Monthly Archives: October 2010

Tuesday stocks turn higher after release of Fed minutes

Dow at 11,044, a rise of 34 points today.

NEW YORK (AP) — Traders pushed shares higher Tuesday after minutes from the latest Federal Reserve meeting kept hope alive that the central bank would take more action to stimulate the economy.
The Fed had said after its Sept. 21 meeting that it was concerned that inflation was too low, and suggested it could step up its purchases of government bonds and take other action to encourage lending.
Minutes from the September meeting, released Tuesday afternoon, indicated that Fed Chairman Ben Bernanke and his colleagues were nearing a consensus on what steps to take. Traders are hoping for more concrete news from the Fed following its next meeting in early November.
The dollar fell against other currencies after the Fed minutes came out as traders anticipated another reduction in U.S. interest rates.
Stocks turned sharply higher in the afternoon, led by financial stocks. Technology stocks edged slightly higher, led by Citrix Systems, Inc. and Apple Inc. The tech-heavy Nasdaq composite index rose half a percent, while the Dow Jones industrial average rose about 35 points in late afternoon trading.

Kitsap Business Briefs

PO Chamber Picks
New Officers,
Honors Members
Port Orchard
The Port Orchard Chamber of Commerce recently honored members for outstanding work in their community and elected new officers for the coming year.
James Kelsey of James Kelsey Studios was named Chamber Ambassador of the Year and Dawn Jake of Peterson & Jake CPAs received the President’s Award for 2010. Dana’s Heating & Cooling Inc. was named SK Business of the Year. Dick Davis was chosen SK Man of the Year and Delilah Rene was chosen Woman of the Year.
Desiree Steffens was elected president of the chamber; Patti Kirkpatrick, president-elect; Barry Doll, vice president; Dawn Jake, treasurer; and Leah Wattree, secretary.
New board members Annette Crawford of Ridgemont Terrace, Bob Cross of Harrison Medical Center and Mallory Jackson of Custom Picture Framing are joining returning board members Larry DeBarthe of Kitsap Credit Union and Kim Punt of Alfred Interwest Insurance Co.
Silverdale Chamber
Announces Nominees for Accolades Awards
The Silverdale Chamber of Commerce has announced nominees for its Accolades Awards, with which it has honored members for 37 years.
Nominees include:
Business of the Year (sponsored by Oxford Inn and Suites): All Star Lanes and Casino, Naturally 4 Paws and Monica Waterfront Bakery. It is given to businesses which, through financial and in-kind resources, have made a significant impact on the Silverdale community’s economic and social well being.
Citizen of the Year (sponsored by Suquamish Clearwater Casino and Resort): Roy Lusk of Central Kitsap Fire and Rescue, chairman of the 9/11 Memorial project; Anita Bates, chairwoman of the Silverdale Dog Park Stewardship group; and Lynette George, organizer of the Kitsap County Blue Banner Program. Nominees are individuals who have made a significant contribution to developing a sense of community in Silverdale.
Paul G. Linder Service Award for Chamber Member of the Year (sponsored by Puget Sound Energy): Jackie Carr of Anytime Fitness, April Ihde of Kitsap Bank and Mike Walton, individual member. It recognizes a chamber member who has a significant record of service to the chamber and has given of their time talent and resources.
The awards will be announced at the chamber’s annual Glitz and Glamour Gala Dinner and Silent Auction Oct. 23 at the Kitsap Golf and Country Club. It is open to the community, but reservations are required. Call the Silverdale Chamber of Commerce at (360) 692-6800.
Island Business
a Finalist for
First Look Forum
InTheWorks of Bainbridge Island has been selected as one of 12 finalists in the Northwest Entrepreneur Network’s Fall 2010 First Look Forum to be held Tuesday at the Arctic Club Hotel in Seattle.
It was selected from a competitive applicant pool of more than 40 companies. InTheWorks will present its five-minute pitch to the Northwest’s top investors, angel groups and venture capital firms.
The firm has invented a super efficient catalytic technology that reduces hydrocarbons, carbon monoxide and nitrous oxides emissions, increases fuel efficiency and power, muffles noise and reduces heat in combustion engines. The company’s first product, the AquaCat Marine Catalytic Converter, is designed to address strict emissions standards for marine gasoline engines as set by the Environmental Protection Agency and the California Air Resources Board.
For information, visit
Skookum Educational
Services Awarded
Second Option Year
Skookum Educational Services of Bremerton has won a second option year on its contract to provide grounds maintenance and janitorial services on Northwest Navy installations.
The contract is divided into two geographical areas of Navy Region Northwest: North Sound, which includes Naval Air Station Whidbey Island and Naval Station Everett; and the West Sound, which includes Naval Base Kitsap-Bangor, Naval Base Kitsap-Bremerton, Naval Undersea Warfare Center-Keyport and Naval Magazine Indian Island.
The contract term is one base period with up to nine one-year options. This contract year began Oct. 1 and ends on Sept. 30, 2011.
On the Job
w Rhonda Edwards, broker and owner of Re/Max Town and Country in Port Orchard and Gig Harbor, has earned the Certified Distressed Property Expert designation, having completed training in foreclosure avoidance and short sales. Reach her at (360) 731-5988.
w Sherri Snyder of Coldwell Banker McKenzie Associates has received the “Real Estate Online Marketing Award of Excellence.” The award recognizes agents who consistently provide great marketing services on behalf of their buyers and sellers. It was presented in Seattle at a recent marketing and technology seminar. Reach her at (206) 550-5079 or e-mail her at
Oct. 13
What: The Greater Poulsbo Chamber of Commerce will meet for an Oct. 13 luncheon with guest speaker Janice Miller addressing “Women in Transition.”
When: 11:30 a.m. social, noon luncheon.
Where: Marine Room, Sons of Norway Lodge.
Kitsap Sun staff

