PASCO -- Something is going on inside Green Power's space at the Big Pasco Industrial Park.
The lights are on and water is being used, say Port of Pasco officials. Some employees are working on grinding up piles of garbage, but exactly what is being done remains unclear.
Almost three years after the state halted construction on the plant that CEO Michael Spitzauer promises will turn garbage into fuel, Green Power still lacks the necessary permits to finish the project.
The company is half way through a six-month lease with the port and does not appear to be making much progress on the plant or on paying off debts, according to state officials and court records.
Spitzauer told the Herald in an email last week that his company has gotten through hard times and is now paying what it owes and creating jobs.
But Spitzauer still owes at least $21 million to former investors, employees and contractors, said Seattle attorney James Rigby, who is the U.S. trustee on Spitzauer's ongoing personal bankruptcy case.
Spitzauer says that amount is exaggerated.
Pasco plant stalled
Spitzauer first leased Port of Pasco property in May 2008. Previously, he had planned to build an $82 million plant in Fife inside the Puyallup tribal reservation to convert waste to diesel. That project never was built.
It's also unclear if Spitzauer has made any of the mobile biofuel-producing vehicles that he once proposed.
Green Power's partially built biofuels plant in Pasco was shut down in August 2009 because Spitzauer lacked the necessary permits from the state Department of Ecology.
But despite telling state officials that a new permit application would be filed, that hasn't happened, according to Ecology officials.
Green Power still owes the Department of Ecology a $42,000 fine for starting construction without the proper permit and for state staff time spent on his first attempt to get a permit. He must pay that before filing a new application.
Spitzauer, who has told the Herald he lives in the Seattle area, said he's paid the penalty and is in the permitting stages.
Jani Gilbert, Department of Ecology communications manager for Eastern Washington, said Spitzauer emailed state officials Tuesday saying a check was in the mail, but they have not received the payment nor a new permit application.
Spitzauer has had similar problems getting city permits.
Green Power had an air conditioning system installed at the Pasco plant in March without receiving the required city permit, said Mitch Nickolds, Pasco's inspection services manager.
According to the contract Spitzauer signed with Horst Inc. of Kennewick, which installed the units, Green Power was responsible for getting the necessary permits.
Nickolds, who inspected the work earlier this month, said Spitzauer agreed to begin the permit application and pay any penalties.
The usual fine is to pay double the permit fee, which is based on the value of the work, he said.
Spitzauer applied for the building permit Wednesday after the Herald asked him about the issue. Nickolds said it would take about 10 days for the permit to be reviewed.
At the same time, Spitzauer also applied to renew his expired 2009 building permit for remodeling the office that never had a final inspection, Nickolds said.
Steve Horst said he likely still would be waiting to receive the last $16,000 that Green Power owed his company for the $30,000 air conditioning installation project if he hadn't told Spitzauer that he'd reported the payment problem to the Port of Pasco and the Herald.
Financial struggles
On the other side of the state, Spitzauer continues to face personal financial problems.
He has been unable to get a judge to drop a bankruptcy case he filed in 2010 in Western Washington.
He filed for bankruptcy protection three other times that same year, then asked to withdraw his requests and the dismissals were granted.
In the recent case, he has not provided required information about his debts and has failed to appear at meetings scheduled with creditors, according to court documents.
Spitzauer's creditors claim they are owed $21 million and have taken the lead in pursuing the case, which isn't the norm, said Rigby, the U.S. trustee overseeing the current case. He called the case unusual.
Spitzauer estimated in court documents that his debts are less than $1 million.
So far, Spitzauer has turned over $55,000 to the trustee. And $50,000 of that was a payment that Spitzauer made to keep from having to appear at a deposition.
The judge refused to discharge Spitzauer's debts, so his creditors can continue to try to collect what they're owed. In the mean time, Rigby said he has found no more assets for the creditors and plans to close the case.
Spitzauer told the Herald this week that his bankruptcy case is private and that he has settled some debts and is arranging to settle others.
But Rajan Babaria, with Texas-based Chakra Energy Corp., which is among four investors who claim Spitzauer owes them $16 million, said in an email to the Herald that Spitzauer has not paid his company anything.
