NEW YORK - Wall Street rallied sharply Wednesday after an economic assessment by the Federal Reserve ignited investor hopes that the central bank has warmed to the idea of lowering short-term interest rates. Largely thanks to Wednesday's triple-digit gains, the Dow Jones industrials have surged 337 points this week, the best three-day performance for the blue chip average since November 2004. Investors had nervously awaited the economic statement that accompanied the Fed's decision to leave short-term interest rates unchanged at 5.25 percent. The Dow soared 159.42, or 1.30 percent, to 12,447.52, after having been flat until the Fed announcement. Broader stock indicators also posted strong gains. The Standard & Poor's 500 index jumped 24.10, or 1.71 percent, to 1,435.04, and the Nasdaq composite index advanced 47.71, or 1.98 percent, to 2,455.92. The Dow is still down 0.13 on the year, but the S&P 500 and Nasdaq are now up by more than 1 percent. Bonds rose following the Fed decision. The yield on the benchmark 10-year Treasury note fell to 4.54 percent from 4.55 percent late Tuesday. The yield on the two-year note briefly fell below that of the 10-year for the first time since August 2006 - a positive sign, given that some say that a market with short-term yields exceeding long-term yields portends a recession. The dollar was mixed against other major currencies, while gold prices rose. Light, sweet crude settled up 36 cents at $59.61 per barrel on the New York Mercantile Exchange. A government report showed U.S. crude oil inventories rose again last week, but gasoline stocks fell more than analysts expected. Advancing issues outnumbered decliners by about 5 to 1 on the New York Stock Exchange after being nearly even before the Fed's announcement. Consolidated volume came to 3.13 billion shares, up from 2.75 billion on Tuesday. The Russell 2000 index of smaller companies rose 13.87, or 1.75 percent, to 807.47.
Contractors announce award winners
Return to top
JOHNSON CITY - The Tri-Cities Branch of the Associated General Contractors of Tennessee recently announced winners of the 15th annual Tri-Cities AGC Excellence Awards. These awards are given to companies and individuals who have earned the respect of their peers for their skills, professionalism and integrity. The awards were presented March 13 at the Johnson City Country Club by Mark Wininger, president of Tri-Cities AGC, and Kenny Carter of the Tri-Cities AGC Awards Committee. Winning the General Contractor Circle of Excellence Award was BurWil Construction Co. Inc., Bristol, Tenn., Bill Prince; and J.A. Street & Associates, Blountville, Jim Street. The Project Manager of the Year Award went to Wayne Woods, Burleson Construction Co. Inc., Johnson City. Subcontractor of the Year was Chris Mullins Co. LLC, Kingsport. Supplier of the Year was Enco Materials Inc., Johnson City. The Architect of the Year Award for Project of the Year went to McCarty Holsaple McCarty, Knoxville; and Beeson, Lusk & Street Inc., Johnson City. The winner of the 2006 Project of the Year Award was the Bristol Public Library, with BurWil Construction as the general contractor. Second place was First Baptist Church, Greeneville, GoinsRashCain Inc. general contractor and CainRashWest Inc. architect. Third place was Mountain States Health Alliance Wellness Center/Medical Office Building, Johnson City, J.E. Green Co. general contractor and Browning, Day, Mullins and Dierdorf of Indianapolis as the project architect.
Thompson & Litton ranked in leaders list
Return to top
WISE - Virginia Business Magazine released its "Virginia's List of Leaders" in its March issue, and Wise-based Thompson & Litton is ranked as the 20th-largest architectural and engineering firm in Virginia. The rankings are based on the number of employees in Virginia and the amount of revenue earned. Thompson & Litton is an engineering, architectural, surveying and construction administration firm founded in Wise.
Children's Advocacy Center hires director
Return to top
BLOUNTVILLE - Joette D. Street has recently accepted the position of executive director with the Children's Advocacy Center of Sullivan County. Street spent 14 years with the March of Dimes working as the community director for Bristol, Greeneville and Johnson City from 1993 to 1998 and as the Appalachia Division director from 1998 to 2007. She was a member of the Junior League of Johnson City from 1979-1989, the director of marketing and public relations for the Hands On! Regional Museum from 1989-1990, and is a graduate of the Bristol Leadership Class of 1997. Street is a mother of four and grandmother of 13.