Dow closes best week on 30 point gain as rates eyed
The Dow Jones Industrial Average rose 30.72 points to end at 869.29, capping Wall Street’s strongest week on record with a 81.24 point weekly gain as investors priced in possible Fed rate moves and a easing policy. Volume hit 95.9 million on a week of record activity and optimism.
MENTIONED IN THIS ARTICLE
New York
UPI
Wall Street
Federal Reserve
Congress
Reagan
Dow
New York Stock Exchange
Standard & Poor
NYSE
Determining the tolerable risk in investments
William F. Waters of Merrill Lynch outlines how to gauge risk tolerance. Assess how much you can afford, how nervous you feel, and the balance of safe versus high risk bets. He recommends diversification, thorough research, monitoring, setting price targets, and re-evaluating when targets are met.
MENTIONED IN THIS ARTICLE
William F. Wa
Ters
Merrill Lynch
Pierce, Fenner & Smith
Waters
Gold climbs to 386 as dollar weakens on Mexico debt talks
Gold surges to 386 an ounce in Europe and New York as investors flee financial uncertainties and the dollar weakens. Mexican debt talks delay principal payments for 90 days, while currencies react. silver rises to 7.78 an ounce and Tokyo yen slides.
MENTIONED IN THIS ARTICLE
United Press International
New York
Europe
Mexico
Zurich
London
New York Commodity Exchange
Comex
Joel Goodman
Deak Perera Bullion and
Treasury
Nance
Jesus Silva Herzog
Durable goods orders rise 3.2 percent in July
July durable goods orders rose 3.2 percent to 76.9 billion dollars after three declines, led by auto and transportation gains. Backlogs fell 1.1 percent without defense orders, suggesting uneven momentum amid a fragile manufacturing recovery.
MENTIONED IN THIS ARTICLE
Washington
UPI
Commerce Department
Ago Ambre
Automobile
Defense
Department
Bidder Swirl Grows Over Cities Service Oil Firm
New York financiers note Amerada Hess exploring a possible purchase of Cities refining marketing and transportation assets as rumors spread of a joint Amerada Mobil bid. Occidental Petroleum raises its offer to 52 a share for Cities while chairman Charles Waidelich rejects the higher bid for now.
MENTIONED IN THIS ARTICLE
New York
UPI
Cities Service Co
Better Occidental Petroleum Corp
Tulsa
Amerada Hess Corp
Amerada
Mobil Corp
Mobil
Los Angeles
Money supply falls as Fed holds line in week
UPI reports M1 dropped 100 million in the latest week aiding Fed to keep an accommodative stance. Traders expected a discount rate cut though and bets of further easing in the coming week remained. M1 averaged 453.4 billion for the week ending Aug 11, with bank loan activity mixed and rates sliding across Treasuries and CDs.
MENTIONED IN THIS ARTICLE
New York
UPI
Federal Reserve
Fed
Nicholas Marrone
Bank of New York
Marrone
Did You Know Guernica Bombing Shaped Civil War Memory
The 1937 bombing of Guernica on April 26 by German and Italian air forces marked the first mass raid on a civilian town during the Spanish Civil War, shaping international reactions and wartime reporting.
MENTIONED IN THIS ARTICLE
Guernica
Major banks cut prime rate to 13% as stocks rally
Chase Manhattan led a half point cut to 13 4 percent with Citibank Chemical Manufacturers Hanover Irving Trust and Continental Illinois following. Southwest Bank of St Louis also dropped to 13 percent, the lowest since October 1980, helping spark a two day stock market rally.
MENTIONED IN THIS ARTICLE
New York
UPI
Chase Manhattan Bank
Citibank
Hanover Trust
Irving Trust
Continental Illinois
Southwest Bank of St. Louis
CRST joins Kentucky suit against fee increase
Ten trucking firms filed a class action in Franklin County Circuit Court challenging the 20 dollar cab card fee, arguing it is a tax and unconstitutional. Judge Squire Williams issued a temporary restraining order blocking collection while Aug 31 arguments for a permanent injunction proceed. The suit names the Commonwealth and the Department of Transportation, with plaintiffs led by the Kentucky Motor Transport Association and including CRST Inc. of Cedar Rapids and the American Trucking Associations Inc. of Washington D C.
MENTIONED IN THIS ARTICLE
Frankfort
UPI
Franklin County
General Assembly
Squire Williams
Paul Young
Kentucky Motor Transport Association
Kentucky
Young
KMTA
Commonwealth
Department of Transportation and Transportation
Department of Transportation
American Trucking Associations Inc
Washington D.C
Kentucky Motor Transport Association Inc
Louisville
Crst Inc
Cedar Rapids
Kaiser Wilhelm II Promises German Navy Sunlit Place
On this date in 1911 Kaiser Wilhelm II stated that Germany’s navy would secure for the nation a place in the sun. The remark framed naval expansion as essential to Germany’s global status and imperial ambitions.
MENTIONED IN THIS ARTICLE
Kaiser Wilhelm II
Germany
Also Mentioned on This Page
Dow Scars
Alcoa
Eastman Kodak
General Electric
General Motors
IBM
International Paper
Merck
Owens Illinois
Procter & Gamble
Union Carbide
Westinghouse Electric
Sears, Roebuck
American Telephone & Telegraph
At&t
Harold Greene
Justice Department
Exxon
OPEC
Vienna
Cities Service
Occidental Petroleum
Occidental
Pacific Gas & Electric
Sanders Associates
Northern Telecom
Bahamas Telcommunications Corp
Nassau
ASA Ltd
Campbell Red Lake
Dome Mines
Homestake
Dome Petroleum
Wang Laboratories
Anglo Energy Ltd
National Association of Securities Dealers
J Asond
Jfmamjja
U.S
Frankfurt
Paris
Milan
Tokyo
New York City
Ene Price
1St Ave
Coe
GMAC
Dave
Center Pt. R
CRST
Fee
2Nd St
4Th Ave
Eagle Development
Compu
33Rd Avenue
S.A
Iowa
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