Friday stocks rose on hopes of Fed move, Dow kisses 11k

Dow now at 10,991, up 42 points.

NEW YORK (AP) — Stocks rose Friday after another weak report on unemployment added to expectations that the Federal Reserve will step in to prop up the economy.
The Dow Jones industrial average climbed above 11,000 Friday for the first time since early May. It rose 71 points in afternoon trading.
High unemployment remains a major hurdle as economic growth continues to be sluggish. The Labor Department’s report, considered the most important piece of news on the economic calendar, did little to alter the view that the economy remains weak.
While job creation remains scarce, however, there could be a silver lining. Expectations are growing that the Federal Reserve will try to stimulate the economy by stepping up its purchases of government bonds. The gloomy jobs report could give the Fed more incentive to act.
Jason Pride, director of investment strategy at wealth management firm Glenmede, said “by not being stronger, (the jobs report) gives them the window of opportunity to take action.”
Anticipation of the Fed making a move has driven bond yields and the dollar sharply lower in recent days. Bond yields fell again Friday after the jobs report was released. The yield on the two-year note hit a new record low, but the dollar crept slightly higher.

Thursday stocks mixed after positive job news; Dow flirting with 11,000

Industrial average now at 10,912.

NEW YORK (AP) — Stocks seesawed Thursday as traders balanced slightly better news on jobs against mixed results from PepsiCo Inc. The Dow Jones industrial average came within two points of 11,000 before turning slightly lower.
The Labor Department said first-time claims for unemployment insurance fell last week, a better result than analysts were expecting. Retailers including Macy’s Inc., Abercrombie & Fitch and Limited Brands Inc. reported better-than-expected monthly sales.
Many traders were holding back ahead of the release Friday of the government’s closely watched monthly employment report, which is the most important event on the economic calendar and very often determines which way stocks and bonds will trade. Economists expect the unemployment rate climbed to 9.7 percent last month from 9.6 percent in August.
Claims for unemployment insurance have been falling steadily in recent weeks, but still indicate that employers aren’t ramping up hiring. Payroll company ADP said Wednesday that private employers slashed jobs in September for the first time in seven months.
High unemployment remains a main obstacle to stronger economic growth. Worries about jobs had been keeping a lid on spending in recent months, though retailers reported Thursday that sales improved modestly in September.

Wednesday stocks dip on concerns about economy

Dow at 10,275, down 108 points.

NEW YORK (AP) — Stocks dipped Wednesday after a disappointing report on the jobs market renewed concern about the economy. Treasury yields sank to new lows as investors sought safety and anticipated more stimulus measures from the Federal Reserve.
Payroll company ADP said private employers cut jobs in September for the first time in seven months. Investors are seeing a silver lining in the news, however, hoping that it could help push the Federal Reserve to take more action to get the U.S. economy going next month, including stepping up its purchases of bonds.
“It’s just a matter of when and how much,” Christian Hviid, chief market strategist at Genworth Financial Asset Management, said of the Fed’s likely plans to buy bonds. “The motivation is to keep (interest) rates low.”
Gold reached another high and the dollar slumped further against other currencies on anticipation that U.S. interest rates could head even lower if the Fed moves aggressively to buy bonds and take other measures to encourage borrowing.
The Dow Jones industrial average rose 3 points in afternoon trading, but broader indexes dropped and falling stocks outpaced those that climbed. The yield on the two-year Treasury note touched a record low 0.38 percent, and the yield on the 10-year note fell to 2.39 percent. The 10-year yield touched its lowest level since January 2009 when the country was mired in a recession.