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Newspaper
Bluefield Daily Telegraph
Location
Bluefield, West Virginia, United States of America
Date
Jun 24, 1994
Page
5
A rout in technology shares pushed major indexes lower as analysts warned of broader selling. The Nasdaq dropped to levels last seen in July and finished more than 100 points below its March high. Dow fell 25.68 to 3699.09 as 724 advancers trailed 1428 decliners. NYSE volume 256.15 million.
May durable goods orders up 0.9 percent led by aircraft and defense goods, marking the ninth gain in ten months. Economists split on interpretation as data hint at slower economy but some see continued modest growth amid volatility in military orders. Labor data show small rise in first-time unemployment claims signaling gradual improvement.
A Richmond Fed survey shows 102 service producing firms across Maryland to West Virginia reporting modest May revenue gains, little employment change, and rising wages. Prices rose 0.5 percent in May with expected 1.3 percent gain over six months while retailers saw mixed gains in traffic and sales and 0.3 percent price rise. Officials also filed to merge The First National Bank of Bluefield with The Bank of Oceana into The First Century Bank NA pending OCC approval, with public comments invited.
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