Chakra Energy claims to be owed about $2.4 million, but Babaria doesn't think his company will ever be paid.
Lingering Tri-City debts
Part of the bankruptcy is a $3.6 million judgment and interest owed to a former employee who sued in Benton County Superior Court.
James Osterloh, who was chief engineer for Green Power before he resigned two years into a five-year contract, told the Herald that Spitzauer has been making some payments on his May 2010 judgment.
Osterloh sued Spitzauer and Green Power in August 2009 for using Osterloh's Social Security number and other employment information to open credit card accounts in Osterloh's name and charge at least $54,000.
Spitzauer initially agreed to pay off the credit cards, but when he didn't, Osterloh got a court judgment against him, court documents show.
American Express Bank has sued Spitzauer in Franklin County Superior Court for repayment of the $54,000, according to court documents. That case is not settled.
In addition, two Tri-City companies have filed in Franklin County, claiming they haven't been paid for their work for Green Power.
American Electric of Richland said it's owed $500,000, and Twin City Metals of Kennewick is owed $48,000, according to court judgments.
Elaine Fischer, spokeswoman for the state Department of Labor and Industries, said Green Power still owes the state about $27,000 in unpaid wages, interest and penalties. The agency also received a wage complaint from an employee alleging the worker wasn't paid overtime for work between September 2011 and January. Fischer said the complaint is pending.
Spitzauer told the Herald he has a payment agreement with the agency.
While he has been making payments on unpaid workers compensation insurance, Fischer said he has not paid the wage claims and does not have a payment agreement for them.
Because of previous problems with Green Power's late payments, the Port of Pasco required Spitzauer to pay $233,867 in advance for his current six-month lease and water and sewer utilities. That lease expires Aug. 31.
Spitzauer will have to come back before the port commission to request a lease extension, said Jim Toomey, the port's executive director.
Spitzauer said he plans to ask for a lease renewal and more space at the port. He told the Herald that his company is doing well and is assembling mobile biofuels units at Big Pasco for customers.
"We are delivering systems and we are growing," he said in an email. "We are proud of what we do."
Utah’s OneStop Business Registration Program Recently Enhanced: - Yahoo Finance
SALT LAKE CITY--(BUSINESS WIRE)--
Utah was the first state to streamline business registration, putting the entire process online in 2003. This saves the average Utah business owner over 80 hours when registering a new business. Recently, Utah’s OneStop Business Registration Program (OSBR), osbr.utah.gov, has been significantly enhanced to further improve the user experience, allow for more business types to file online, and simplify the business registration process.
“Governor Gary R. Herbert has identified job creation as a top priority and Utah strives to be business friendly. Our comprehensive online offering supports existing Utah businesses and future growth,” said Francine Giani, Department of Commerce Executive Director. “The OneStop Business Registration Program streamlines the registration process for business owners. Ultimately, this fosters business development within the state, job expansion, and a flourishing Utah economy.”
The OneStop Business Registration system transformed a traditional three-week process by providing the service online, 24 hours a day, 7 days per week. Exceptional inter-governmental collaboration between respective agencies, including the Utah State Tax Commission, Utah Department of Commerce, Utah Department of Workforce Services, Governor’s Office of Economic Development, and 10 participating cities, allows business owners to register their business without filing additional paperwork and/or documentation.
Since inception, over 200,000 new businesses have been registered online. Now, over 60% of all businesses registered within the state are online. With over 2,600 new registrations on average each month, this results in monthly savings of approximately 208,000 hours for Utah businesses per year. In 2011, 27,000 businesses were registered online.
Users consistently recognize the service for its ease of use and convenience. “The OneStop Business Registration service was very easy to use. I received quick responses to any questions I had,” said one user. Another user echoed similar sentiment saying, “So much easier to get everything done at once. I’m a sole proprietor; I didn’t need anything fancy, didn’t have the time (or knowledge) to figure out the whole process on my own. Now I don’t have to worry that I may have missed something.”
