Dow climbs above 1,000 as rate cuts aid stocks
The Dow Jones rose to about 1,009.81 as banks cut lending rates and brokers’ rates, with gains led by Chase Manhattan, Citibank, and Manufacturers Hanover. Indicators show inflation cooling and farm prices slipping, aiding investor optimism amid mixed NYSE activity and Amex moves.
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Wall Street Stocks Plunge As Gulf Oil Leads Selloff
New York markets show nationwide price declines with Gulf Oil down to 2.50 and many industrials moving lower. The composite lists Gulf and a broad array of major companies including Exxon, IBM, Boeing, and Dow Jones averages reflecting a broad market slide across sectors.
Amana to lay off 200 at Amana Refrigeration plant
Amana Refrigeration Inc announces 200 job cuts on the second shift from 3 45 p m to 12 15 a m on or before April 13. The move reduces total employment to about 4 200 and is aimed at trimming inventory to restore the workforce to the October 1 1980 level.
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Hens and egg prices in Des Moines report steady to firm
The Federal State Market News Service notes an undertone barely steady with prices about 2 cents lower than yesterday. Farm prices for loose eggs ranged from 49 to 55 cents per dozen for Grade A large, about 42 to 45 cents for Grade A medium, and 18 to 20 cents for Grade A small. Off farm movement up slightly, slaughter schedules full, demand moderate and supplies ample. Farm receipts down 3 percent week over week.
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Livestock Prices Drop Across Des Moines Market Report
Midwest Markets reports hog trade moderated with good demand. Butchers 50 higher, sows steady to 50 higher, No. 1-2 butchers 200-230 lb range 38.50 to 40.75, largest volume 39.50 to 40.00. Weighs 230-250 lb 38.00 to 40.00, 250-270 lb 37.50-39.50, 270-300 lb 36.00-38.50. Sows 300-450 lb 34.00-36.00, 450-600 lb 35.50-37.50. Receipts about 100,000. Tue 79,000. week 129,000. year ago 91,000.
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Cedar Rapids livestock and grain markets mixed on Wednesday
Cedar Rapids hog market was steady to 50 cents higher for 210 to 240 pound butchers and steady for packers up to 550 pounds. Sows moved 34 to 34.50 dollars with different weights. Sheep prices steady with wool at 52 and shorn at 54 dollars. Grain prices mostly steady with April to new crop futures up slightly. 市Prices shown reflect delivery to Cedar Rapids processors at 10:00 a.m. Wednesday.
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Chase Manhattan cuts prime lending rate to 17 percent
Chase Manhattan Bank, the third largest U S bank, reduced its prime lending rate by half a percentage point to 17 percent. The move, first by a major bank since March 24, matches the level set by others on March 19 as several short term rates edged lower.
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