“Walkway Over the Hudson draws 40,000 on 1st weekend - Poughkeepsie Journal” plus 4 more

Walkway Over the Hudson draws 40,000 on 1st weekend - Poughkeepsie Journal
Opponents target Walker's Twitter account, campaign says - Milwaukee Journal Sentinel
Big rally on Wall Street - CNN Money
Commodities surge drives stock market higher - Modesto Bee
Ontonix Warns of a Second Sub-Prime Type Bubble in U.S. Housing Market - Biloxi Sun Herald

Walkway Over the Hudson draws 40,000 on 1st weekend - Poughkeepsie Journal

Posted: 06 Oct 2009 08:30 AM PDT

An estimated 40,000 people visited the Walkway Over the Hudson Historic Park on opening weekend. And on Monday, the Parker Avenue lot was full, a state official said.

But even though the bridge is open, there are still details to work out. Also, officials don't know how attendance will pan out once the novelty wears off.

Jayne McLaughlin, director of the Taconic Region for the State Office of Parks, Recreation and Historic Preservation, said it is virtually impossible to get an exact count of the number of visitors because there aren't turnstiles at the entrances or tickets collected. However, she estimated at least 20,000 visitors per day over the weekend based on observation of parking, shuttle and charter buses, and of the crowds on the Walkway.

Starting this weekend, the bridge is officially a state park, managed and operated by the state Office of Parks, Recreation and Historic Preservation.

The nonprofit organization Walkway Over the Hudson, which was responsible for converting the abandoned Poughkeepsie Railroad Bridge into a linear state park, will act as a "friends of the park" group. It will also continue to own the property until all work, namely a Poughkeepsie-side elevator and lighting, is complete, said Amy Husten, executive director of the group.

The Walkway organization is also responsible for paying the remaining $10 million in debt that was used to construct the park.

The debt was financed by M&T Bank and Ulster Savings Bank.

It is a line of credit that will be converted into a five-year loan at the end of this year, Husten said.

The organization pulled in about $30,000 opening weekend from the sale of T-shirts, caps and other souvenirs, she said.

Walkway is "still actively fundraising," applying for grants and looking for donors," Husten said. But now that the bridge is open, "it's going to get a lot harder to raise money."

Despite some rumors to the contrary, the bridge will remain free of charge.

"State parks sometimes charge fees for various services - golf courses, camping, vehicle use fee - but foot access to the parks is always free," McLaughlin said.

Officials also will have to determine whether parking by the bridge is adequate for day-to-day use.

"It's hard to judge what the steady stream of attendance will be," McLaughlin said. "If there's a real unmet demand, we will look for ways to satisfy it."

As for the economic impact of the bridge, "we've gotten good comments from restaurants, but it's hard to measure," she said. "But I do think you'll see new businesses popping up adjacent to the Walkway. People will want breakfast or lunch or dinner."

Husten said it can take years for the economic impact from a new facility like the Walkway to become a measurable constant .

"It takes about five years to determine what the ongoing and non-event-driven attendance will be," she said. "The attendance levels generally drive the other factors, restaurants , trains, etc."

Opponents target Walker's Twitter account, campaign says - Milwaukee Journal Sentinel

Posted: 06 Oct 2009 08:30 AM PDT

Updated: Oct. 6, 2009 10:12 a.m. | UPDATED

Michael Cudahy and Joe Bartolotta hope to open their new seafood restaurant at the former Pieces of Eight site by spring, and won preliminary city approval today for the concept.

The restaurant, as yet unnamed, will feature crab, lobster and shrimp, as well as items such as burgers and steak sandwiches.

It will have a typical food and beverage tab of $35 to $45 per person for dinner, with lunch items selling for around $8 to $15, said Bartolotta, whose Bartolotta Restaurant Group operates Lake Park Bistro, Bacchus and other Milwaukee-area restaurants.

Bartolotta and Cudahy are close to signing a contract to have Bartolotta operate the restaurant, said Cudahy, a retired business executive. Cudahy this summer bought the the lease on the former Pieces of Eight building, which is on a city-owned lakefront site, from California-based Specialty Restaurants. »Read Full Blog Post

Big rally on Wall Street - CNN Money

Posted: 06 Oct 2009 08:30 AM PDT

NEW YORK(CNNMoney.com) -- Stocks rallied near midday Tuesday, gaining for a second session in a row, as investors welcomed signs of improvement in the global economy and a rally in commodity prices and shares.

