NEW YORK - Wall Street gave up a huge advance and closed mixed Tuesday after an unimpressive snapshot of the housing market unsettled investors. The Dow Jones industrials, which surpassed 13,400 early in the session, slipped back but still eked out a record close. The Dow had surged more than 130 points by midday trading, breezing past 13,400 after the inflation data raised hopes that the Federal Reserve might cut interest rates later this year. The Labor Department said prices paid by consumers rose less than expected in April, and indicated that inflation may be easing as the economy continues to cool. The Dow rose 37.06, or 0.28 percent, to 13,383.84, after rising to a new trading high of 13,481.60. The modest climb nudged the blue-chip index to its 22nd record close this year. The Standard & Poor's 500 index fell 1.96, or 0.13 percent, at 1,501.19. The technology-dominated Nasdaq composite index fell 21.15, or 0.83 percent, to 2,525.29. Bond prices finished lower after the mixed data. The yield on the benchmark 10-year Treasury note rose to 4.71 percent from 4.69 percent late Monday. The dollar fell against other major currencies, while gold prices advanced. A barrel of light sweet crude rose 71 cents to $63.17 on the New York Mercantile Exchange. Declining issues outnumbered advancers by about 3 to 2 on the New York Stock Exchange, where consolidated volume came to 3.09 billion shares, up from 2.65 billion Friday. The Russell 2000 index fell 8.15, or 0.99 percent, to 814.18.
Dennis Spurgeon receives â€˜Turtle' award
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KINGSPORT - Dennis Spurgeon, a past president and vice president of the Kingsport Convention and Visitors Bureau, received the 2007 Darrell Rice "Turtle on the Fence Post Award" for tourism. He received it at the Chamber After Hours sponsored by the KCVB on Tuesday at the Kingsport Area Chamber of Commerce. The "Turtle" award is given each year in honor of Rice, who said, "If you ever see a turtle on a fence post, you know it had to have help getting there." According to a release from the KCVB, Spurgeon demonstrated a dedicated effort to the region's values while volunteering to benefit tourism. "Spurgeon earned this award because he embraces and displays the same characteristics of Darrell Rice: love of the community he calls home, undying loyalty to tourism, and giving freely of his time and expertise at every opportunity without ever wanting or expecting recognition," the release said. The release said Spurgeon was instrumental in the creation of the "Bring it to Kingsport Campaign" in 2003 and for its return in 2006. He garnered sponsorships for KCVB events and put Hertz in the driver's seat for the AAU Wrestling Elementary Duals. He also was responsible for obtaining sponsors for Kingsport's first AAU cross-country event. Other volunteer efforts Spurgeon has been affiliated with include the Optimist Club, United Way board, Kingsport and Bristol chambers, Northeast Tennessee Tourism Association board, Pinnacle Awards sponsor, Fun Fest sponsor recruitment, and AAU youth sporting events sponsor. KCVB gave the award as part of its celebration of National Tourism Week. For more information visit www.visitkingsport.com.
Medical assistants convention scheduled
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KINGSPORT - The Tennessee Society of Medial Assistants annual state convention will be held Friday and Saturday at MeadowView Conference Resort and Convention Center. This event is open to the public and is an opportunity for medical professionals to receive certification and/or maintain credentials. Seminars will provide the latest on advanced technology in the health care field and new techniques for better customer service. The cost is $90 per person, which includes all seminars, a president's lunch and a luau. A reduced price is offered if seminars only are attended. For more information contact Rita Neely at 230-5157.
Hillhouse Graphic Design wins awards
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KINGSPORT - Old Salem Museum & Gardens Magazine, designed by Hillhouse Graphic Design in Kingsport, was designated Best in Category, Full Color Newsletter, by the North Carolina Museums Council. The award was presented in Hickory, N.C., as part of the Museums Council's 2007 multimedia awards. Old Salem's Holiday Season advertising campaign, which included print ads and brochures designed by Hillhouse, was recognized as the Top Full Color Advertising Campaign in the competition. Hillhouse Graphic Design provides graphic design, advertising and communication services for more than 20 businesses, associations and organizations in seven states. The company has been in the Tri-Cities business community since 1984.