NEW YORK - Wall Street closed narrowly mixed Monday after investors, uneasy about the government's upcoming inflation data, cashed in some of their gains from the market's months-long rally. Blue chip stocks managed a modest increase following DaimlerChrysler AG's announcement that it will sell 80.1 percent of money-losing Chrysler Group to Cerberus Capital Management LP, a private equity group, for $7.4 billion. The news buoyed the Dow Jones industrial average briefly to a new trading high, but the overall stock market dipped, with many investors wary ahead of today's release of the Labor Department's Consumer Price Index, a key measure of inflation. The Dow advanced 20.56, or 0.15 percent, to 13,346.78, after rising in the morning to a trading record of 13,383.76. Broader stock indicators fell. The Standard & Poor's 500 index declined 2.70, or 0.18 percent, to 1,503.15, and the Nasdaq composite index lost 15.78, or 0.62 percent, to 2,546.44. Bonds fell slightly, as many investors stayed on the sidelines ahead of today's economic data. The yield on the benchmark 10-year Treasury note edged up to 4.69 percent from 4.68 percent late Friday. The dollar was mixed against other major currencies, while gold prices fell. The average U.S. retail gasoline price climbed to a record high of $3.07 a gallon, according to AAA, surpassing levels seen after Hurricane Katrina battered the Gulf Coast. Crude oil rose 9 cents to $62.46 a barrel on the New York Mercantile Exchange. Declining issues outnumbered advancers by 7 to 4 on the New York Stock Exchange, where consolidated volume came to 2.65 billion shares, down from 2.68 billion Friday. The Russell 2000 index of smaller companies fell 7.21, or 0.87 percent, to 822.33.
S&ME Inc. among top engineering firms
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KINGSPORT - Southeastern-based engineering and environmental firm S&ME Inc., which operates an office in Kingsport, has again been recognized among the nation's top such firms in 2007 rankings released by a national publication. The lists are compiled from annual revenue surveys conducted by Engineering News-Record (ENR) magazine, a national industry weekly. S&ME placed 80th in the Top 100 Pure Design Firms (engineering companies that do not provide construction), up five spots from last year. S&ME was also 121st on the Top 500 Design Firms (all engineering firms reporting) list, three higher than last year's ranking. It was the company's 12th straight year on ENR's list. S&ME, founded in Raleigh, N.C., in 1973, employs 840 professionals and support staff in 22 offices in North Carolina, South Carolina, Alabama, Florida, Georgia, Tennessee and Virginia. The firm specializes in geotechnical engineering, construction materials engineering and testing, environmental services, and occupational health and safety. Projects have included major airports, bridges, highways, dams, military installations, industrial and commercial sites, and sports facilities including an NFL stadium.
Troutdale wins Wine Spectator award
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BRISTOL, Tenn. - The Troutdale Dining Room has been named among the winners of Wine Spectator magazine's 2007 Restaurant Awards. The Troutdale Dining Room received Wine Spectator's Award of Excellence, which recognizes those restaurants whose wine lists "offer a well-chosen selection of quality (wine) producers, along with a thematic match to the menu in both price and style." The Troutdale Dining Room, along with other winners, will appear in Wine Spectator's August issue. Certified sommelier Charlie Berg, who is studying to become a master sommelier, is on hand at the Troutdale to assist patrons in choosing from among more than 100 wines offered at the restaurant. The Troutdale wine list is available online at the restaurant's Web site, www.thetroutdale.com. The Troutdale Dining Room is owned by Ben and Debra Zandi. Previous honors include the DiRoNA Award, the International Restaurant and Hospitality Rating Bureau's International Award of Excellence, and the National Restaurant Association's Award of Excellence.
Kingsport Livestock Auction
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May 12. Steers, medium frame 1: 200-300 lbs., $112.50-120; 300-400 lbs., $75-122.50; 400-500 lbs., $81-129; 500-600 lbs., $75-120; 600-700 lbs., $72-110; 700-800 lbs., $63-100. Heifers, medium frame 1: 300-400 lbs., $79-111; 400-600 lbs., $52-112.50; 500-600 lbs., $75-103; 600-800 lbs., $70-100. Beef cows and calves: $450-960. Stock cows, $400-825. Stock bulls, $600-900. Baby calves, $50-235; Butcher bulls: 1,000-1,500, $45-65; 1,500 lbs. and up, $58-71. Sl cows breakers & boners: $31-42. Sl cows lean: $50-64. Low dress: $20-31.