Apply DIV to every item in loop?

Hello,

I am a newbie with WordPress loops so hopefully someone can help. I am trying to pull news items from WordPress from a specific category and get EACH news item to be wrapped in a div. Right now, it pulls all the news items and places them inside one large div. Thanks in advance! Here is my code:

<?php if ( query_posts('cat=1') ) { ?>
   <div class="newsitem">
   <?php } ?>
   <?php query_posts('cat=1'); ?>
   <p><?php the_time('F jS, Y'); ?></p>
      <?php while (have_posts()) : the_post(); ?>
      <h4><a>"><?php the_title(); ?></a></h4>
      <?php the_content(); ?>

<?php endwhile;?></div>