Markets Slip as Rates Jump and Stocks Fall Hard
Wall Street endured a volatile week as interest rates rose, the Dow Jones Industrial Average tumbled 20.07 to 851.03 after a prior gain, and the NYSE composite dropped to 67.79 with heavy volume. Traders eyed a possible rally, noting rebounds late in the week amid broad declines in IBM, Exxon, and other majors while the NASDAQ slipped to 188.21.
MENTIONED IN THIS ARTICLE
New York
UPI
Wall Street
Dow Jones
DJIA
New York Stock Exchange
Standard & Poor
NYSE
U.S
Federal Funds
Fed
Datapoint
DPT
IBM
Blue Chip Exxon
Brunswick
Whittaker
Municipal bonds lead rally on WWPSS issue sale
New York UPI reports municipal bonds outperformed other sectors in a rally driven by the forthcoming 500 million Washington Public Power Supply System issue. Prices slipped for taxable bonds while WWPSS triple A 15 percent bonds rose above par for the first time since project terminations. Government yields rose on Treasuries and bills.
MENTIONED IN THIS ARTICLE
New York
UPI
Washington
William Lentz
Sentry Securities Municipal Bond Firm
Treasury
Salomon Brothers
Weekly price trends in major futures markets
Major futures showed declines for wheat corn and soybeans on the Chicago Board of Trade with slight oats gain. Wheat settled at 3.704 per bushel down from 3.77, corn at 2.73 down from 2.74, and soybeans 6.4634 down from 6.5634. Cattle and hogs rose on the Chicago Mercantile Exchange with live cattle at .6557 per pound, feeder cattle at .6517, hogs at .5237, and pork bellies at .7295. Gold and copper held near week’s start values while silver advanced about .40. Copper moved to .7325 per pound.
MENTIONED IN THIS ARTICLE
Chicago Board of Trade
Chicago Mercantile Exchange
Commodity Exchange
New York
Mini mill turns scrap into steel in Iowa Wilton plant
North Star Steel Co. in Wilton operates 24/7 turning 80 tons of scrap into 260,000 tons yearly. The Cargill unit uses electric furnaces to produce merchant grade steel for construction and light manufacturing, with 380 workers and a planned $15 million rolling mill expansion. The plant faces price cuts, high energy costs, and a tough economy but remains key to a market-focused operation from Denver to the East Coast.
MENTIONED IN THIS ARTICLE
Dave Rasdal
Iowa
Wilton
North Star Steel Co
Integrated Steel Mills
North Star
Cargill Inc
Minneapolis
Bob Jakse
Jakse
Chicago
Denver
St. Paul
Minn
Monroe
Mich
U.S
Iowa- Illinois Gas and Electric Co
U.S. Steel
North Star Steel
Also Mentioned on This Page
American Stock Exchange
Wang Laboratories
Dome Petroleum
Gulf Oil of Canada
National Association of Securities Dealers
Mill
Midwest
Jeff Maine
In Staal Co
Gazette
West
Call
Craig West Insurance Agency
1St Ave
Keller
Hull
CO Open Office Systems
Interior Design
Roger J. Schmidt
Davi Bosworth
Dann Bosworth
E. Tower
First Street
S.E. Cedar Rapids
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