A new Food Lion opened Wednesday at the intersection of Celanese and Mount Gallant roads in north Rock Hill.

The store will be open from 7 a.m. to 11 p.m. daily.

Mike Torrence, a York native, has been named manager of the 34,000 square-foot store, which has 60 employees.

The Food Lion will anchor a shopping center called Riverview Commons. It sits on land once home to Riverview Dairy Farms, a huge operation that stretched between Celanese Road and the Catawba River.

The farm disbanded decades ago, leaving behind property that has been coveted by developers for years. Homes or townhouses are expected to be built behind the new center.

A barbecue restaurant and other businesses are slated to open in adjoining retail spaces at Riverview Commons.

Stocks jump as Fed raises view of economy

NEW YORK A more upbeat Federal Reserve is reassuring investors that they've been making the right bets.

Stocks bounded higher Wednesday after the central bank said the economy appears to be "leveling out" rather than simply shrinking at a slower rate. The Fed's more positive take on the economy compared with its assessment in June wasn't surprising but it still bolstered hopes that the economy is in fact rebounding.

Wednesday's advance restarted the market's summer rally after a pause on Monday and Tuesday.

Macy's boosts profit outlook

NEW YORK Macy's boosted its profit outlook after reporting that its second-quarter earnings beat expectations because it benefited from efforts to streamline its structure.

Macy's earned $7 million, or 2 cents per share, in the quarter that ended Aug. 1. That compares with $73 million, or 17 cents per share, in same period last year.

Excluding restructuring charges related to division consolidations and its efforts to tailor merchandise to local markets, the company earned 20 cents per share, exceeding the profit of 15 cents per share that analysts surveyed by Thomson Reuters forecast on average.

U.S., Swiss accounts deal kept under wraps

MIAMI The Swiss and U.S. governments announced a deal Wednesday to settle American demands for the identities of suspected tax dodgers, despite Switzerland's vaunted bank secrecy. But they kept all details under wraps, including how many of the 52,000 names sought by the IRS from banking giant UBS AG will be revealed.

Depending on the scale of the deal, it could be a new blow to Switzerland's reputation as a safe place to hide assets from the tax man back home.

Switzerland has long been under pressure from European neighbors and the U.S. to open its bank records for foreign tax authorities.

Sara Lee shares plunge on weak outlook

PORTLAND, Ore. Sara Lee narrowed its loss in the fiscal fourth- quarter but gave a weak outlook for the year, sending shares of the food maker plunging Wednesday.

Major food makers such as Kraft Foods and Kellogg Co. have had their challenges but generally have benefited from of people keeping their spending focused on necessities like food and eating more meals at home.

The maker of Sara Lee breads, Jimmy Dean sausages and other products saw its revenue shrink by 10 percent to $3.16 billion, as growth in its North American business was offset by the negative impact of currency exchange on its international business.

Originally published by Staff and wire reports; Matt Garfield.

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