State. The study, conducted by educational consultant Fred Martin of Knoxville, focused on three major aspects of the college's economic impact: business volume generated by college expenditures; full-time jobs created by Northeast State's presence; and individual income generated by college expenditures. "It's significant that every $1 of local revenues flowing into the college generated $2.99 of local business volume and from $2.97 to $3.32 of individual income," Martin noted in the report. "That's a total return on investment of $5.96 to $6.31 on the local dollar." The study found 9,031 local full-time jobs were created by Northeast State's presence including the college's own 1,264 jobs. The study found the college's expenditures generated individual income of $128 million and $129.1 million in business volume over the five-year period. The study did not take into account the value of Northeast State's alumni who constitute the work force of the region's major employers or the expansion of industry as a result of the college's presence. Northeast State enrolls more than 5,000 students and has experienced enrollment increases nine of the last 10 years. The spring 2007 graduating class is expected to exceed 700 students for the third consecutive year.
Bass, Berry & Sims a â€˜go-to' law firm
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NASHVILLE - In a recent survey, Bass, Berry & Sims was named a "go-to" law firm by three of its Fortune 500 clients: Dell Inc., HCA Inc. and Performance Food Group Co. Bass, Berry & Sims officials said they appreciate the trust and confidence that these clients have shown in the firm. It was named by more clients than any other Tennessee firm listed. For its annual survey, Corporate Counsel magazine sent surveys to the general counsel at each of the Fortune 500 companies asking them which outside law firms they turned to for assistance in the following five practice areas: corporate transactions; intellectual property; labor and employment; litigation; and European Union matters. The general counsels were asked which firms handled their most important cases and transactions. Firms cannot pay to be included in this list.