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 6:52 PM 11/28/2015 by The Associated Press
JEFFERSON CITY (AP) - Missouri lawmakers are set to question officials in Gov. Jay Nixon's administration on how the state spends money to help refugees.
The Legislature recently set the Monday hearing in response to deadly attacks in Paris and criticism of Nixon's decision not to (More)
Posted 4:38 PM 11/28/2015 by Emma Balkenbush, KOMU 8 Reporter
JEFFERSON CITY - Natasha Johnson started the group, Show Me-Just and Caring Communities, in 2013 and is now beginning to develop the group further.
Johnson started the anti-bully group with another parent after learning about a middle school student who had committed suicide after (More)
Posted 3:29 PM 11/28/2015 by Taylor Stevens, KOMU 8 Reporter
BOONE COUNTY - The Missouri State Highway patrol arrested the man responsible for two high speed chases in Boone and Audrain counties Saturday afternoon.
The Boone County Sheriff's Department said the initial call reported a suspicious incident, in which the suspect knocked on the (More)
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Posted 2:18 PM 11/28/2015 by The Associated Press
SEDALIA (AP) — The cause of a fire that destroyed three Sedalia homes on Thanksgiving Day isn't known.
Sedalia Fire Department Battalion Chief Matt Irwin says the cause couldn't be determined because of "the complexity of the house." The Sedalia Democrat reports that heavy smoke (More)
Posted 1:00 PM 11/28/2015 by Taylor Stevens, KOMU 8 Reporter
JEFFERSON CITY - Thanksgiving weekend is one of the busiest in terms of drivers on the road, but about 29 million of those vehicles aren't equipped with a spare tire. New data from AAA shows that more than one third of 2015 vehicles on the road are missing spare tires. In most of those (More)
Posted 4:19 AM 11/28/2015 by The Associated Press
JEFFERSON CITY (AP) — The Governor's Mansion is about to look a little more festive.
The Christmas trees that will adorn the Jefferson City mansion are arriving Monday morning. The outside tree is a 30-foot Norway spruce that came from the yard of a Washington resident. Also (More)
Posted 2:58 PM 11/27/2015 by Nick Komisar & Amy Money, KOMU 8 Reporters
COLUMBIA - The moment the MU football team announced on Twitter that it wasn't going to play until former UM Systems President Tim Wolfe resigned, the Concerned Student 1950 movement was thrust into the national spotlight. A photo was tweeted by some members of the team locking arms, with (More)
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Posted 1:52 PM 11/27/2015 by The Associated Press
BRANSON (AP) — Authorities say deputies have killed a man who shot his wife and pointed a handgun at the deputies.
KOLR-TV reports that 58-year-old Rick Gullickson was killed early Friday at a home in southern Stone County. The Stone County Sheriff's Department said (More)