Stock Market Advances on News of Lower Interest Rates
The New York market rose broadly on news of lower lending rates. The Dow climbed to a year high, volume reached 9.51 million shares, with leadership from oils, rails, autos, and electronics. Morgan Guaranty's rate cut to 5% spurred gains as mortgage rates trended down for the second straight month.
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Congress eyes tighter grip on private pension funds
Private pension systems totaling about 90 billion dollars face growing congressional scrutiny as bills seek minimum operation standards and federal oversight. Critics warn against overreach while proponents argue stronger regulation protects workers. questions focus on fund investment, portability, and impact on welfare.
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Easter Sales Chill Merchants In Much of U S
An AP survey across 17 cities shows Easter shopping down 2 to 5 percent in the Midwest and the South with severe weather cutting demand. Some regions report gains up to 24 percent at a Richmond Virginia discount store, while overall sales run about 6 percent higher than last year despite a 5 percent rise in prices.
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