Stocks soar as officials confirm rescue plan

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DJIA 11,429.7 +410 / S&P 500 1,256.6 +50.1 / NASDAQ 2,273 +73.9 Tonight: Mostly clear, pleasant. Low 57. Tomorrow: Partly cloudy, more humid. High 82. Sunday: Plenty of sun, comfortable. High 79.
	Friday, September 19, 2008
	Stocks soar as officials confirm rescue plan Wall Street extended a huge rally today as investors stormed back into the market, relieved that the government plans to rescue banks from billions of dollars in bad debt. The Dow Jones industrials rose more than 375 points, giving them a massive gain of more than 785 points over two days. A new ban on short selling, or placing bets that a stock will fall, likely added to the market's gains.   Conseco stock yo-yos after chief buys shares Stock in Conseco Inc. slumped this morning despite the broader market rally - and a disclosure yesterday that CEO Jim Prieur had bought 200,000 shares in the company. The shares fell 69 cents, to $6.81. Prieur's action came after Conseco disclosed Tuesday that the company held more than $100 million in securities of troubled Lehman Brothers Holdings Inc., American International Group Inc. and Washington Mutual Inc.
	Mid-West Insulation closing down Mid-West Insulation Inc., one of the city's largest privately held commercial insulation contractors, told its 40 employees on Monday that it is closing. President and CEO Tom Flynn said the weakening economy caused profits to tighten, and the family-owned firm decided to shut down rather than allowing conditions to worsen and leave creditors and customers in the lurch. "It was our decision," Flynn said. Accuride shares briefly soar Shares of Evansville-based manufacturer Accuride Corp., which closed last night at 73 cents each, exploded as high as $4 this morning on news the company's exposure to Lehman Bros.' bankruptcy is limited. The vehicle parts maker disclosed that only 19 percent of its $125 million credit facility is backed by Lehman commercial paper. The shares fell back to $1.16 by late morning - still a 59-percent gain. Firm accused of damaging roofs in hail scam Marion County prosecutors say a company that offered to inspect roofs for hail damage after a 2006 storm tried to scam insurance companies by having employees damage roofs. Prosecutors say CPM Construction offered free wind- or hail-damage inspections to potential customers following a massive hailstorm that damaged thousands of Indianapolis roofs in 2006. Company employees then would cause damage to shingles and siding - bending them, scraping them with coins or hitting them with golf balls in socks, according to court records.   Inlow estate must be reimbursed, court rules The wife of former Conseco Inc. chief counsel Lawrence Inlow has lost a court appeal in which she attempted to prevent money from a wrongful death settlement with the Carmel insurance company from being used to pay for his funeral. The decision means the $248,034 cost of the funeral and burial will be taken from the settlement and shifted to the estate. Lawrence Inlow, who played a key role in Conseco's rapid expansion in the 1990s, was killed in 1997 when he was struck in the head by a blade of a company helicopter.   CountryMark resumes oil drilling Indianapolis-based CountryMark Cooperative Inc., which operates an oil refinery that turns out diesel fuel used primarily by farmers, has returned to drilling oil wells after abandoning the production business decades ago. CountryMark has hit oil with a well it drilled in Spencer County, and two more wells are planned this year in Posey County - also in southwestern Indiana -and in Daviess County, Ky., according to the Evansville Courier & Press. Early this year, the co-op spent $20 million to expand its refinery in Mount Vernon.
	State unemployment rate inches up Joblessness edged up to 6.4 percent in August from 6.3 percent in July, the Indiana Department of Workforce Development said today. The figure, which is seasonally adjusted and subject to revision, was well over the 4.5 percent rate of August 2007. Still, the department painted a nuanced picture of Indiana's rate being a half-point below any neighboring state. The U.S. rate was 6.1 percent. Job growth was nearly stagnant. The state had 4,100 more positions than in July, but 34,100 fewer jobs than a year earlier. Ace eyes Fall Creek Place Hardware store eyeing urban neighborhood. Property Lines Are WellPoint execs greedy? Activists contrast big salaries, expensive health insurance. NewsTalk From IBJ staff - Compiled by Norm Heikens
	Indiana Task Force 1 returns home Indiana's traveling rescue team of firefighters and other first-responders is expected to arrive back in the state today. The 70-member Urban Search and Rescue Task Force teams were deployed to Texas after Hurricane Ike, where they helped rescue more than 3,500 people over 5,000 square miles. The team previously assisted in Hurricane Gustav rescue efforts. Fox 59 will have more at 10 p.m. Nordstrom opens Fashion Mall location A new Nordstrom department store at the Fashion Mall at Keystone opened this morning. The store occupies more than 130,000 square feet at a site that once housed Parisian. Nordstrom also has a store at Circle Centre mall downtown. Colts, Fever fans show their team colors Blue Friday moves to the Meijer store in Camby today as Colts fans prepare for Sunday's game against AFC South rival Jacksonville. Kickoff is 4:15 p.m. Meanwhile, Indiana Fever fans are encouraged to wear red today as the team starts its WNBA playoff run. The team opens its series against the Detroit Shock tonight at Conseco Fieldhouse. Tipoff is 7 p.m. If a parent leaves the work force for a number of years to raise a child, how much of an effect do you think that has on his or her career?
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