Stocks rise as investors expect rate cut and tax relief
New York markets recovered from a slide with the Dow up 19.50 to 1,027.50 amid bets the Fed may cut the discount rate and Reagan may expand next year's tax cut. Oil shares led gains, while the NYSE index rose to 79.67 and the NASDAQ gained 2.78 to 227.75, signaling renewed appetite for lower rates and fiscal stimulus.
MENTIONED IN THIS ARTICLE
New York
UPI
Federal Reserve
Reagan
Wall Street
Dow
Standard & Poor
Dorchester Gas
Wang Laboratories
Ozark Airlines
Fay’s Drug Co
Texas Air
New York Air
National Association of Securities Dealers
Theft loss deduction under 1982 tax law rules
The 1982 Tax Equity and Fiscal Responsibility Act delays ualty loss deductions until 1983. A $250 camera loss can be deducted only if it exceeds 10 percent of adjusted gross income, then a $100 deductible applies. Hence only very large losses qualify this year. Los Angeles Times
Safety agency may set toy chest standards
The Consumer Product Safety Commission voted 4-0 to require toy chest makers to add lid support devices to prevent lids from falling. The rule becomes final after a six month period with a 30 day effective window, and a Federal Register notice will start a 60 day public comment period. Some manufacturers argue voluntary standards are sufficient.
MENTIONED IN THIS ARTICLE
Washington
UPI
Consumer Product Safety Commission
John Liskey
Commission
Liskey
Douglas Thomson
Toy Manufacturers of America
Federal Register
Lisley
FMC Plant to Close for Holiday Week
FMC plant and Cedar Rapids excavator plant will close all of next week. A spokesman noted closures align with Thanksgiving holidays and aim to hold inventory down amid a recession in the construction equipment industry. Total employment at the plant is about 650.
MENTIONED IN THIS ARTICLE
Cedar Rapids
FMC
Harvester charged in Pemex bribery case
Federal prosecutors filed criminal charges against Solar Turbines International, a former division of International Harvester, alleging a conspiracy to bribe Pemex officials to win turbine compression system purchase orders. The alleged bribes were made from December 1977 to May 1980. International Harvester spokesman notes Solar Turbines Co. was sold to Caterpillar in 1981.
MENTIONED IN THIS ARTICLE
Chicago
Solar Turbines Co
Caterpillar
General Motors recalls 1983 model cars over wiper motor defect
GM recalls 5300 early production 1983 Toronado Riviera Eldorado and Seville models due to faulty wiper motor capacitors causing fires or inoperative wipers. No injuries reported. Letters will go to owners and dealers will perform free repairs.
MENTIONED IN THIS ARTICLE
General Motors
Detroit
General Motors Corp
Pound Falls to Six Year Low Amid Selloff in London
The British pound slumped to a six year low against major currencies amid widespread selling. A Citibank dealer said the Bank of England offered little restraint. Sterling traded around 1.5930 dollars with a later recovery as traders bought the currency.
MENTIONED IN THIS ARTICLE
London
Citibank
Bank of England
AT&T plans up to $1 billion common stock offering
AT&T announced a planned common stock offering to raise up to $1 billion in a single underwritten issue. The firm said it would file with the SEC soon and did not specify shares or timing. Proceeds would fund general corporate needs and investments in subsidiaries to meet demand for communications services.
MENTIONED IN THIS ARTICLE
Energy Exchange
Sony Corp
American Telephone & Telegraph
Texaco
Santa Maria Basin
California
New York
UPI
American Telephone & Telegraph Co
At&t
Securities and Exchange Commission
Justice Department
Bell
Housing starts rekindle but rise slows in October
UPI reports October housing starts at a 1,122,000 annual rate, fifth month above one million. September’s revised 1,111,000 gain far below earlier 14.4 percent figure, due largely to subsidized programs nearing expiration. Single family starts rose 1.3 percent to 679,000. permits jumped 17.8 percent. Mortgage rates edged lower for FHA VA loans while conventional rates stayed about two points higher.
MENTIONED IN THIS ARTICLE
Washington
UPI
Commerce Department
Reagan
America
FHA
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Fed
Paul Volcker
Volcker
Mobil Corp
Newfoundland
Exxon
Getty
Phillips Petroleum
Shell
Superior Oil
General Electric
Honda
Marysville
Ohio
Gruber Motor
Center Point Road
Los Angeles Times
Safety Agency
Pound
Radio Shack
Tandy Corporation
Pocket Computer
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