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Stocks close lower ahead of economic reports

NEW YORK — The stock market is ending with a modest loss as investors wait for a series of big economic reports later in the week.

  • icon Posted: July 29

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Monday 07/28/2014
Hardy Realty to open satellite office in Forrest Place building
Updated: July 29, 2014 - 12:27 am

Hardy Realty will open a satellite office at 440 Broad Street, the former Living & Giving location in the Forrest Place building.

Rome City Commission to set tax rate tonight at meeting
Posted: July 28, 2014

The city of Rome’s past and future finances will be highlighted at the regular meeting of the board of commissioners tonight.

Sunday 07/27/2014
County Commission chair opposes using county money for Redmond Trail project
Posted: July 27, 2014

County Commission chairman Irwin Bagwell opposes the use of county money to pay for a portion of the Redmond Trail project, saying county coffers can’t support the $360,000 connection despite the fact the money would be reimbursed by a state grant.

Study can show how to grow Weiss Lake in Cherokee County
Posted: July 27, 2014

It’s been 20 years since officials in Cherokee County, Alabama, got solid data on the economic impact of Weiss Lake.

Friday 07/25/2014
Water park for Rome looks unlikely; former Roman outbid at auction
Updated: July 26, 2014 - 1:54 am

A former Roman’s attempt to bring some large water slides to Rome was stymied Thursday when an Ohio group was the high bidder for the Pioneer Waterland and Fun Park.

GNTC’s Graceful Beam completes 2014 Georgia Master Teacher Experience
Posted: July 25, 2014

Graceful Beam, instructor of Business Management, was the Georgia Northwestern Technical College representative for the first annual Georgia Master Teacher Experience; an intensive week of focus on instructional innovations, motivational techniques, situational problem-solving, contextual learning, and information exchange. 

Curb cut to affect on-street parking on Fourth Avenue
Posted: July 25, 2014

Rome officials approved a curb cut on Fourth Avenue that will eliminate three parking places on the side of a building owned by telecommunications entrepreneur Dave Parker at 400 Broad St.

New owner takes over Lindale Piggly Wiggly today
Updated: July 25, 2014 - 12:56 am

Lindale Piggly Wiggly customers will be greeted by a new owner today. Randy Gentry, who also owns Piggly Wiggly stores in Buchanan and Tallapoosa, is taking over from longtime owner Spence Millican.

Thursday 07/24/2014
Floyd County’s unemployment rate jumps to 8.2 percent in June
Updated: July 25, 2014 - 1:13 am

Unemployment in Floyd County jumped 0.3 percent, to 8.2 percent in June from 7.9 percent in May.

After much movement, stocks end where they began
Posted: July 24, 2014

NEW YORK (AP) — Only Wall Street could make the buying and selling of more than 3 billion shares look like nothing happened.

Major U.S. stock indexes ended roughly where they began Thursday, despite investors having to work through a busy day of corporate earnings and two economic reports.

Underneath the flat surface, there was a lot of movement in individual companies. "It's a stock-specific market right now," said Ryan Larson, head of equity trading at RBC Global Asset Management.

Facebook's stock rose 5 percent while Caterpillar's fell 3 percent after the companies each reported quarterly results.

The Dow Jones industrial average edged down 2.83 points, or 0.02 percent, to close at 17,083.80. It was the fourth-smallest point move in the blue chips this year. The Nasdaq fell 1.59 points, or 0.4 percent, to 4,472.11.

The Standard & Poor's 500 index managed to rise 0.97 of a point, or 0.05 percent, to 1,987.98 — a record, though barely. The day before, the S&P 500 closed at 1,987.01.

Three billion shares changed hands on the New York Stock Exchange Thursday, a quieter-than-average day.

Facebook rose $3.69 to $74.98 after announcing a profit that trounced investors' expectations. The company reported an adjusted profit of 42 cents per share versus the 33 cents analysts were looking for, according to a poll by Zacks Investment Research. Mobile advertising, a crucial business for the world's largest social media company, saw major growth.

"It was a very impressive quarter on top of what we believe were very high Street expectations," said Paul Vogel, an analyst with Barclays Capital, in a note to investors.

Dow member Caterpillar fell $3.34 to $105.04, making it the biggest decliner among the 30 companies that make up the average. The equipment maker's quarterly revenue fell short of forecasts.

