CITY

COMMERCE BANK EXPANDS SERVICES TO AFFLUENT CLIENTS

Commerce Bank announced yesterday it has expanded its team of bankers for high-net-worth clients.

The Commerce Private Banking Team, led by Susan Petree, now includes Ellen S. Baker, formerly a financial adviser for high-net-worth clients at Morgan Stanley; John Barrett, formerly a vice president, Affluent Markets at JPMorgan Chase; Debora A. Cardinale, formerly a director, Private Banking at Citigroup Private Bank; Rina Chiara, formerly a personal financial planner with the Cowan Financial Group; Fred A. Hashem, Commerce Insurance Services/Premier Client Group, formerly managed the New Jersey Private Client Services Operation at Marsh USA; Hillary T. Matchett, formerly a portfolio manager at JPMorgan Fleming Asset Management; Brian J. Morrisroe, formerly a relationship officer with Citigroup Private Bank, and Barbara von Borstel, formerly a vice president, Private Banking at JPMorgan Private Bank

“Unlike other banks that want primarily to manage investments for wealthy clients, rather than provide day-to-day banking services, Commerce provides a complete range of banking products and services, from checking accounts to personal loans to insurance products,” said Ms. Petree in a statement.

– Staff Reporter of the Sun

MARKETS

STOCKS SINK ON PROSPECT OF HIGHER RATES, VOLATILE OIL PRICES

Volatile oil prices and a weak dollar sent stocks sliding Wednesday as the prospect of inflation and rising interest rates sank in on Wall Street. Yields on long-dated Treasuries surged to an eight-month high and the Dow Jones industrial average skidded 107 points. A gradual acceleration of inflation and a rally in commodities have made investors increasingly nervous about stocks, as many on Wall Street predict a slowdown in corporate profits for 2005. Those concerns were in high relief Wednesday as the feeble dollar and bearish bond market combined with a rise in gold and oil prices to create a storm of selling. The Dow closed down 107.00, or 0.98%, at 10,805.62, diminishing hopes that the index would soon break the 11,000 mark for the first time in nearly four years.

The broader gauges also sagged. The Standard & Poor’s 500 Index declined 12.42, or 1.02%, to 1,207.01. The Nasdaq composite index fell 12.26, or 0.59%, to 2,061.29. Oil futures came within 2 cents of their all-time intraday high, but fell back late in the session, settling up just 6 cents at $54.65 per barrel on the New York Mercantile Exchange. Weekly government data showed a larger-than-expected rise in domestic crude inventories, but declines in supplies of gasoline and distillate fuel, which includes heating oil.

– Associated Press

NATIONAL

FED SURVEY SAYS GDP GROWTH MODERATE

The American economy grew at a “moderate pace” in late January and February and consumer prices were “relatively flat,” the Federal Reserve said in its latest regional survey.

Businesses said materials prices and health-care costs are rising and many manufacturers said they are more able to pass those price increases along to customers, according to the survey released yesterday in Washington.

“The economy has continued to expand at a moderate pace,” according to the survey, which is called the beige book because of the color of its cover. “Retail prices were generally flat or up modestly; however, businesses continued to face rising costs, as a number of districts indicated greater ease in passing along price increases.”

The Federal Open Market Committee will use the survey to help decide interest rate policy at its next meeting on March 22.

– Bloomberg News