Stocks end week with sell-off

Stocks ended a volatile week with another sell-off while credit markets remained strained after enthusiasm over the government's $700 billion financial rescue plan gave way to worries about obstacles still facing the economy. On Monday, the House's rejection took Wall Street and Capitol Hill by surprise and handed stocks their biggest losses in years.

WHEDA suspends mortgages

The Wisconsin Housing and Economic Development Agency, the state's affordable-housing agency, has temporarily stopped issuing mortgages for single-family homes because it's having trouble raising the money needed to make the loans -- a situation it said is a direct result of the national credit crisis. It is the first time in the 30-year history of WHEDA that is has suspended its mortgage lending program because of liquidity problems.

MANUFACTURING

Rockwell cuts work force 3%

Rockwell Automation Inc. will cut 3% of its global work force -- about 600 employees, including an estimated 90 locally -- as the engineering group reduces costs amid a global slowdown. The restructuring will result in a $50 million pretax charge to fiscal fourth-quarter earnings. At the same time, the Milwaukee company expects to save an estimated $75 million next year and $85 million in fiscal 2010.

Modine cutting jobs, benefits

Modine Manufacturing Co. is cutting jobs and eliminating post- retirement medical benefits as it restructures during a downturn in the automotive and truck industries. The company plans to cut about 15% of the management positions at its Racine headquarters, including about 20 jobs. It also will discontinue post-retirement medical benefits for Medicare-eligible retirees, resulting in $3.3 million in annual savings.

RETAIL

Kohl's opens store No. 1,000

Kohl's Corp. has opened its 1,000th store this week in Burlington. And in Manitowoc, and at 44 other locations around the country. The new locations will put the company at 1,003 stores in 48 states. But the 1,000-store milestone comes at a time that industry veterans describe as the worst economic environment for retail in memory.

HOUSING

Foreclosures up 18% on slump

Foreclosures in September jumped almost 18% from the previous month in southeastern Wisconsin as the housing slump continued to take its toll. The number of foreclosure filings increased in the seven-county area -- Kenosha, Milwaukee, Ozaukee, Racine, Walworth, Washington and Waukesha -- from August, with Waukesha County posting its highest total since November.

ECONOMIC DEVELOPMENT

Iowa capital praised in report

Iowa's capital city was the only one in the Midwest to crack the top 25 in the "Best-Performing Cities 2008" report published by the Milken Institute and Greenstreet Real Estate Partners. Wisconsin's biggest metro areas all moved up slightly, but none shot the lights out. Madison, with its rich research assets, ranked 90th, followed by Milwaukee in the 157th spot.

State gets more federal funds

University of Wisconsin-Milwaukee has been awarded $2.4 million from the federal government to help develop a system for rapidly repairing military equipment damaged on the battlefield. This and other contracts have helped Wisconsin climb higher on the list of states doing business with the Pentagon and other federal agencies. Wisconsin now ranks 40th per capita in bringing home federal dollars, ahead of Michigan, Illinois and Minnesota.

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