Stocks reach new highs as market extends weekly gain
New York stocks advance Friday with the Dow up 6.09 to 1,171.34 and a weekly gain of 46.63 points. Volume on the NYSE measured 89.59 million shares as producers and financials lift indices, while Metromedia and Merrill Lynch spark talk of splits and continued volatility.
MENTIONED IN THIS ARTICLE
New York
New York Stock Exchange
Paine Webber
Phibro-Salomon
E.F. Hutton
Sears Roebuck
Dean Witter Reynolds
Sears
Merrill Lynch
Metromedia
A.O. Smith
Withholding debate stalls as Senators seek retreat route
Senate debate on withholding taxes from interest and dividends stalled on Friday as leaders and opponents search for a way to offer Reagan a politically safe retreat. Kasten claims 44 votes to repeal and anticipates 70 in favor after a limit-on-debate vote, while Baker questions reaching 60 votes. The issue splits the GOP amid MX missile and budget concerns. The plan, enacted last August, aims to raise about 100.4 billion over three years to cut the deficit with about 25 billion in unreported dividend and interest income each year.
MENTIONED IN THIS ARTICLE
Jim Luther Washington
Senate
Reagan
GOP
Robert J. Dole
R-Kan
Senate Gop
Bob Kasten
Kasten
Withholding
Howard Baker
Dole
Baker
Sen
Ted Stevens
Alaska
Internal Revenue Service
Industrial output rises 1.1 percent in March in strong broad gain
The Federal Reserve Board reports a 1.1 percent March rise in industrial output marking a fourth straight monthly gain despite a dip in auto production. Analysts and officials see continued growth with potential declines in unemployment as production climbs across construction, consumer goods, and defense equipment.
MENTIONED IN THIS ARTICLE
Washington
Federal Reserve Board
Reagan
White House
Martin Feldstein
President’s Council of Economic Advis
Caterpillar strike talks press final offer amid union deliberations
In Bridgeton the United Auto Workers continue talks over Caterpillar Tractor Co final settlement offer after a second offer this month to 29 bargaining committee members from 10 locals across 18 plants in Iowa and five other states. Charley Finley named Century Energy chair and president in Toronto. Wal Mart opens a Muscatine mall store employing 95 in Woolco space. IBP to reopen Denison plant with progress on waste handling and market concerns. IBP sues Rock Island County seeking to bar building codes at Joslin Illinois plant citing Wholesome Meat Act federal preemption.
MENTIONED IN THIS ARTICLE
Muscatine
Wal-Mart Stores Inc
Woolco
Muscatine Mall
Mike Campbell
Wal-Mart Discount City
Dakota City
Neb
IBP Inc
U.S. District Court
Rock Island, Ill
Rock Island County
IBP
Charles Harness
Joslin, Ill
Tax late-payment interest rate drops to 11 percent
The IRS said the annual interest penalty for late federal tax payments will fall to 11 percent on July 1, down from 16 percent. By contrast, existing penalties on money owed will continue at 16 percent. The rate changes twice yearly, tied to banks' prime rates.
MENTIONED IN THIS ARTICLE
Washington
Internal Revenue Service
Money supply growth slows in March as Fed signals restraint
The Federal Reserve reports a slower money supply increase in March, easing fears of rapid rate hikes. M1 rose 16 percent in March from February while M2 gained 11 percent, sparking expectations of gradual rate declines and a milder inflation threat.
MENTIONED IN THIS ARTICLE
New York
Federal Reserve Board
W. Lee Hoskins
Pittsburgh National Bank
Treasury
Fed
Working wives help drive 1970s home purchases study says
A NSF funded study by Dowell Myers finds rising home ownership among young married couples in the 1970s due to increased employment and earnings of wives. By 1980 about 60.9 percent owned homes, aided by wives' earnings and delayed childbearing shaping housing affordability and family size.
MENTIONED IN THIS ARTICLE
Washington
National Science Foundation
Dowell Myers
University of Texas
Myers
Population Association of America
Pittsburgh
Meyers
Ford predicts North American unit profit in current quarter
Ford Motor Co expects its North American Automotive Operations to post a profit for the first time since late 1979, with analysts forecasting about 200 million dollars in worldwide quarterly earnings. The company will not pay a dividend for the sixth straight quarter.
MENTIONED IN THIS ARTICLE
Detroit
Ford Motor Co
North America
Walter Hayes
Ford
Hayes
Wall Street
U.S
Canada
Ford recalls 1507 trucks and 83 models for fixes and inspections
Ford Motor Co. announces recalls and inspections for about 8 100 other vehicles. The actions cover 1 167 1983 Ranger four wheel drive trucks for front suspension studs, 340 1983 F and FT 6000 8000 and B 600 700 7000 series for headlamp dimmer wiring, 1 542 1982 83 tandem axle heavy trucks for pinion nuts, and 6 600 1983 Mustang convertibles for weather strip fasteners. No accidents are linked.
MENTIONED IN THIS ARTICLE
Detroit
Ford Motor Co
Ford
Ford Raises Five Prices On Higher-Priced Models
Ford will raise prices on five upscale models effective next week. The Crown Victoria and Mercury Grand Marquis rise $165, while the Lincoln Town Car, Mark VI, and Continental increase by $216. This follows AMC and Chrysler price hikes announced two weeks earlier.
MENTIONED IN THIS ARTICLE
Detroit
Ford Motor Co
Philip E. Benton Jr
American Motors Corp
Chrysler Corp
AMC
Chrysler
Also Mentioned on This Page
Federal Reserve
Labor Department
International Business
American Telephone & Telegraph
Financial-services
Halliburton
Schlumberger
Sedcon
Baker International
Exchange
Standard & Poor
AIB
Northrup Corp
Hawthorne
Calif
Ers
Allen Sinai
Data Resources Inc
Jerry Jasinowski
National Association of
Finley
Toronto
Oakland A
Charley Finley
Century Energy Corp
Chicago
Century
Ross McGroarty
Denison
Denison Utility Board
Harness
Joelkers
7Th Street
Cedar Rapids Park
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