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Newspaper
Bluefield Daily Telegraph
Location
Bluefield, West Virginia, United States of America
Date
Aug 15, 1997
Page
4
Stocks closed up as the Dow rose 13.71 to 7942.03 amid volatile trading on inflation news. Bond yields fell for a second day as consumer prices rose 0.2 percent in July and wholesale prices fell, easing fears of accelerating inflation and guiding Fed expectations.
The Teamsters and UPS resumed informal talks on day 11 of the strike. Labor Secretary Alexis Herman helped bring both sides back to the table, with UPS chief James P. Kelly signaling openness to formal negotiations if progress occurs. The stalemate centers on pension and multiemployer benefit issues, while the administration seeks a settlement without direct government intervention.
Washington reports July prices under control as the economy keeps a moderate expansion. Economist Chris Varvares calls inflation tame with no acceleration signals while financial markets, including 30 year Treasuries, rebound from prior losses and stocks advance.
The Dow Jones industrial average fluctuated sharply in recent days. It rose about 70 points early, fell 60 at midday, then finished up 13.71 at 7942.03. July CPI rose 0.2 percent, the largest monthly gain since February.
Food Lion launches a 14 state promotion tying Brooks & Dunn to NASCAR champions Terry Labonte and Jeff Gordon. With 30,000 prize winners and a $3.2 million value, daily drawings run Aug 20 to Sep 16. Grand prize includes VIP NASCAR banquet trip, CMA Awards trip, and $100,000 cash. Major prizes include Chevrolet pickups with cash, Harley motorcycles, and four $10,000 MasterCard awards.
The dollar climbed about 2 percent against the yen and gained in most major currencies in New York trading after domestic inflation showed little sign of accelerating. Traders priced in possible rate moves abroad and welcomed easing signals while currency volatility persisted in Southeast Asia.
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