Stocks slide as Fed chief testifies
Former Kingsport resident wins award
Church Hill woman wins Food City Tahoe
NEW YORK - Stocks fell Wednesday after Federal Reserve Chairman Ben Bernanke chided investors who may have looked past long-standing concerns about inflation. The Dow Jones industrials fell nearly 100 points, the third straight session of declines. A rise in oil prices to a six-month high and a weaker-than-expected rise in orders for large manufactured goods compounded investors' concerns Wednesday. In Capitol Hill testimony, Bernanke said while core inflation slowed modestly in the second half of 2006, recent readings remain "uncomfortably high." He also said troubles among some mortgage lenders that cater to those with poor credit don't appear to have spread to the broader economy, though he added the situation requires further observation. Stocks rallied last week after investors interpreted language from the Fed as opening the way to the possibility of a reduction in interest rates. But concerns about stubborn inflation could reverse investors' hopes for a reduction in rates, even as the economy continues to cool. The Dow industrials fell 96.93, or 0.78 percent, to 12,300.36. The Dow fell by as much as 140 points after the Fed released Bernanke's prepared remarks for his testimony. Broader stock indicators also pulled back. The Standard & Poor's 500 index fell 11.38, or 0.80 percent, to 1,417.23, and the Nasdaq composite index fell 20.33, or 0.83 percent, to 2,417.10.
DALLAS - A former Kingsport resident was honored when HomeTeam Pest Defense held its national sales meeting in Dallas Feb. 20-23. Regional Sales Manager Kenneth Hylkema congratulated the Southeast Region for having two award winners from the national meeting. Liz Crowley was selected as Sales Representative of the Year for the company. Scott Bloodworth, sales manager of the Atlanta East Office, received the award for Best Cost Per Sale Versus Budget Award on behalf of his office. The awards were presented during the closing ceremonies Feb. 22. Bloodworth received his bachelor's degree from Carson-Newman College in Jefferson City. He is formerly of Kingsport and moved to Atlanta in 2001.
ABINGDON - A lucky Food City shopper from Church Hill got to "bring home a winner" following the March 25 Food City 500.