Markets Rally as Fed Cuts Discount Rate to 13 Percent
The Fed lowered the discount rate to 13 percent, boosting stocks after Henry Kaufman said rate highs may be delayed. The Dow rose 14.56 to 852.55 for the week, NYSE up 1.81 to 70.64, S&P up 3.29 to 221.89, with broad gains and strong Friday volume signaling a possible further advance. Major players like GM and IBM showed activity amid a busy trading week with Marathon takeover chatter and notable moves on Amex and NASDAQ indices.
MENTIONED IN THIS ARTICLE
New York
UPI
Henry Kaufman
Federal Reserve
Kaufman
Salomon Brothers
Fed
New York Stock Exchange
Standard & Poor
General Motors
IBM
NYSE
U.S. Ex
Marathon
Mobil
Gulf Oil
Texaco
Citicorp
Southland
Sunbeam
Allegheny International
Revlon
Bond rally lifts prices as refunding boosts market
UPI reports a sharp bond rally after the Treasury refunding announcement and recession signals. 30 year Treasuries rose to 96.28 from 94.24, with rates for money markets and corporates dropping several basis points. Salomon Brothers cites easing Fed stance and lower future rates as key drivers, while municipal issues lag. The upcoming week calendar shows $793 million in bonds and $2 billion in project notes.
MENTIONED IN THIS ARTICLE
New York
UPI
Treasury
Henry Kaufman
Salomon Brothers
Fed
Salomon
New Jersey
Grain and metal futures end week near start lines
Grain futures on the Chicago Board of Trade closed roughly where they began the week. Wheat December at 4.39 per bushel, corn 2.87, oats 2.19, and soybeans 6.51. Gold 427 an ounce, silver 9.15, copper 0.7610. Feeder cattle and hogs edged higher, pork bellies and live cattle dipped slightly.
MENTIONED IN THIS ARTICLE
Chicago
Chicago Board of Trade
New York Commodity Exchange
Chicago Mercantile Exchange
Invisible giants by Leslie Wayne profile of GE Credit Corp
GE Credit Corp began in 1932 to spur appliance sales during the Depression and grew into a major finance vehicle. It built a 300-branch network, focused on secured lending, leveraged leasing, and real estate financing while challenging banks with its lower leverage and broader financing scope.
MENTIONED IN THIS ARTICLE
Stamford
Conn
General Electric Co
General Electric
General Electric Credit Corp
G.E. Credit
Atari Inc
G.E
Gulf and Western Mutal Fund Strategy Faces Investor Debate
Gulf and Western despite a $355.8 million portfolio of 16 companies and a $5.3 billion empire earns mixed praise. Analysts disagree on whether funds used for portfolio investments, not a traditional mutual fund, should instead buy back stock or reduce debt to lift earnings per share and share value.
MENTIONED IN THIS ARTICLE
New York
Wall Street
Gulf and Western
G&w
Kenwood House Reopens in New Downtown Location
Kenwood House Interiors opens at 3117 First Ave SE in the former Pidgeon’s Furniture Store after extensive interior gutting and a rebuilt design by Roy Gainer. Exterior work continues with bay windows and a glass atrium slated to house a marble fountain and five plants. The store features Sprague Carlton Thomasville and Pennsylvania House furniture with a preview for established customers last week.
MENTIONED IN THIS ARTICLE
Kenwood House Interiors
First Ave
Pidgeon’s Furniture
Roy Gainer
Dallas
Sprague-Carlton
Thomasville
Pennsylvania House
Kenwood House
Also Mentioned on This Page
American Stock Exchange
Dome Petroleum
Amex
International Banknote
Houston Oil Trust
Cominco
National Association of Securities Dealers
Bonds
By Leslie Wayne
New York Times
General Motors Acceptance Corp
Ford Motor Credit
Fred Hammer
Chase Manhattan Bank
Noel T.G. Delaney
L.F. Rothschild
Unterberg, Towbin
Simmons Co
Harry Allen
Merrill Lynch
Dominican Republic
Charles Bluhdorn
U.S. and World News Daily
IDS Cash Management Fund Inc
Iowa
Cadillac
Allen
First Avenue
S.E
Cedar Rapids
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