Dow jumps 500 as government pledges bank aid

The Dow Jones industrial average rebounded more than 500 points today as Wall Street snapped back from last week's devastating losses after major governments announced further steps to support the global banking system, including plans by the U.S. Treasury to buy stocks of some banks. All the major indexes rose well over 6%. In late-morning trading, the Dow Jones industrial average rose 525.68, or 6.22%, to 8,976.87. Broader stock indicators also jumped. The Standard & Poor's 500 index advanced 55.89, or 6.22%, to 955.11, and the Nasdaq composite index rose 104.57, or 6.34%, to 1,754.08. After eight sessions of devastating losses that sent the Dow down nearly 2,400 points, Wall Street can expect to see volatile, back-and-forth trading in the coming days and weeks as investors work through their concerns about the banking sector, the stagnant credit markets and the overall economy. The market did appear to take heart when the Bush administration said it is moving quickly to implement its $700 billion rescue program, including consulting with law firms about the mechanics of buying ownership shares in a broad number of banks to get the economy moving again.

Several downtown events set for Tuesday

A ribbon-cutting will be held at 10 a.m. Tuesday for the Kress at Third & Main building. The ceremony caps off the redevelopment of the historic building, where the state’s first lunch counter sit-in was held in 1960. Before the ribbon-cutting, the Downtown Development District commission meeting will be held at 8 a.m. in the building. Officials with Cyntreniks Inc. are scheduled to announce at that meeting which businesses will occupy Kress at Third & Main. The Little Village Fish House has been announced as one tenant; other possible tenants that have been mentioned include a deli, a movie theater, a women's clothing store, a pharmacy and a credit union.

The ceremony will be the main event for a day of downtown activities. From 3:30- 4:30 p.m., the DDD will hold an open house at its office on Florida Street. From 5:30-7:30 p.m., consultants will present the concepts and allow for public input for the North Boulevard Town Square project at the Louisiana Art & Science Museum. The project is a redesign of North Boulevard from River Road to Fifth Street, including Galvez Plaza.

League of Women Voters cancels Congressional debate

The League of Women Voters of Baton Rouge will not hold a debate featuring candidates for the 6th Congressional District race, saying people are "election weary" about the campaign. "People are so irritable about the negativity in the race," says Jean Armstrong, head of the organization. "We thought we would be better served doing something the public needed." Instead, the organization will hold a forum Thursday on hurricane deductibles and homeowner's insurance policies, featuring Insurance Commissioner Jim Donelon, industry representatives and members of the House and Senate insurance committees. Hurricanes are another reason why a forum isn't being held; Armstrong was without power for two weeks after Hurricane Gustav, and she still doesn't have phone service at her house. "We got behind on scheduling a debate," she says.

The Press Club of Baton Rouge will present a debate today, featuring U.S. Rep. Don Cazayoux and his two challengers, state Sen. Bill Cassidy and state Rep. Michael Jackson. That there will be a debate today was another reason for dropping the League of Women Voters event. Armstrong says while nothing was scheduled, any debate would have been held Thursday. "That's not much time between debates," she says.—Timothy Boone

Toro Company buys product rights from Zachary company

The Toro Company has purchased the rights for a soil aerator from Southern Green of Zachary. Harry A. Knight, who co-owns the business with Kensey V. Estess, says Toro paid an undisclosed amount for all of the patents, work in progress and raw materials for the aerator. The aerator is used on golf courses and sports fields. Knight says the deal came at a good time—he's 66 years old, and Estess is 77. Plans are for Southern Green to continue to make aerators for Toro, then Knight and Estess will become consultants and liquidate all the assets of the firm. Southern Green, which was founded in 1993, has about 10 employees.—Timothy Boone

Group continues transportation push

Driving Louisiana Forward, a nonprofit advocacy group backed by construction and other business interests, is already touting its legislative agenda for the 2009 regular session—or a special session, should one be called. Because of the nation’s credit woes, unstable oil prices, hurricanes Gustav and Ike and the loss of residents, many lawmakers are wondering if a special session will be needed, although no official word has been issued by the administration or leadership. “We made some good inroads last year in the campaign, thanks to the support of the governor and the Legislature, but there is still a lot of work to be done,” says Jennifer Marusak, communications director of DLF. “Louisiana still faces a $14 billion backlog in unmet construction needs, and our current road, bridge and port funding simply does not work.” The new legislative package being pushed by DLF would generate about $600 million annually—without increasing state taxes or fees, Marusak says. To read more, click here.—Jeremy Alford

Shaw Center fountains broken again

The fountains on the west side of the Shaw Center for the Arts are on the fritz again, possibly because of a problem with the programmable controller. George Voisin, building manager, says the fountains were shut down before Hurricane Gustav. After all of the broken glass was cleaned up, the fountains were started up again. "They ran for a few days, then cut off," he says. State officials have pulled the programmable controller and shipped it off to the supplier. Their fountains have proved problematic; Voisin says there are leaks in the filters and pumps, and the fiber optics are "falling apart." "I don't know if it's bad design or the complexity. I'm not a fountain guy," he says. "But we can't keep the pumps working for longer than three or four months."—Timothy Boone

Poll: More than one-third thought Tigers would go undefeated

Thirty-four percent of the people who responded to a Daily Report poll asking when LSU’s football team would lose its first game thought the Tigers were going to finish unbeaten. Another 34% correctly guessed LSU would lose to Florida on Saturday. More than 950 people participated in the poll. In case you missed it—or are trying to block it from your memory—the Gators won 51-21.

Today's question: Who gets most of the blame for all of the negative campaigns that are taking place?

News roundup: B.R. airport loses spokesman to Houston … Halloween sales scary news for McCain

Pickard headed out of state: Ronnie Pickard, who has been the spokesman and marketing manager for the Baton Rouge Metropolitan Airport for almost five years, is leaving for a new job with the Houston Airport System. He'll serve as deputy assistant director of the corporate and community affairs division. The Houston Airport system, which includes George Bush Intercontinental Airport, William P. Hobby Airport and Ellington Airport, is the No. 4 airport system in the United States and No. 6 in the world. … Obama leads mask sales: In the first month of Halloween shopping, masks of Barack Obama are outselling the John McCain models 67% to 33%, says Spirit Halloween stores. That could be good news for the Democratic presidential nominee: In the past three presidential elections, Spirit says the biggest selling models belonged to the candidate who ended up in the White House. In 2004, 65% of the sales went to President Bush masks, while 35% went to John Kerry. One good sign for McCain: Spirit says his masks are gaining in popularity and slowly catching up.