This is a printer friendly version of an article from www.thedailytimes.com
To print this article open the file menu and choose Print.
Article published Jul 3, 2009 Jobless data sends stocks reeling; Dow loses 223 ... and more
Jobless data sends stocks reeling; Dow loses 223
NEW YORK -- A dour report on job losses in June sent stocks sharply lower Thursday.
Major stock indexes fell more than 2.6 percent after the government said the U.S. unemployment rate hit a 26-year high. The Dow Jones industrials closed at their lowest level in six weeks.
The Dow Jones industrials lost 223.32, or 2.6 percent, to 8,280.74, the lowest close since May 22. It was the average's worst day since April 20.
The Standard & Poor's 500 index fell 26.91, or 2.9 percent, to 896.42 and the Nasdaq composite index fell 49.20, or 2.7 percent, to 1,796.52.Gasoline prices fall before Fourth of July holiday
Again this year, retail gasoline price averages defy conventional wisdom, AAA said Thursday.
Prices at the pump -- including in Blount County -- are falling instead of rising just in time for the July Fourth weekend, when logic says prices should rise with higher traffic volume. All six East Tennessee AAA Fuel Gauge cities reported drops from 1 cent in Knoxville to 10.3 cents in Kingsport.
Maryville's Fuel Finder average of 31 stations was $2.43 Thursday, down 2.2 cents from last week's average. The most common price over the last three days was $2.43, seen at seven stations and six stations reporting $2.45 and 2.46. The lowest price in Maryville was $2.34. This week's average is $1.49 lower than one year ago.Extended unemployment benefits available
Legislation extending unemployment benefits with federal funding provided by the American Recovery and Reinvestment Act was recently signed into law.
The Tennessee Extended Benefits Program adds a maximum of 20 weeks of benefits for claimants who exhausted their emergency unemployment compensation benefits on or after Feb. 28.
Unemployed Tennesseans who believe they may be eligible for state extended benefits can file online by accessing the department's Web site at http://tn.gov/labor-wfd/. The extended benefit application will be available online beginning July 15. No applications will be available before July 15. Unemployment claimants who are receiving benefits as of July 15 will automatically transition to the extended benefits and will not have to reapply.Mayfield's Visitor Center makes AARP's favorite list
Mayfield Dairy Farms Athens Visitor Center has been named one of AARP The Magazine's favorite places in Tennessee.
In 2008, AARP of Tennessee polled its 300 state volunteers on their 50 favorite day trips in the state and the Mayfield Visitor Center made the list.
Visitors to Mayfield Dairy Farms take a free tour and learn about Mayfield's history and products.
Tours run Monday, Tuesday, Thursday and Friday every 30 minutes from 9 a.m. to 5 p.m. (except at noon). Tours are every hour on the hour on Wednesday. The last tour of the day begins at 4 p.m. Saturday tours are 9 a.m. to 2 p.m. every hour, with the last tour beginning at 1 p.m.Drivers license has easier-to-read date of birth
The Tennessee Department of Safety has started issuing drivers licenses with the date of birth in larger red type designed to make it easier for retailers to read.
A law passed in 2008 required that the size of the type for the date of birth on the Tennessee driver license be the same size as the driver license number. The legislation was sponsored in the Senate by Sens. Doug Overbey of Maryville and Tim Burchett of Knoxville.
Prior to the new law, the driver license number was already a larger font size than most other personal information on the plastic laminated card. Senate Bill 3116 of 2008 also requires that the date of birth be in red.
The law does not require drivers license holders to obtain the revised license until applying for a new license, a replacement driver license or renewing an existing license.Grant will 'electrify' Tennessee truck stops
The Environmental Protection Agency has selected the Tennessee Department of Transportation to receive a $2 million American Reinvestment and Recovery Act discretionary grant to begin equipping truck stops across the state with truck stop electrification technology.
Truck stop electrification systems provide heating and cooling for sleeper cab compartments and power to run electrical appliances, such as computers and microwaves. The systems also allow trucks outfitted with on-board equipment to "plug in" to operate necessary systems without idling the engine.
The project will save trucking companies the cost of fuel that would be used when idling. The EPA estimates that annual fuel savings could exceed $3,240 per truck parking space.Oil prices tumble as Europe and the U.S. shed jobs
NEW YORK -- Oil prices tumbled to their lowest level in a month Thursday following the release of woeful job numbers in Europe and the U.S.
Benchmark crude for August delivery fell $2.58, nearly 4 percent, to settle at $66.73 a barrel on the New York Mercantile Exchange.
Crude hit an eight-month high in midday trading Tuesday, but prices have fallen at the close for five straight days now.
Nymex is closed today for the July Fourth holiday.
On Thursday, a Labor Department report showed the economy lost a larger-than-expected 467,000 jobs in June. The unemployment rate climbed to 9.5 percent from 9.4 percent in May, underscoring concerns about the pace of economic recovery.
U.S. stores of natural gas continue to grow as energy demand has weakened. The government reported that the nation's surplus grew more than expected last week, and it's now 21 percent above the five-year average.
The job numbers in the U.S. came on the heels of an awful employment picture in Europe.
Oil prices have doubled since March, when the Fed committed $1.2 trillion dollars to prop up the banking industry. Investors poured money into commodities like oil as a hedge against inflation, and foreign traders found they had more buying power as the dollar weakened.
If you have a business item for The Daily Times, e-mail Bob Norris at robert.norris@thedailytimes.com or mail to: Briefcase, The Daily Times, P.O. Box 9740, Maryville, Tenn. 37802-9740. For more information, call Bob Norris at 981-1143.