Homebuilder stocks slid after the government reported that new home sales sagged 8.1 percent last month. The report also revised down the May sales rate. Shares of Pulte Homes and KB Home fell 3 percent while Toll Brothers fell 4 percent. D.R. Horton quarterly results also dragged down homebuilders. Its profit dropped, and the stock price fell $2.86, or 12 percent, to $21.94.

Another industry that got a lot of attention was autos. Ford rose 6 cents, or 0.3 percent, to $17.84 after reporting a 6 percent increase in second-quarter profit. The automaker was helped by increased sales in Europe. General Motors fell $1.67, or 4.5 percent, to $35.74 after announcing an 85-percent drop in quarterly earnings. The company is in the midst of the worst recall crisis in its history.

Investors got some good news about jobs. The Labor Department reported weekly applications for unemployment aid dropped 19,000 to a seasonally adjusted 284,000 claims. That's the lowest reading since February 2006, nearly two years before the Great Recession began.

In other markets, the yield on the 10-year Treasury note nudged up to 2.51 percent from 2.47 percent late Wednesday. Bond yields rise when prices fall. U.S. crude oil fell $1.05, or 1 percent, to $102.07 a barrel in New York.

Chamber event to benefit educational organizations
Posted: July 24, 2014

The Greater Rome Chamber of Commerce is holding its annual Mid-year Celebration for Education on Thursday, July 31, from 5:30-7:30 p.m. at Shorter University.

Northwest Georgia crowdfunding workshop to be held Wednesday
Updated: July 25, 2014 - 7:03 am

Heritage First Bank and Makervillage have partnered to bring Atlanta-based crowdfunding marketplace SparkMarket to lead a crowdfunding workshop for local entrepreneurs,inventors, and investors interested in alternative financing options for creating and growing business. The free event is for those with any level of business and investment experience. It will be held at 7hills Makerspace, located on the penthouse floor of 336 Broad St. on Wednesday, July 30, at 7 p.m.

State to help Automation Personnel recruit workers in Rome next week
Updated: July 24, 2014 - 3:40 pm

ATLANTA --The Georgia Department of Labor (GDOL) will help Automation Personnel fill more than 30 jobs in Calhoun and Adairsville with a light industrial manufacturer.

GHC Human Resources Seminar to focus on changing employment landscape
Updated: July 24, 2014 - 9:29 am

The Georgia Highlands College Office of Continuing Education will be hosting the 8th Annual Managing Human Resources Seminar on Aug. 6 from 8:30am-2:30pm. The seminar will focus on the changing employment landscape in Northwest Georgia and how to attract and retain high quality talent.

Tuesday 07/22/2014
Entire region shares in Bartow’s growth; local leaders say reinvestment, regional cooperation critical to success
Posted: July 22, 2014

Bartow County is enjoying a tremendous boom right now with LakePoint Sporting Community and Town Center, voestalpine, Surya Rug, Beaulieu International Group and the Toyo Tire expansion promising more than 2,400 jobs within the next three years.

Mitchell named registrar at Shorter University
Updated: July 23, 2014 - 12:33 am

Justin A. Mitchell has been named registrar at Shorter University. As registrar Mitchell is responsible for maintaining student records and serving as an academic liaison between faculty and staff. He will also manage student and class scheduling and degree audits, evaluate transfer credit, determine athletic eligibility and prepare the university’s annual catalog.

Rome, Floyd County to advance Cave Spring $1 million for work on Fannin Hall
Updated: July 23, 2014 - 12:28 am

Rome and Floyd County have agreed to advance the city of Cave Spring $1 million in special purpose, local option sales tax funds to help finance the restoration of Fannin Hall.

GDOL to host job training recruitment in Dalton Aug. 5, Cartersville on Aug. 12
Posted: July 22, 2014

ATLANTA – The Georgia Department of Labor (GDOL) will host a special recruitment for job seekers who qualify for OJT, a federal on-the-job training program to help get unemployed workers back into the labor force. The recruitment will be held Tuesday, Aug. 5, from 9 a.m. to 1 p.m. at the Dalton Career Center, 1460 Chattanooga Ave.

Small Business Snapshot: Gutter Flow Inc.
Posted: July 22, 2014

Mark Kobal, owner of Gutter Flow Inc., answers the questions for today’s Small Business Snapshot.

Brewster moving on plans for Etowah Grove with 600 apartments, offices, shops
Updated: July 28, 2014 - 6:12 pm

The Northwest Georgia Regional Commission has determined that a Development of Regional Impact study is appropriate for a proposed mixed-use project called Etowah Grove being put forward by Mark Brewster, president of Garden Lakes Realty.