Stocks rebound to record territory as Dow tops 4 437
Investors push stocks higher on a rising dollar and fresh soft landing signals. The Dow industrial average exceeds its May record, advancing about 70 points amid broad gains and heavier volume on the NYSE. Analysts note GDP growth at 2.7 percent in Q1, revised down from 2.8, with inventories dragging but not derailing earnings outlook.
MENTIONED IN THIS ARTICLE
New York
Dow Jones
New York Stock Exchange
Hugh Johnson
First Albany Corp
Economy slows in first quarter growth
The Commerce Department reports U S gross domestic product rose at a 2.7 percent annual rate in Q1 1995, down from 5.1 percent in Q4 1994. Analysts see moderating growth and low inflation ahead, with inventory build up revised lower than previously thought.
MENTIONED IN THIS ARTICLE
the Commerce Department
Washington
Commerce Department
David Munro
High Frequency Economics
New York City
Backlog of unsold new homes rises in April
In April the backlog of unsold new homes reached the highest level in nearly five years amid falling mortgage rates. Economists Seiders and Wyss attributed the rise to weak job growth and eroding consumer confidence, while new single family home sales fell 2.7 percent to a 580,000 annual rate from 596,000 in March. The Commerce Department noted first quarter results were not as weak as first estimated.
MENTIONED IN THIS ARTICLE
Washington
David F. Seiders
National Association of Home Builders
David Wyss
DRI McGraw-Hill
Lexington, Mass
Commerce Department
Surprise dollar rescue sparks Wall Street rally
The United States and major industrial nations staged a coordinated dollar buying spree to lift the currency and juice stocks. The intervention, led by the Federal Reserve, pushed the Dow Jones to a 86.46 point gain to 4,465.14, the largest one day rise since August 1991, as traders priced in a slower growth rate of 2.7 percent for the first quarter and a possible soft landing.
MENTIONED IN THIS ARTICLE
Washington
United States
Federal Reserve
U.S
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Bellsouth Corp
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Coca-Cola CO
Columbia Gas Sys
Columbia Healthcare
CON
Nat'l Gas
Corning Inc
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CSX Corp
Detroit Edison
Dominion Res
DOW Chemical
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Eastern Ent
Eastman Kodak
Emerson Electric
Ethyl Corp
Exxon Corp
First Union Corp
1ST
Virginia Bank
Flowers Industries
FMC Corp
Food Lion Inc
Ford Motor CO
GEN. Electric CO
GEN. Motors Corp
GTE Corp
Georgia Pacific
Gillette CO
Glaxo Holdings
Goodyear Tire
Hercules Inc
Humana Corp
IBM Corp
Ingersoll-Rand
K-Mart Corp
Kroger CO
Lowe's CO
Mapco Inc
McDonald's Corp
MC Communications
Merck & CO. Inc
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Monsanto CO
Mylan Labs
Nash Finch CO
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Reebok Int
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Sherwin Williams
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Signet Banking
Southern CO
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USX
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Ource
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T. Keith Edwards
Bluefield
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