Market Anxiety as Auto Sales Drop Hits Stocks Hard
The New York market slid for a second day amid reports of a 15.4 percent early May decline in auto sales. The Dow fell 9.46 to 876.11, volume 8.99 million, with many blue chips retreating. Analysts noted mixed signals from production and consumer markets as investors sought a bottom to the decline.
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Market news brief notes rising coal prices and price pressures
A report from New York AP describes a broad set of market concerns as coal prices are expected to rise by about one tenth due to higher labor and material costs under the April UMW contract. Utilities remain the main coal customers and price hikes are anticipated to stick amid strong demand and broader inflationary pressures.
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By Sam Dawson