NEW YORK - Wall Street was mixed Tuesday, recovering from an early loss as investors shrugged off disappointing housing and consumer confidence data to focus on stronger-than-expected quarterly earnings. The Dow Jones industrials set a new trading high, and resumed their trek toward 13,000. The market picked up momentum in mid-afternoon. Investors seemed to lose some of the earlier caution they adopted after the National Association of Realtors reported sales of existing homes in March had their biggest one-month decline since January 1989. Also, the Conference Board reported consumer confidence fell more than expected in April due to higher gas prices and broader economic concerns. Robust first-quarter earnings reports have been driving the market higher over the past week, allowing the Dow to approach 13,000, and there were more upbeat results cheering the market on Tuesday: from U.S. military contractor Lockheed Martin Corp., Dow industrials AT&T Inc. and Dupont Co., and chip maker Texas Instruments Inc. The Dow rose 34.54, or 0.27 percent, to 12,953.94. The index set a new intraday high of 12,989.86, less than 11 points away from 13,000. Broader markets were mixed. The S&P 500 index was down 0.52, or 0.03 percent, at 1,480.41, and the Nasdaq rose 0.87, or 0.03 percent, to 2,524.54. Investors weren't buying with abandon: Declining issues outnumbered advancers Tuesday by about 3 to 2 on the New York Stock Exchange, where consolidated volume came to 3.11 billion shares, up from Monday's 2.56 billion. Bonds rose, with the yield on the benchmark 10-year Treasury note falling to 4.62 percent from 4.65 percent late Monday. The dollar fell against other major currencies, with the euro close to its record high of $1.3667. Gold prices also fell. Oil prices declined, with a barrel of light sweet crude down $1.30 at $64.59 on the New York Mercantile Exchange. The Russell 2000 index of smaller companies was down 1.19, or 0.14 percent, at 826.36.
Highlands Union plans Knoxville location
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KNOXVILLE - Highlands Union Bank broke ground for construction of its first full-service branch in Knoxville on April 17. The office will be located in East Knoxville in the South Grove development at the intersection of Chapman and Gov. John Sevier highways. Highlands Union's entrance into Knoxville gives the Abingdon, Va.-based bank four full-service branch locations in East Tennessee. The community banking system opened a branch in Sevierville in 2006 and also has offices in Blountville and Rogersville. Founded in 1985, Highlands Union has gradually expanded to encompass a network of branches throughout Southwest Virginia, Western North Carolina and Northeast Tennessee. The Knoxville office will give Highlands Union 14 locations throughout the three-state region. "We are excited to be serving the Knoxville-area communities," said Highlands Union Chief Executive Officer Sam Neese. "Our core value is customer service, and we never stop looking for ways to better meet customers' needs. That has been key to our continued success." Highlands Union Bank has assets in excess of $620 million. In addition to the new Knoxville location and the bank's East Tennessee offices, Highlands Union serves the region through its main office in Abingdon and nine other branches: two each in Abingdon and Bristol, Va.; one each in Glade Spring and Marion, Va.; and three locations in North Carolina - one each in Boone and Banner Elk and a loan office in West Jefferson.
Professional privilege taxes filed online
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NASHVILLE - Members of 22 professional groups required to file professional privilege taxes each year June 1 can do so in less than five minutes thanks to the Tennessee Department of Revenue's e-filing application and credit card payment option. The online filing service, located at www.tennessee.gov/revenue, allows filers to submit personal information, select their profession, make a payment by credit card (MasterCard, American Express and Discover Card with a 2.49 percent processing fee) or electronic funds transfer and receive confirmation of the filing with a few clicks of the mouse. The 22 groups required to file the tax are accountants, securities agents, architects, attorneys, audiologists, broker-dealer agents, chiropractors, dentists, engineers, investment advisers, landscape architects, lobbyists, optometrists, osteopathic physicians, pharmacists, physicians, podiatrists, psychologists, real estate principal brokers, speech pathologists, sports agents and veterinarians. The department provides computer access at its offices in Johnson City, Knoxville, Chattanooga, Nashville, Jackson and Memphis to facilitate electronic filing.