Major OneStop Business Registration Enhancements Include:
- User navigation and interface improvement
- Improved glossary and frequently asked questions page
- “Live Help”
- Allows non-profits to register
- Allows out of state and foreign registration
- Enhanced receipt system
- Ability to preview articles
- Improved ownership (principals) section
- Registration for additional tax types
An integral aspect of the business registration service offered by the State of Utah is Doing Business As (DBA) creation. In addition to the OneStop Business Registration updates, Doing Business As was also created to offer a simple online process for the sole proprietor or the exiting entity that is expanding and using an alias. The online Doing Business As application allows business owners to create the Doing Business As business entity within one to three days, from beginning to end. In general, about 15,000-17,000 Doing Business As entities are registered in Utah each year. The new online Doing Business As system simplifies small business creation in Utah while increasing accuracy.
“The online Doing Business As enhancement is government efficiency at its best and will serve the citizens of the state of Utah for many years,” said Kathy Berg, Director of Utah Division of Corporations and Uniform Commercial Code.
Accessible anytime, anywhere, users are able to seamlessly navigate on their mobile or tablet device. Internationally recognized and award-winning, Utah’s OneStop Business Registration and the newly created Doing Business As provide the most convenient, user-friendly business registration experiences.
To find out more information about Utah.gov, visit:
Twitter: https://twitter.com/utahGov
Facebook: http://www.utah.gov/facebook/
RSS feeds: http://www.utah.gov/connect/feeds.html
Utah blogs: http://www.utah.gov/blogs/.
About Utah.gov
Utah.gov is the entry point to over 1,000 online services and benefits over 2.7 million residents in the State of Utah. Utah.gov provides citizens and businesses with more convenient options for interacting with government. Through Utah.gov, citizens can find public meetings, renew their vehicle registration, buy a hunting and fishing license, register a business, find a transparent state budget, and much more. In 2010 alone, Utah.gov received an unprecedented 15 awards making it the nation’s most honored state website.
Utah.gov is the official Web portal for the State of Utah (http://www.utah.gov). It was ranked first in the nation in the Center for Digital Government’s 2009 Best of the Web competition. It is managed and operated without tax funds through a public-private partnership between the state and Utah Interactive, the Salt Lake City-based official eGovernment partner for the state of Utah. Utah Interactive is part of eGovernment firm NIC’s family of companies.
About NIC
NIC (NASDAQ: EGOV - News) is the nation's leading provider of government websites, online services, and secure payment processing solutions. The company's innovative eGovernment services help reduce costs and increase efficiencies for government agencies, citizens, and businesses across the country. The NIC family of companies provides eGovernment solutions for more than 3,000 federal, state, and local agencies across the United States. Additional information is available at http://www.egov.com.
Money Mole Assess the Effects of the Rise in Unsecured Loans - YAHOO!
Following recent reports of a dramatic increase in the levels of unsecured lending, the team at Money Mole have assessed the effects of this and issued advice on how to seek the most recommendable loans.
(PRWEB UK) 27 May 2012
It has been announced that the percentage of people being offered unsecured loans is on a steep upwards curve. This has caused alarm among many, but the team at Money Mole have provided suggestions on when and where secured loans are appropriate and how to reach the right agreement. One member of the team offered this guidance:“Through our price comparison site, we allow our customers access to the whole market, and we’re able to put them in touch with the most reputable companies offering the best rates for secured loans, based responsibly on the consumer’s personal demographic”.
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Where the lending of unsecured loans used to be dominated by small lenders, large banks have become increasingly eager to grant these facilities to even those with a poor credit history. The team at Money Mole are strongly suggesting that their users give serious consideration to their own financial situation, and the long-term effects of unsecured loans before making any decisions. While many people find the service incredibly useful, it is not advisable to base your eligibility purely on the advice of your loan provider.
- In order to avoid finding yourself in a contract with an irresponsible loan provider, always conduct your own research before signing. The financial experts at Money Mole have also recommended being wary of companies who do not appear to be selective in any way in the process of offering loans or who appear to target students. The recommend always selecting a company who are willing and able to provide all relevant information regarding terms and conditions as well as on customer entitlements.
