NEW YORK - Investors resumed their buying spree on Wall Street Tuesday, driving stocks higher after a bid for media company Dow Jones & Co. revived enthusiasm about takeover activity. The Dow Jones industrial average reached another record close, its 38th since last October, as big company stocks benefited from the turnaround. Earlier in the session, stocks wavered on mixed economic data that showed strength in manufacturing but a wilting housing market and weak car sales. After April's big advance, investors were wary that the current economy wouldn't justify another move higher on Wall Street. But the caution dissipated after Dow Jones, which publishes The Wall Street Journal, confirmed that it received an unsolicited bid from Rupert Murdoch's News Corp. to buy the company for $5 billion, or $60 a share. The Dow industrials rose 73.23, or 0.56 percent, to 13,136.14, after dropping to 13,041.30 in earlier trading. The Standard & Poor's 500 index rose 3.93, or 0.27 percent, to 1,486.30, and the Nasdaq composite index rose 6.44, or 0.26 percent, to 2,531.53. Bond prices dropped after the manufacturing data made lower rates look less likely, and the yield on the benchmark 10-year Treasury note rose to 4.64 percent, up from 4.62 percent late Monday. The Russell 2000 index of smaller companies rose 1.68, or 0.21 percent, at 816.25. Advancing issues outnumbered decliners by 6 to 5 on the New York Stock Exchange, where consolidated volume came to 3.29 billion shares, up from 2.99 billion Monday. Crude oil prices fell $1.31 to settle at $64.40 on the New York Mercantile Exchange.
All Seasons Collectibles & Gifts opens
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KINGSPORT - The Kingsport Area Chamber of Commerce will hold a ribbon cutting at 10 a.m. Friday for All Seasons Collectibles & Gifts, 2400 W. Stone Drive, Suite 8. The public is invited.
May is Business Appreciation Month
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NASHVILLE - Gov. Phil Bredesen and Tennessee Department of Economic & Community Development Commissioner Matthew Kisber have declared May as Tennessee Business and Industry Appreciation Month. The month is designed to acknowledge businesses for the jobs they provide and the support they give to their communities throughout the state of Tennessee. "Tennessee's existing industries play an important role in our state's economic success," said Bredesen. "Our business and industry partners provide needed jobs, offer community support, and create economic opportunities throughout the state. We tip our hats to Tennessee's business community, not only during this special month of recognition, but throughout the year."
Work force analysis available online
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BLOUNTVILLE - The Regional Alliance for Economic Development announced Tuesday that the 10-county regional work force analysis it commissioned is available on the alliance Web site at www.alliancetnva.com. To access the full report and appendices, mouse over the Resources tab and click on the Document Library icon. The alliance's mission is to plan, develop and implement an aggressive and focused global marketing strategy, leverage regional recruiting efforts, support local economic development organizations, facilitate the creation of high-quality jobs, attract new capital investment, improve per-capita income, and to promote, identify and position the region to compete in the global marketplace. For more information contact Finley Green, alliance communications director, at 323-8107 or by e-mail at email@example.com.
Franko to chair department at Quillen
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JOHNSON CITY - Dr. John Franko is the new chairman of the Department of Family Medicine at East Tennessee State University's James H. Quillen College of Medicine. Franko will oversee the educational, research and patient care programs within the department, which includes three large outpatient centers in Bristol, Johnson City and Kingsport. Prior to joining the Quillen faculty, Franko was vice chair for clinical affairs and residency program director in the Department of Family Medicine at the University of Virginia Health System in Charlottesville. Franko earned his bachelor of science degree from the University of Notre Dame and his medical degree from the University of Virginia. He completed his family medicine residency at Roanoke Memorial Hospital. He is a member of the American Academy of Family Physicians, American Medical Association, Virginia Medical Society, American Society of Colposcopy and Cervical Pathology, and the Society of Teachers of Family Medicine, for which he chaired the Group on Resident Education from 2004-06.