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Newspaper
Bluefield Daily Telegraph
Location
Bluefield, West Virginia, United States of America
Date
Jun 05, 1990
Page
6
The dollar moved lower against most major currencies in New York trading Monday while the British pound and Japanese yen rose. Trading was light as European markets were closed for a holiday and gold prices posted small losses.
New York prices surged with the Dow Jones industrial average up 34.22 to 2935.19 as broad gains spread. Advancers outnumbered decliners 1105 to 477 with 439 unchanged on NYSE while the composite index rose 2.18 to 200.21 and S and P measures posted solid gains.
The National Association of Realtors foresees lower mortgage rates this summer but warns of housing weakness due to tighter thrift lending. Existing home sales around 3.5 million with prices near 97,700, while new home sales about 612,000 with prices near 127,900. Fixed 30-year rates expected around 10.3 percent.
The piece notes one year adjustable mortgage rates near 8.6 percent, down from 9.3 percent a year ago, and that May buyer purchasing power remains strong due to lower prices and higher incomes. It cites NAR data showing a $34,032 median income family could qualify for a conventional loan on a $53,00 home, with half of homes above and below the median price. It also references Dwight D. Eisenhower signing Alaska’s statehood proclamation in 1959.
Roses Stores Inc reports first quarter sales of 353 million, up 7.9 percent from a year earlier, with earnings of 2.073 million, up 66.4 percent. The firm opened a new store and closed two others, and plans to remodel up to 20 stores in 1990. Also note Mount Rogers Planning District Commission holds a 7 p.m. meeting Thursday at 1021 Terrace Drive, Marion, inviting the public. The commission serves Bland Wythe S. Washington Carroll and Grayson counties and the cities of Bristol and Galax.
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