- Money Mole have advised anyone looking into the prospect of taking out an unsecured loan, not to panic upon hearing this news. When taken out responsibly, and for relatively small amounts of money, these loans can be a really effective relief from financial struggle. Unsecured loans also normally involve lower interest rates, often with a typical APR of around 6%.
Based in Essex and London, MoneyMole is one of the UK’s leading price comparison sites. Specialising in allowing their customers access to companies offering a range of financial services including the arrangement of secured loans, unsecured loans, re-mortgage, or life insurance, the firm have a trusted reputation for helping people from a range of financial backgrounds.
Ben Austin
Money Mole
0800 088 6000
Email Information
The Business Finance Store Discusses How Small Businesses Can Attract Good Employees - PRWeb
Funding Is Available
Santa Ana, CA (PRWEB) May 27, 2012
U.S. companies in the month of March posted the highest number of job openings since July 2008, a May 8, 2012 Associate Press article entitled “3.7 million U.S. job postings: highest in 4 years” reported. These numbers from the Labor Department are further proof that the economy might be improving. As the economy improves, small businesses might be asking themselves how they will compete for talent as larger companies start to hire more. In the recent blog post “Job Openings Highest in Four Years: How to Attract Employees,” The Business Finance Store offers strategies for small businesses to attract good employees when larger companies are also hiring.
Large corporations have much to offer potential employees including large benefit packages, retirement funds, job stability and competitive salaries. As a small business, these lucrative offers for employees are not always possible. However, this does not mean that small businesses cannot attract good employees. Instead they must concentrate on highlighting their own strengths. Read more about how small businesses can attract good employees at The Business Finance Store Blog.
The Business Finance Store is a business financing and consulting firm that offers customized Business Financial Solutions. Seasoned professionals offer assistance in a variety of financial solutions to help small businesses succeed such as:Business Financial Solutions, Legal Solutions, and Accounting Solutions.
The staff at The Business Finance Store understands that starting and growing a business is an exciting time. They keep it exciting by taking care of some of the most difficult aspects, by providing legal advice, helping with vital responsibilities like accounting & bookkeeping, and by obtaining business finance. They can quickly and easily guide entrepreneurs through many different complicated processes and put them on the path to success.
For 10 years The Business Finance Store has been helping startups and other small businesses legally structure their companies, find the right franchises, get the funding they need, and achieve the American Dream of owning their own successful business. Since expanding nationwide in 2007, they have helped thousands of companies and have funded over $60 Million in business credit lines, not including SBA loans. The Business Finance Store sees limitless potential in the current climate, and looks forward to many strong years of growth to come. Take some time to review their services, and give them a call.
For more information, or a free, no-obligation analysis of your business needs, visit The Business Finance Store website: http://www.businessfinancestore.com. A member of their professional staff will contact you to discuss your business' short and long-term goals. Whatever you need, The Business Finance Store is there.
Risky business of running for US president - Gulf News
Washington: In the risky business of running for president, Barack Obama and Republican challenger Mitt Romney are largely playing it safe.
For all the small daily dramas of the 2012 campaign, there's a risk-averse dynamic playing out: Neither candidate has been making bold new policy proposals or displaying a free-wheeling personal style. So far, at least.
Part of that is just who they are: Obama always has been known for his cool demeanour, and Romney has discipline built into his corporate pedigree.
Neither of them has the swagger of former President George W. Bush, the renegade streak of 2008 Republican nominee John McCain or the rapscallion's grin of former President Bill Clinton.
Article continues below
But Obama and Romney are men who know how to gamble: Obama decided to run for president after just two years in the Senate, launched an ambitious health care overhaul effort while the economy was still on shaky ground, and gave the "go" order on the Osama Bin Laden raid. Romney entered politics after a career in private equity, where risk is part of the job description.
Despite their backgrounds, their caution as candidates extends well beyond personal style.
The president debated for weeks how and when to announce that he supports gay marriage, and only went public after remarks by Vice President Joe Biden nudged him along. When Obama finally did make his announcement, his words were carefully measured to tamp down any backlash. He spoke of dinnertime conversations with his daughters about treating people equally, and of abiding by the Golden Rule.
Romney, too, treated the issue gingerly, even as he disagreed with the president. He restated his opposition to legalising such marriages, but called it a "very tender and sensitive topic" and said he supported extending certain rights to gay couples.
