Stock floor holds late rally lifts averages in mixed day
Stocks closed mixed after a late session rally sparked by Fed easing rumors, erasing earlier losses from Penn Square Bank fallout and OPEC meeting jitters. Dow rose 5.32 to 804.98 as NYSE index edged up, S&P gained, Nasdaq fell. volume surged with bond switches by Goldman Sachs. Big movers included Texaco, Exxon, Citicorp, Continental Illinois, IBM, Burroughs, Digital Equipment, and Sony amid broad declines and some gains.
MENTIONED IN THIS ARTICLE
New York
UPI
Federal Reserve
Oklahoma City
Penn Square Bank
Dow Jones
DJIA
New York Stock Exchange
Standard & Poor
Goldman Sachs
Federal Funds
Continental Illinois Bank
Fed
Drysdale Government Securities
IBM
Burroughs
Digital Equipment
National Semiconductor
Sony Corp
Giddings & Lewis
Amca International
Nabisco plant closure plan hits Clinton workers hard
ADM moved to shut the Clinton corn mill after announcing 400 job terminations in a reorganizational push. Some say 550 or 600 could still be cut, but ADM argues the remaining positions are viable and that the plant was ready to close. Nabisco previously owned and operated the mill, the county's largest employer.
MENTIONED IN THIS ARTICLE
Clinton
Burker
Decatur, Il
Nabisco Brands Inc
Clinton County
ADM
Nabisco
Treasury auctions $6 billion in one year bills
The Treasury sold six billion dollars of one year bills at an average 12.318 percent discount, higher than the 12.173 percent rate in the June 10 auction. The investment rate, reflecting the yield to investors, was 13.79 percent.
MENTIONED IN THIS ARTICLE
Washington
UPI
The
Treasury
Weather and economy weigh on June retail sales
June retail sales faltered as cooler weather and a sluggish economy cut demand for weather sensitive goods. Big Five chains Sears Kmart Montgomery Ward posted declines while J C Penney and Woolworth posted modest gains. May buying surge linked to cabin fever. Wal Mart Dayton Hudson Zayre Federated and Carter Hawley Hale showed mixed results.
MENTIONED IN THIS ARTICLE
United Press
Jeffrey Feiner
Merrill Lynch
Pierce Fenner & Smith Inc
Kmart
Penney
Woolworth
Dayton Hudson Corp
Zayre Corp
Federated Department Stores Inc
Carter Hawley Hale Stores Inc
General Mills Reports Record Return on Equity and Higher Annual Earnings
General Mills Inc. said for the year ending May 30 it earned 225.5 million dollars, 4.46 a share, on sales of 5.312 billion, up from 196.6 million dollars, 3.90 a share, on 4.852 billion. Return on equity reached a record 19.1 percent, up from 18.4 percent. Fourth quarter profit was 34.7 million dollars, 0.68 a share, on 1.238 billion in sales, down from 37 million dollars, 0.73 a share, on 1.263 billion.
MENTIONED IN THIS ARTICLE
Minneapolis
UPI
General Mills Inc
Bruce Atwater
Atwater
Ance
Consumer Foods
Cedar Rapids
Fashion
Harvester switches IH ad account to local agency
International Harvester Co. moved its corporate advertising to Chicago based Tatham Laird & Kudner, already handling IH trucks. The debut campaign in late summer carries the theme Were not giving in Were going on. DArcy had previously managed the corporate account.
MENTIONED IN THIS ARTICLE
Chicago
International Harvester Co
Harvester
Tatham, Laird & Kudner
Truck Group
St. Louis
Consumers Boost Installment Credit for Third Month
Washington reports show May installment credit rose by 1.4 billion dollars, the third consecutive monthly increase and the largest since fall. A 1.3 billion rise in auto finance credit, driven by General Motors rebates, dominated the gain as consumers borrowed 29.2 billion and paid off 27.8 billion. The Fed noted gradual rebounds amid recession, with earlier monthly changes of 990 million in March and 1.18 billion in April.
MENTIONED IN THIS ARTICLE
Washington
UPI
Federal Reserve Board
General Motors
Ford directors omit dividend third quarter
Ford Motor Co. directors voted to omit the stock dividend for the third consecutive quarter. The losses last year and in Q1 this year, including 1.2 billion and 355 million, largely stem from North American car operations. The firm has 120 million shares outstanding and has not paid a dividend since last year’s fourth quarter.
MENTIONED IN THIS ARTICLE
Dearborn
Mich
UPI
Ford Motor Co
Tom Foote
Ford
New York Stock Exchange
Philip Caldwell
Foote
Also Mentioned on This Page
Texaco
Exxon
Citicorp
Continental Illinois
First Atlanta
Republic of Texas
Dome Petroleum
Wang Laboratories
A.T. Cross
National Association of Securities Dealers
Clinton Corn “Processing Co
Richard Burker
Archer-Daniels-Midland Co
Quad City Times
Harvard Business School
Simon & Schuster
Harvard
Jim Fisk
Robert Barron
Harvard Busi
Corleone Family Group
Atlantic City
Don Vito
Los Angeles Times
UPI Photo
Picturephone
American Telephone & Telegraph Co
New York City
Washington, D.C
At&t
Feiner
Sears
Edward Telling
General Mills
Savings and Loan
Oklahoma
Edgar Callahan
National Credit Union Administration
National Credit Union Share Insurance Fund
Coke
Coca-Cola
Coca- Cola USA
Brian Dyson
U.S. Steel
Union
Pittsburgh
U.S. Steel Corp
United Steelworkers Union
USW
OU An
Jiv-D OR
Iowa
1St Ave
Mgr
James M. Rybacki
Peoples Choice
linVestinacial
Peoples Choice Investment
U.S
Peoples Bank
Peoples
F.D.I.C
Peoples Bank and Trust Company
Cedar Rapids and Newhalle
FDIC
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