Market slide deepens as Dow posts weekly record loss
The Dow Jones industrial average fell 27.18 to 1739.22, extending its weekly drop to 82.50 points, the largest weekly point decline on record. Analysts cited rising oil prices and yields, program trading in futures, and fading early-quarter gains as factors behind the rout.
MENTIONED IN THIS ARTICLE
New York
Wall Street
William LeFevre
Purcell, Graham & Co
Dow
LeFevre
Merck
International Paper
McDonald’s
General Electric
International Business Machines
American Express
Baker doubts oil tax or fee on imports would happen
Treasury Secretary James A. Baker III said the Reagan administration is unlikely to pursue a new tax or fee on imported oil to aid producers. He argued lower oil prices benefit the U.S. economy and denied plans to negotiate with OPEC or to raise the 50 cent per barrel excise tax. He suggested repealing windfall profits tax or deregulating natural gas as possible aid. He also noted satisfaction with the dollar’s decline after joint monetary action last September.
MENTIONED IN THIS ARTICLE
Washington
Treasury
James A. Baker III
Reagan
Baker
United States
OPEC
Organization of Petroleum Exporting Countries
NBCTV
George Bush
Saudi Arabia
U.S
Strategic Petroleum Reserve
Iacocca bonuses raise questions of pay and profits
Chrysler Corp disclosed that Chairman Lee Iacocca earned over 1.6 million in 1984 and over the past five years accumulated 15.5 million in stock profits under an executive option plan. The proxy links 1984 profit to a company record 2.4 billion earning and notes related bonuses at Ford and GM.
MENTIONED IN THIS ARTICLE
Detroit
Chrysler Corp
Lee Iacocca
Iacocca
Ford Motor Co
Donald Petersen
General Motors Corp
Chrysler
John Guiniven
Guiniven
Ford
Factory layoffs at Des Moines Firestone plant
The Des Moines Firestone plant announced 45 factory workers plus 25 salaried employees will lose jobs, reducing total factory employment to 1,100. Plant manager Michael Induni said the cuts are to stay competitive and affect layoffs effective April 30.
MENTIONED IN THIS ARTICLE
Des Moines, Iowa
Des Moines
Firestone
Michael Induni
Cable News Network posts its first profit
CNN and CNN Headline News earned an operating profit of 18.8 million on 126.6 million in 1985, switching from a 1984 loss of 15.3 million on 88.3 million revenue. Turner Broadcasting rejected NBC’s 51 percent CNN offer and kept editorial control.
MENTIONED IN THIS ARTICLE
Atlanta
CNN Headline News
Turner Broadcasting System Inc
CNN
ABC
Westinghouse Electric Corp
Ed Turner
Turner Broadcasting
Turner
Ted Turner
Mgmua Entertainment Co
NBC
Time Inc
Gannett Co
Lee Wilder
Robinson-Humphrey Co
TBS
Oil prices end higher as potential North Sea strike boosts markets
Traders push oil prices up on fears a food workers strike at North Sea rigs could halt supply. May WTI futures close at 12.74, up 99 cents. London gas oil and U.S. heating oil rise. Citgo raises crude prices by 2.50 a barrel while Atlantic Richfield cuts posted prices by 50 to 75 cents.
MENTIONED IN THIS ARTICLE
New York Mercantile Exchange
New York
London
North Sea
U.S
Peter Beutel
Rudolf Wolff Futures Inc
Fed minutes show split on policy and rate path
February FOMC minutes reveal a 10 to 2 vote to hold policy with dissenters urging a rate cut to spur growth. Dissenters Preston Martin and Martha Seger favored easing while noting mixed signals from agriculture and business investment. Disagreements persisted over discount rate cuts and coordination with overseas central banks.
MENTIONED IN THIS ARTICLE
Washington
Federal Reserve Board
Preston Martin
Martha Seger
Reagan
Federal Reserve Banks
Paul Volcker
Fed
Volcker
West German
Japan
FOMC
Markets wrap: nonferrous metals and steel prices posted
New York market notes show spot nonferrous metals closing at 4200 to 42700 per pound and refined steel prices for domestic merchants around 7088 to 597. The AP report highlights Friday’s price ranges with limited clarity on specific metals and steel grades.
MENTIONED IN THIS ARTICLE
New York
Aeus
Steel New York
FCC Rejects AT&T Weekend Night Rate Hike
The FCC blocks AT&T 12.5 percent rise on weekend and nighttime calls, citing excessive profit. AT&T faces a $61.7 million revenue reduction from WATS and 800 rate changes and plans a separate $1 monthly line charge adjustment for residential and small business users.
MENTIONED IN THIS ARTICLE
FCC
At&t
Commission
Also Mentioned on This Page
DJIA
New York Stock Exchange
UAL
AMR
Delta
NYSE
Standard & Poor
S&p
Market Report
Holiday
Treasury Secretary
MONEY
D.M. Firestone Plant
Occidental Buy
Los Angeles
Occidental Petroleum Corp
Tenneco Inc
Harold Greene
Federal Trade Commission
Fremont, Mich
Gerber Products Co
Joan Hudson
Grand Rapids
Gerber Banana
Cable News Network
U.S. Gulf Coast
Europe
Norway
Citgo Petroleum Corp
Southland Corp
West Texas Intermediate
Atlantic Richfield Co
Metal Markets
Nas
York
Foreign Exchange
New Fen
Golters
Fon
Belgium
France
Hong Kong
Mexico
Pakistan
Germany
Ain AW
American Bank York
Federal Communications Commission
American Telephone & Telegraph Co
MCI Communications Corp
Bancov Bane
NTS
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