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This newspaper page contains 6 articles. Subscribers can read the full text of each article.
Newspaper
Bluefield Daily Telegraph
Location
Bluefield, West Virginia, United States of America
Date
Jun 18, 1992
Page
6
U.S. stocks tumbled further Wednesday amid concern over Federal Reserve credit policy. The Dow fell 41.73 to 3,287.76, with 1,423 decliners versus 380 advancers, as global markets and risk gauges reflected caution after the beige book signaled ongoing economic strength.
The Federal Reserve reports ongoing improvement in economic activity with a nationwide upturn in manufacturing, suggesting little urgency to cut rates before the next meeting. Analysts note the Fed may prefer to hold policy steady unless conditions worsen, conflicting with Bush administration hopes for lower rates before the November election. The Beige Book will guide a June strategy.
The Fed paused the federal funds rate at 3.75 percent after a stretch of easing. A Labor Department report shows nonfarm productivity rose 2.7 percent in January to March, the strongest pace since 1990, bolstering hopes for sustained, inflation‑controlled growth.
Two German relief workers Heinrich Struebig and Thomas Kemptner returned to Germany after three years in captivity by Shiite extremists in Lebanon. A government jet carried them to Cologne where they were taken to a military hospital in Koblenz. Their release ends the eight year hostage drama involving nearly 100 foreigners and may ease Lebanon’s postwar rebuilding efforts.
An AP review finds a lucrative government deal to Ross Perot's Electronic Data Systems was canceled in 1986 after auditors said the government improperly favored the firm. An Army major allegedly boosted EDS scores and allowed a $25 million bid reduction. The government later paid about $10.95 million to reimburse contractors. no charges were filed. Investigators cited inexperience and lacked a smoking gun to pursue criminal action.
CHANDLER Minn AP A siren that rang last week saved all 300 residents of Chandler when a tornado ripped through town part of a wave that injured more than 50 across five states. Residents sheltered in a central room avoiding deadly rooms, while officials reported 45 injured in Minnesota and 69 homes destroyed. Thunderstorms spawned 17 tornadoes in Minnesota with additional twisters in Nebraska South Dakota Iowa and Missouri. Cattle and hogs were killed by a Nebraska twister and North Dakota saw 2.25 inches of rain in Leonard within 24 hours.
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