Political psychologist Stan Renshon, a professor at City University of New York, said Romney has clearly decided that the benefits of sticking to a script outweigh any downsides.
"His No. 1 priority at this point is to establish himself as a bona fide alternative," Renshon says, "and the less risky he sounds, the more conventional, the more boring, the better off he is."
And Renshon said Obama's even demeanour helps him fend off accusations that he's too radical. The president's re-election argument is a recitation of promises kept and a plea for more time to deliver on those yet to be fulfilled.
For now, Obama doesn't see the need to strike out in new directions. His announcement on gay marriage, for all the commotion it generated, was largely seen as confirming what people already believed about him. And getting the word out early will make it feel like ancient history by Election Day in November.
Both candidates also have been wary in their interactions with the press — to the point that Romney's aides recently tried to physically bar reporters from approaching the candidate to question him as he shook hands with people standing along a rope line.
The Republican candidate later tried to smooth over the flap by paying an impromptu visit to reporters in the back of his campaign plane. But he took note of what a rarity that was by observing that his press aide was "about to pass out." And, no, he still didn't take questions.
Obama, for his part, is happy to use the press when it suits his purposes — he hastily scheduled a TV interview to reveal his shift on gay marriage — and to pummel reporters when that fits his campaign narrative.
In a talk to graduates at Barnard College earlier this month, Obama lamented that "faith in our institutions has never been lower, particularly when good news doesn't get the same kind of ratings as bad news anymore. Every day you receive a steady stream of sensationalism and scandal and stories with a message that suggest change isn't possible."
The candidates' wives also have been playing it safe for the most part.
Michelle Obama has largely steered clear of all the contentious talk about issues important to women — contraception, abortion, the Violence Against Women Act and more. Her standard speech at campaign fundraisers ticks off a list of accomplishments by her husband. Her public appearances largely focus on her two signature issues of fighting childhood obesity and supporting military families, both widely popular and non-political.
Ann Romney, for her part, generally sticks to a script while campaigning for her husband, sharing warm and humorous stories about Romney family life and the challenges of raising five boys.
David Ropeik, a Harvard professor and author of several books on risk, said it's no surprise that the candidates are being cautious "in a no-holds-barred, 24-7, scream-a-thon world, where any hint of what the other side might see as an error is guaranteed to explode."
But Ropeik said both men need to know that being too careful can do them more harm than good.
"Candidates take a huge risk by being so buttoned up that they fail to express human sincerity," Ropeik said. "It's risky not to be sincere — even though sincerity is risky."
As the campaign progresses, the candidates may well adopt more risky strategies to further their own ambitions, especially if the race remains close.
Obama, for example, raised eyebrows this week with a tough new ad that goes after Romney's record at the Bain Capital private equity firm. The ad quotes a former steelworker who compared the firm to a "vampire" that sucked the lifeblood out of companies.
The populist pitch may help fire up Obama's base of support but risks making it more difficult for him to attract voters in the political centre.
Stocks close out week higher despite Spain's growing troubles - Denver Post
NEW YORK — U.S. stocks fell Friday but still managed a first positive week in four as investors fretted over troubles in Spain, where banks are under severe financial strain and government bond yields shot higher.
"European leaders need to address the situation quickly. The nature of contagion is it feeds on itself," said Alan Skrainka, chief investment officer at Cornerstone Wealth Management. "Traders by and large tend to square their positions before a big holiday weekend where there's potential for news flow, especially from Europe."
The Dow Jones industrial average Friday lost 74.92 points, or 0.6 percent, to 12,454.83, with the blue-chip index up 0.7 percent for the week.
Posting a 1.7 percent rise from the week-ago close, the S&P 500 index retreated 2.86 points, or 0.2 percent, Friday to 1,317.82. The Nasdaq composite fell 1.85 point to 2,837.53, leaving it 2.1 percent higher from the previous Friday's close.
The European-related uncertainty had investors once again flocking to the perceived safe havens of U.S. Treasury notes, the U.S. dollar and gold.
