Posted: Mar 22, 2013 8:20 PM by Katie Brennan
Updated: Mar 25, 2013 7:19 AM
COLUMBIA - Sequester budget cuts are the sole reason behind the FAA's decision to close the Columbia Regional Airport air-traffic control tower, along with towers at 148 other private airports across the country. This is just one attempt by the FAA to cut the $627 million in expenses by Sept. 30 that the sequester demands.
Yet, Wall Street seems to be shrugging off any potential sequester victims, and any other negative news for that matter. Turmoil in the tiny European nation Cyprus did not spark a major correction in stocks this week like some thought it would. That's as the bankrupt country edges closer to the Monday deadline from the Eurozone to find a rescue plan for its failing banks.
It was a wild week, but markets managed to rebound from their biggest drop in nearly a month to end on a positive note for the day. But, they finished in the red for the week. The Dow snapped a four-week win streak and the S&P 500 logged its second losing week this year.
The Dow increased 90.54 points, or 0.6%, to close at 14,512.03. Seven of its 30 components closed down. The Dow lost less than 0.01% this week.
The S&P 500 index gained 11.09 points, or 0.7%, closing at 1,556.89. Consumer discretionary and consumer staples stocks led the S&P's gains, but the index was down 0.2% for the week.
The Nasdaq Composite Index advanced 22.40 points, or 0.7%, to 3,245.00. Apple helped, gaining 2% today. But like the other indexes, the Nasdaq finished the week in negative territory, down 0.1%.
Markets were comforted by the Federal Reserve's promise to continue to pump money into the economy in the form of QE, while keeping borrowing rates at record lows. Investors were also encouraged by a slew of positive economic data out this week, especially in housing.
Construction of new homes and apartments in February shot up most in 5 years, while sales in existing homes rose to three year highs. Get this: homebuilders say that can't get a hold of enough land building materials and workers to keep up with demand.
Mid-Missouri falls in line with that trend. Single family home sales in Boone County are up month over month for January and February both and the president of Columbia's Board of Realtors told me she expects that trend to continue.
"We are going to see a slow trend in price increases, especially if interest rates stay the same or don't increase over that 4.5% mark for a while," said Jessica Kempf.
Kempf added those signs point to a shift from a buyer's to a seller's market. Stocks are on upswing as well, but the long-awaited correction is on investor's minds.
Here's what could impact markets in the week ahead:
The first quarter comes to an end next week - believe it or not - and investors will turn their attention to corporate profits as earnings season starts.
Posted 5:53 PM 11/21/2015 by Luke Slabaugh, KOMU 8 Sports Reporter
COLUMBIA - The dust is settling on one of the most eventful Novembers mid-Missouri has seen.
Implications are abound for MU in its recruiting of students and athletes in the wake of the events on campus that garnered it national attention - in particular, the (More)
Posted 5:39 PM 11/26/2015 by The Associated Press
SPRINGFIELD (AP) — Springfield police said an officer has shot and killed a man during a struggle over the officer's gun.
Police on Thursday identified the man who was killed as 23-year-old Magnum E. Phillips, of Springfield. Police said in a news release that the shooting (More)
Posted 5:34 PM 11/26/2015 by The Associated Press
FORT LEONARD WOOD (AP) — Fort Leonard Wood dished out more than five tons of turkey for the Thanksgiving Day holiday.
The south-central Missouri installation said in a news release that it celebrated the holiday with a traditional meal served in (More)
Adv. - more news below
Posted 2:08 PM 11/26/2015 by Annie Hammock, KOMU 8 Reporter and Nicole Cooke, Sedalia Democrat Reporter
COLUMBIA - A fire in Sedalia gutted two homes and heavily damaged at lest two others Thursday on the 500 block of 4th Street. Dramatic pictures and video from the scene show flames and heavy smoke.
No one was injured in the fire, according to Sedalia Fire (More)
Posted 1:55 PM 11/26/2015 by Kolbie Satterfield, KOMU 8 Reporter
COLUMBIA – An expected 650 people were fed a full Thanksgiving meal today thanks to the annual “Everybody Eats” program.
There were 59 turkeys and 11 hams prepared the day before Thanksgiving to feed the crowd, head chef Bill Sullivan said.
For two of the many (More)
Posted 12:09 PM 11/26/2015 by The Associated Press
SPRINGFIELD (AP) — Springfield police said an officer shot and killed a man during a struggle over the officer's gun.
Police on Thursday identified the man who was killed as 23-year-old Magnum E. Phillips, of Springfield. Police said in a news release that the shooting happened (More)
Posted 10:31 AM 11/26/2015 by The Associated Press
KANSAS CITY (AP) - Arrests for drunken boating on Missouri waterways have fallen by 63 percent since the Missouri State Water Patrol merged with the Highway Patrol.
State records show that arrests for boating while intoxicated fell from 352 in 2010, the last year before the merger, to (More)
Adv. - more news below
Posted 10:22 AM 11/26/2015 by Annisa Budiman, KOMU 8 Reporter
COLUMBIA - As people are preparing for their Thanksgiving feast, shoppers are planning to get the best deals for Black Friday. Many stores are again starting Black Friday sales early on Thursday this year.
KOMU 8 talked to shoppers at Walmart and Best Buy about their plans for (More)
Posted 9:40 AM 11/26/2015 by Eric Yount, KOMU 8 Digital Producer
BOONE COUNTY - An early morning fire broke out in a house at 6399 Old Village Road Thursday.
Battalion Chief Gale Blomenkamp of the Boone County Fire Protection District said a couch caught fire in the living room, causing smoke and heat damage throughout the room. The woman living there and her two dogs were able to escape without injury.
The cause of the fire is still under investigation.