The Dow Jones industrial average (INDU) rose 160 points, or 1.7%, about 2 hours into the session. The S&P 500 (SPX) index gained 18 points, or 1.8%, and the Nasdaq composite (COMP) rose 40 points, or 1.9%.

Gold prices spiked to an all-time trading high of $1,045 before pulling back a little and oil and gas prices were all up more than 2%.

The advance was broad based, with 28 of 30 Dow stocks rising as investors piled into a variety of stocks battered in a two-week selloff. Worries that the rally had gotten ahead of the recovery caused the selloff.

But that decline of just over 4% on the S&P 500 seemed to give investors the entry point they were looking for to jump back into stocks.

An upbeat reading on the services sector of the economy helped spark the advance Monday, but there was little on the docket Tuesday except readings on consumer credit and the Treasury budget.

Global stocks rallied after Australia became the first major economy to boost interest rates since the financial crisis began. Australia's central bank boosted its overnight lending rate by a quarter percentage point to 3.25%, saying it was time to start taking away the stimulus of low rates as the economy is no longer weakening.

A roughly seven-month-long rally in U.S. stocks petered out late September at the end of an otherwise upbeat third quarter. In the July-September period, the Dow and S&P 500 both rallied 15%, the best quarter in a decade, while the Nasdaq rose 15.7%, its best quarter in six years.

The run was an extension of a broader rally that's been in place since last March. Since bottoming at a 12-year low March 9, the S&P 500 has gained 51.2%, and the Dow has gained 45% as of Monday's close. After hitting a six-year low, the Nasdaq has gained nearly 61%.

Results due to begin: The third-quarter earnings reporting period unofficially kicks off Wednesday with Alcoa, as is typical. The aluminum maker is expected to post a loss versus a profit a year ago, demonstrating the weak quarter expected for the materials sector.

S&P 500 profits are expected to have dropped almost 25% from the third quarter of 2008.

Company news: Boeing (BA, Fortune 500) said it will take a $1 billion charge in the third quarter because of higher costs to produce its 747-8 airplanes, and the rough market conditions. Shares of the Dow component were little changed.

World markets: Global markets were positive. In Europe, London's FTSE 100, France's CAC 40 and Germany's DAX all gained over 2%. Asian markets ended higher.

Currency and commodities: The dollar tumbled versus the euro and the yen, resuming its recent plunge against a basket of currencies.

U.S. light crude oil for October delivery rose $1.38 to $71.79 a barrel on the New York Mercantile Exchange.

COMEX gold for December delivery rose $24.50 to $1,042.30 an ounce, after rising as high as $1,045, an intraday record and well above the record close of $1,020.20 set two weeks ago.

Bonds: Treasury prices fell, lifting the yield on the 10-year note to 3.26% from 3.22% late Monday. Treasury prices and yields move in opposite directions.

Commodities surge drives stock market higher - Modesto Bee

Posted: 06 Oct 2009 08:38 AM PDT

Stocks are seeing their biggest gains since July 23. At midday, the Dow Jones industrial average is up 150 at 9,751. The Standard & Poor's 500 index is up 17 at 1,058, and the Nasdaq composite index is up 38 at 2,105.

THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP's earlier story is below.

NEW YORK (AP) - Investors rushed into stocks for a second day amid signs that the global economy is recovering and as a weak dollar pushed up prices of commodities.

The Dow Jones industrial average jumped 170 points as major stock indicators rose 1-2 percent.

The drop in the dollar came as Australia became the first major country to raise interest rates. That dented demand for the dollar as did speculation that several countries were considering ending the dollar's role in the pricing of oil.

The drop in the dollar sent oil higher and gold jumped to a record high.

Australia's rate increase reinforced expectations that world governments are expecting the economy to strengthen. The country's central bank governor said it was time to begin reducing stimulus provided by low interest rates and that the risk of major economic contraction in the country was over. The dollar hit a 14-month low against the Australian currency.

Leaving interest rates low for too long can ignite inflation but raising them too quickly can choke off a nascent recovery. Dean Curnutt, president of Macro Risk Advisors, cautioned that other central banks are unlikely to soon follow Australia's lead because the recession exacted a heavier toll in places like the U.S. and Europe.

"Other large, central banks are not in a position to do that yet," Curnutt said.

