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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Aug 13, 1987
Page
26
Five years ago on Wednesday the Dow stood at 776.92 as the market closed out its fifth bull year in frenetic trade. The Dow fell 11.16 to 2669.32, with weekly gains of 88.43 points. Analysts say rising prices fuel further gains and highlight dollar stability aiding U.S. securities amid global money flows.
Stocks fell modestly in erratic trading as heavy volume persisted on the NYSE with 235.7 million shares trading. Dow slipped 11.16, with 688 up versus 915 down. notable movers included AT&T, Navistar, IBM, GE, American Express, Exxon, Ford, Chrysler, and GM, while Longview Fibre, Square D, and Procter & Gamble posted gains. The NYSE index fell to 185.70, S&P indices declined, and NASDAQ closed slightly lower.
The piece explains that after May Day 1975 rates deregulated brokerage fees, leading to discounts from old fixed rates, with bigger savings for trades 100 to 500 shares under $35. It notes you may get 5 to 40 percent off, depending on the firm and your trade size and need for advice. It also explains Rule 144 stock as unregistered insider shares with sale restrictions, typically cannot be sold publicly for about two years, with later registration and limits on sale size.
Washington AP reports the 10-year Treasury note auction yielded an average of 8.74 percent, the highest since February 1986, as the government completes the second of three weekly sales to raise 28 billion. Coupon at 8 percent. $9,924.20 price per $10,000. Total bids 25.5 billion for 9.26 billion sold.
Analysts see a potential credit policy loosening by the Fed to spur rates downward, signaling optimism for the U.S. economy. Yet concerns rise about stock market sentiment as experts warn that sustained gains without a 10 percent correction could lead to sharper downturns when a correction occurs. Johnson cautions that excessive optimism heightens risk.
Washington AP reports state and local government workers saw average annual increases of 5.4 percent in the first six months of 1987, outpacing private industry where unions secured 3.6 percent after excluding freezes. Government raises were smaller than two years ago, and few workers received lump-sum bonuses or CPI adjustments common in private firms.
American Airlines becomes the third big U S carrier to match Continental Airlines fare increases of 2 to 20 dollars in selected markets effective August 16. Dallas spokesman Stephen McGregor says the airline will also adopt Continental's three day advance purchase rule on certain discounted fares. United and Northwest say they will match Continental as well.
The Associated Press corrected a Monday story on Beatrice International Food Co. selling to TLC Group. Beatrice distributes a different line of Beatrice products than those made and distributed in the United States by its parent, BCI Holdings.
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