Dow Ends Bear Market Slide With Late Rally
Despondent investors intensified a selloff in blue chips driving the Dow into bear market territory for much of the session. A last hour rally trimmed losses to 97.52, closing 9,389.48 as Nasdaq and S&P fluctuated with grim long term declines. Procter & Gamble cut 0.45 to 62.75 after announcing 9,600 job cuts and General Motors idled plants to curb inventories.
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First Union settles suits for twenty six million dollars
Two class-action suits accusing First Union Corp of mismanaging employees retirement funds are tentatively settled for 26 million. U S District Judge Richard Williams gave preliminary approval and set a final hearing for June 13. More than 150 000 employees eligible to participate. First Union bought Signet in 1997. The suits claimed self dealing and use of 401 k investments to benefit the bank. The bank says the settlement is to end costly litigation and insurance will cover the costs.
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Richmond, Va
First Union Corp
U.S
Richard Williams
Charlotte, N.C
First Union
Signet
First
Ginny Mackin
Mackin
Procter & Gamble to cut 9600 more jobs worldwide
Cincinnati headquarters P&G will trim 9600 additional jobs over two years, bringing total planned cuts to 17400. About 2700 cuts, 1900 new, to occur in Cincinnati with a mix of voluntary and involuntary layoffs. Most reductions targeted at corporate units and manufacturing, starting immediately in the United States.
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Procter & Gamble Co
United States
P&g
A.G. Lafley
Tide
Crest
Folgers
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Olay
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