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Newspaper
Bluefield Daily Telegraph
Location
Bluefield, West Virginia, United States of America
Date
Dec 08, 1992
Page
6
Americans charged more in October keeping installment credit rising at a 0.4 percent pace. The Federal Reserve notes back-to-back gains, with consumer borrowing helped by rising revolving loans and cautious signs for broader spending as the holiday season nears.
New York stocks continued their yearend rally with the Dow up to 3,307.33 as broad market gauges set record levels. Advancing issues led declines 9 to 5 on the NYSE with volume near 218 million shares. Oil Wall Street optimism rested on strong November jobs data and easing bond yields, while Amex and Nasdaq movers reflected corporate news and holiday sales.
Nov 28 sale at Narrows Livestock Auction reported 96 689 in receipts. Lambs 65 sold with prices 61 to 115 pounds, feeder lambs 62 to 70 50, slaughter ewes 22 to 30, cattle 50 sold with cows 36 to 48 and bulls 50 to 57, stock feeders 235, steer calves 60 to 98, heifer calves 54 to 76, baby calves 50 to 165, cows with calves 385 to 610, cows and heifers 300 to 620, goats 20 to 80.
The dollar slumped in very light trading as markets opened in New York. Gold edged up to 336.10 per troy ounce on the N Y M E with a late bid at 336.00 while analysts blamed thin market conditions and ongoing fund selling for the weakness. Swiss franc rose as voters rejected closer EC ties, signaling isolation may be viewed positively. Holiday market thinness and tapering activity were noted by traders.
Carl Icahn agrees to provide 200 million dollars in financing to Trans World Airlines and up to 200 million dollars to its pension plans. If pension plans are terminated, he will pay up to 240 million more to the Pension Benefit Guarantee Corp. Final court approval expected in about 30 days, with creditors owning 55 percent and unions 45 percent after emergence.
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