Curnutt said in the U.S. the Federal Reserve is still focused on avoiding deflation and trying to boost asset prices, such as home values, to help rebuild wealth.

The dollar's slide followed an article in a British newspaper, The Independent, saying that secret meetings were taking place among Arab states, China, Russia, Japan and France, to end dollar dealings for oil and move to a basket of currencies including the euro, the yen and the Chinese yuan. Officials in several of the countries either denied that talks were occurring or said they had no knowledge of them.

The slumping dollar helped stocks for a second day. Stocks jumped Monday after two consecutive losing weeks following news that the U.S. service industry grew for the first time in a year. Upbeat comments about the nation's largest banks also drew buyers, as did a drop in the dollar.

Commodities are priced in dollars, and when the currency falls commodities become more appealing to foreign buyers.

In late morning trading, the Dow rose 169.66, or 1.8 percent, to 9,769.41. The Standard & Poor's 500 index rose 19.54, or 1.9 percent, to 1,060.00, while the Nasdaq composite index rose 41.81, or 2 percent, to 2,109.96.

The Dow jumped 1.2 percent Monday, while the S&P surged 1.5 percent.

Metals and mining and energy stocks rose as commodities surged. Crude oil jumped $1.33 to $71.74 per barrel on the New York Mercantile Exchange, while gold touched a record $1,044 an ounce.

Aluminum producer Alcoa Inc., which is due to report quarterly results Wednesday, rose 51 cents, or 3.8 percent, to $13.93. Barrick Gold Corp. rose $2.32, or 6.3 percent, to $39.23, while Newmont Mining Corp. jumped $3.27, or 7.6 percent, to $46.47. Oilfield services company Schlumberger Ltd. rose $1.84, or 3.2 percent, to $59.80.

Bond prices slipped, sending the yield on the benchmark 10-year Treasury note up to 3.26 percent from 3.23 percent late Monday.

Eight stocks rose for every one that fell on the New York Stock Exchange, where volume came to 342.4 million shares compared with 309.4 million shares traded at the same point Monday.

The Russell 2000 index of smaller companies rose 11.29, or 1.9 percent, to 602.40.

In afternoon trading, Britain's FTSE 100 gained 2.2 percent, Germany's DAX index rose 2.5 percent, and France's CAC-40 gained 2.3 percent. Japan's Nikkei stock average rose 0.2 percent.

Ontonix Warns of a Second Sub-Prime Type Bubble in U.S. Housing Market - Biloxi Sun Herald

Posted: 06 Oct 2009 07:33 AM PDT

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NOVI, Mich., Oct. 6 /PRNewswire/ -- The sub-prime related bubble in the housing sector which was the precursor of the recent global economic crisis, appears to have re-emerged, according to a recent analysis by Ontonix.

In early 2008, analysis of the US housing market data was performed by Ontonix using their proprietary complexity technology. The analysis, which incorporated standard housing market data published by the U.S. Dept. of Housing and Urban Development included approximately 50 market-specific parameters in addition to macro-economical indicators. The results demonstrated that during early 2006 the complexity index (developed by Ontonix) of the market started to rise sharply after an initial dip. As is now well-known, the sub-prime related crisis hit the US economy during mid-2007 approximately a year after the observed sharp rise in market complexity. This crisis was followed by the global market collapse in late 2008, led by the failure of Lehman Brothers bank which was heavily burdened with sub-prime holdings.

Ontonix now warns of a similar trend in housing market complexity, based on their recent complexity analysis using current data.

"It is clearly visible that during the second quarter of 2008, the complexity of the US housing market started to rise again very sharply, repeating the same pattern we observed in 2006. This includes the initial dip followed by a market complexity increase which is proportional to the intensity of the crisis. In the first two quarters of 2008, the market complexity increased by a magnitude similar to the one we saw in 2006. In other words, the pattern is very similar, both in terms of duration, intensity and shape," says Dr. J. Marczyk, CTO of Ontonix.

"The inevitable question, at this point is: will there be a second crisis in the housing market in the US soon? We don't know, although the similarities with the 2007 scenario are ominous," he cautioned.

Ontonix, a privately held company, develops software and offers services in the field of complexity management. Ontonix also offers a first-of-a-kind on-line on-demand service which enables customers to purchase personalized Complexity & Risk Maps(TM) and perform near real-time self-ratings, allowing one to verify the state-of-health of corporations, organizations, asset portfolios, or any kind of business.

SOURCE Ontonix

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