NEW YORK - The Dow Jones industrial average closed above 12,800 for the first time Wednesday, signaling Wall Street's recovery from its steep decline in February as investors rewarded companies with strong earnings. The day was not a standout for the overall market, however. Technology stocks lagged following disappointing earnings from leaders including Yahoo Inc. The Dow moved as high as 12,838.46 before slipping back slightly to close at 12,803.84, up 30.80, or 0.24 percent. The Dow broke records set on Feb. 20, one week before the average tumbled 416 points in a worldwide selloff. As only 11 of the 30 stocks in the blue chip index advanced, the Dow's gain Wednesday came from strength in stocks like JP Morgan Chase & Co., Boeing Co. and Caterpillar Inc. JPMorgan lifted the Dow after the bank reported a 55 percent jump in profits that far surpassed Wall Street's expectations. The companies that make up the Dow have been mostly beating the Street's predictions. The Standard & Poor's 500 index rose 1.02, or 0.07 percent, to 1,472.50, but the Nasdaq composite index fell 6.45, or 0.26 percent, to 2,510.50. Bond prices rose for the third straight session as investors grew optimistic that the Federal Reserve won't raise interest rates. The yield on the benchmark 10-year Treasury note fell to 4.66 percent from 4.69 percent late Tuesday. Gold prices also advanced. Light, sweet crude settled up 3 cents at $63.13 per barrel on the New York Mercantile Exchange as a government report showed a bigger-than-expected decline in gasoline inventories. The U.S. Energy Information Administration said stockpiles dropped 2.7 million barrels to 197 million barrels. Declining issues led advancers 9 to 7 on the New York Stock Exchange, where consolidated volume came to 2.93 billion shares compared with volume of 2.89 billion shares traded Tuesday. The Russell 2000 index of smaller companies fell 4.58, or 0.55 percent, to 824.38.
Cooper-Standard GM Supplier of the Year
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SURGOINSVILLE - Cooper-Standard Automotive's Fluid Systems Division has earned the Supplier of the Year Award for brake and fuel lines from General Motors. The award is one of GM's highest supplier honors and was presented during a ceremony held March 31 in Orlando, Fla., at the JW Marriott Grande Lakes Hotel. Award winners are selected by a global team of GM executives from purchasing, engineering, manufacturing and logistics. Winners are chosen for excellence in quality, service, technology and price. Cooper Standard's plant at the Phipps Bend Industrial Park is included in the division winning the award. Cooper-Standard Automotive is headquartered in Novi, Mich.
Greene County Bancshares earnings up
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GREENEVILLE - Greene County Bancshares Inc. has announced higher earnings and "solid" operating results for the first quarter ended March 31. Net income increased to $5.616 million or 57 cents per diluted share, up 10 percent from $5.096 million or 52 cents per diluted share in the first quarter of 2006. Balance sheet highlights included strong organic growth in the company's loan portfolio, continued improvement in credit quality and higher deposits. Return on average assets was 1.26 percent in the first quarter of 2007 compared to 1.2 percent in the fourth quarter of 2006 and 1.27 percent in the year-earlier quarter. Return on average equity increased to 11.93 percent in the first quarter of 2007, up from 11.16 percent in the fourth quarter of 2006 and 11.86 percent in the year-earlier period. Return on average tangible equity, which is average shareholders' equity less goodwill and intangible assets, was 14.99 percent in the first quarter of 2007 versus 14.1 percent in the fourth quarter of 2006 and 15.41 percent last year.
Tim Cox Photo/Graphics wins silver Addy
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WISE - The American Advertising Federation recognized Tim Cox Photo/Graphics of Wise with a silver award at the AAF's annual Addy District Awards banquet. Local photographer Tim Cox was honored with the silver award in the photography division's elements of advertising category for his "Daddy's Hands." work. District winners were first judged at a local level by more than 200 ad clubs affiliated with the AAF. Cox received the gold award for "Daddy's Hands" at the Tri-Cities Addy awards banquet in February. The district consists of entries from Tennessee, Georgia, Alabama, Mississippi and Southeast Louisiana. Regional winners will compete at the national competition in May. Tim Cox Photo/Graphics is a Wise-based company specializing in communicative photography as well as stock imaging for personal and corporate use. For more information call (276)328-3202 or visit www.timccox.com online.