Yields on the benchmark 10-year note fell to 1.74 percent, while the dollar gained against currency rivals, including the euro. Gold futures for June delivery climbed $11.50, or 0.7 percent, to end at $1,568.80 an ounce.
Oil prices advanced, with the July contract rising 20 cents, or 0.2 percent, to $90.86 a barrel.
In Spain, bond yields jumped, rattled on reports that one of Spain's autonomous regions has asked for assistance from the government because it can't get debt financing from markets.
The yield on Spain's 10-year government bond jumped after media outlets reported the warning from the president of Catalonia, Artur Mas.
Troubled Spanish lender Bankia said Friday the government was ready to inject about $24 billion in financial support requested by Bankia in what would be the biggest bank rescue in Spain's history.
And Standard & Poor's on Friday cut its credit-worthiness ratings on five Spanish banks and revised its assessment of the country's economic risk, saying it believes Spain was headed to a double-dip recession.
Stocks fall on Europe worries; Facebook debuts - Yahoo Finance
It's going to take more than Facebook's initial public offering to push the stock market higher.
Facebook shares rose 23 cents above their $38 offering price. It seemed like everything else fell.
The Dow Jones industrial average has been in a slump over the past two weeks as traders saw an escalating risk that Greece could leave the euro, causing more disruptions in markets. Remember the go-go days of May 1, 2012? The Dow was up 8.7 percent for the year. After Friday, it's up just 1.2 percent.
On Friday the Dow Jones industrial average dropped 73.11 points, to close at 12,369.38. It fell 3.5 percent for the week. The Dow has now declined on 12 of the last 13 trading days.
Nine of the 10 industry groups in the Standard & Poor's 500 index fell. Financials dropped the most, 1.1 percent.
First, Facebook.
Trading for the year's most eagerly awaited initial public offering was delayed about 30 minutes because of a glitch at Nasdaq. Nasdaq said the problem was with sending messages about whether trades had been executed. It was almost two-and-a-half hours before it said its trade messages were working normally.
The glitch sent shares of Nasdaq OMX Group Inc., parent company of the Nasdaq market, down 4.4 percent.
Facebook shares were priced at $38 and initially traded as high as $45. They closed at $38.23.
Europe was the bigger worry for investors. The Fitch ratings agency dropped Greece to the lowest possible grade for a country not in default Thursday. Fitch said Greece's departure from the euro "would be probable" if elections next month do not reverse political trends in Greece, which have brought in politicians opposed to the terms of Europe's bailout.
Also, ratings agency Moody's downgraded 16 Spanish banks late Thursday, three days after downgrading Italy's, noting they are vulnerable to huge losses on government debt.
Representatives of the G-8 are meeting this weekend at Camp David, looking for assurances that leaders in Europe can contain damage if Greece leaves the euro.
"Despite all the attention on the Facebook IPO, I think there's still lots of underlying uncertainty surrounding this European debt situation," said Scott Wren, senior equity strategist for Wells Fargo Advisors in St. Louis. "This Greek situation isn't good. I think it's going to get worse before it gets better. Probably the same with Spain."
Borrowing costs for Italy rose slightly to 5.76 percent on Friday. The yield on Spain's 10-year bond fell slightly to 6.2 percent, a level that's still very high by historic standards.
European shares edged lower, following several days of big losses. Britain's FTSE 100 fell 0.1 percent, Germany's DAX lost 0.6 percent and France's CAC-40 fell 0.1 percent.
"The serious investors remain very concerned about the developments in Europe," said Jim Russell, regional investment director for US Bank Wealth Management in Cincinnati. "We think Facebook is a little bit of a sideshow. Great company. But maybe one that's valued on the high side of most people's tastes."
The Standard & Poor's 500 index fell 9.64 points to close at 1,295.22. The Nasdaq composite index fell 34.90 points, or 1.2 percent, to close at 2,778.79.
Hewlett-Packard fell 2.7 percent — the biggest decline among the Dow's 30 stocks — after it said it might eliminate up to 30,000 jobs because of dwindling demand for personal computers.
Gap fell 2.3 percent even though it issued higher guidance for the year.
There were bright spots. Salesforce.com jumped 8.8 percent after the maker of web-based business software reported better-than-expected earnings and raised its guidance for the year. Foot Locker rose 8.3 percent after its quarterly profit jumped 36 percent, sprinting past Wall Street predictions and setting a company record for quarterly earnings.
Yahoo rose 3.7 percent after Dow Jones' tech website AllThingsD.com reported that the web portal is close to a deal to sell a large part of its stake in China's Alibaba Group. Many investors view the Alibaba stake as Yahoo's most valuable asset.
Oil prices fell $1.08 to $91.48. Along with stocks, oil has dropped rapidly in recent days because slowing economies use less of it.
US stocks waver; euro dives on Greece turmoil - Yahoo Finance
Stronger news about the U.S. economy stilled the ripples from Europe's latest political impasse Tuesday, pushing U.S. stocks between modest gains and losses.
The euro and European stocks plunged as trading in New York began after efforts to form a government in Greece collapsed. Newly-elected political leaders there disagree about whether to accept more international bailouts and continue with painful spending cuts.
In the U.S., stocks staged a mid-morning rally after word that confidence among U.S. builders rose to a five-year high in May. The index has risen for seven of the past eight months. Homebuilders rallied. Hovnanian Enterprises surged 10 percent, Lennar Corp. 4 percent and KB Home 3 percent.
Earlier, a survey by the New York Federal Reserve found that manufacturing activity in the New York region rebounded this month far more strongly than economists had expected.
The market's early rise deflated briefly, then stocks climbed at midday to new daily highs. By the afternoon, the indexes again were flat for the day.
The Dow Jones industrial average fell 12 points to 12,683 as of 3 p.m. EDT. Losses by most of its components were offset by gains for JPMorgan Chase and Bank of America, shaking off recent losses related to the surprise $2 billion trading loss that JPMorgan announced last week.
The Standard & Poor's 500 index fell two to 1,336. The Nasdaq composite index rose seven to 2,909.
Stocks are having their worst month in the past eight. For the month, the Dow is down 518 points — about 4 percent — after hitting a four-year high on May 1. The average is on track to post its first monthly loss since September, when it fell 6 percent.
If the Dow closes higher, it will be only its second up day since the peak reached on May 1.
The euro fell as low as $1.2730, a four-month low against the dollar, after Greek socialist leader Evangelos Venizelos declared that attempts to form a governing coalition there had failed and new elections will be held next month. If voters elect parties opposed to the terms of the country's financial rescue, Greece could be expelled from the euro, shocking global markets.
Stock indexes in France, Britain and Germany gave up earlier gains after Venizelos' remarks and closed sharply lower.
Aside from fears about Europe, stocks are suffering because a string of weaker economic data in recent weeks has dampened hopes for corporate performance in the current quarter ending June 30, said John Butters, senior earnings analyst at FactSet, a financial data provider.
For the first month of the quarter, as earnings came in strong and stocks rose, analysts' expectations for second-quarter earnings growth held steady at 6 percent, Butters said. In the two weeks since then, as the U.S. economy appeared to soften and Europe's problems reemerged, analysts cut their estimates for S&P 500 earnings growth to 5 percent, he said.
Analysts expect earnings to decline this quarter for half of the 10 industry groups in the S&P 500, Butters said. He said many expect a strong rebound in the fourth quarter as demand returns in emerging markets such as China and India.
Among other stocks making big moves:
— Home Depot slumped 2 percent, the most of the 30 companies in the Dow, after the world's biggest home-improvement company forecast revenue that was below what Wall Street analysts were expecting.
— TJX Cos., which owns the T.J. Maxx, Marshalls and HomeGoods store chains, shot up 7 percent, the most in the S&P 500 index. The discount retailer reported a 58 percent surge in first-quarter income and raised its full-year profit forecast.
— Avon Products Inc. fell 11 percent, the most in the S&P 500 index, after Coty Inc. canceled its unsolicited, $10.7 billion bid for the cosmetics retailer.
— Groupon leapt 6 percent after the online daily discount site reported first-quarter revenue that exceeded analysts' expectations.
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Daniel Wagner can be reached at www.twitter.com/wagnerreports.
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