Markets Plunge After Fed Tightens Credit Policy
The market suffered broad losses with the Dow shedding 58.62 to 838.99 as NYSE composite fell 4.10 to 59.29 and the Nasdaq composite plunged 11.58 to 140.71. Volume reached record highs across NYSE, Amex, and OTC, while Exxon, Texaco, IBM, and American Telephone led losses and Dow components posted declines.
MENTIONED IN THIS ARTICLE
New York
UPI
Federal Reserve
New York Stock Exchange
Standard & Poor
American Stock Exchange
NYSE
U.S
Texaco
Exxon
California Standard
Occidental Petroleum
IBM
Dow
American Telephone & Telegraph
NCR Corp
Joseph Schlitz Brewing
Damson Oil
Resorts International A
Dome Petroleum
National Association of Securities Dealers
Bond Market Turmoil Drives Sharp Rate Spikes Across Markets
A chaotic week saw the bond market dive as the Fed’s tougher stance triggered a record selloff. Rates jumped 60 to 150 basis points in domestic markets and up to 160 basis points in Euro CDs, with long bonds down and a historic negative yield curve forming. IBM issues led corporate declines as municipal prices also tumbled, though some stabilization emerged by Friday.
MENTIONED IN THIS ARTICLE
New York
UPI
Federal Reserve
Salomon Brothers
Fed
Treasury
Federal Funds
Salomon
IBM
Landslide in U S Treasury bonds shocks markets
In Chicago AP reports a four day selling spree drives Treasury bond and GNMA futures to record highs as credit tightening hawks yields higher. Prices rise across commodities with gold and silver surging while wheat and corn slip and livestock futures vary.
MENTIONED IN THIS ARTICLE
Chicago
Raymond Elbin
U.S. Treasury
Treasury
Board of Trade
Chicago Mercantile Exchange
New York
Commodity Exchange Inc
LeFebvre expands plant adding 175 jobs at Cedar Rapids site
LeFebvre Corp of Cedar Rapids awarded contracts to Chester Construction for a 77,426 square foot, one story pre engineered addition on 29th Street NE. The project includes new docks and energy efficient systems. Construction started and is expected to be usable early 1980 with expanded shipping warehousing and distribution facilities.
MENTIONED IN THIS ARTICLE
29Th Street
LeFebure Corp
Cedar Rapids
Chester Construction Co
Marion
LeFebvre
Walter Kidde & Co. Inc
Collins wins NATO transportable HF telecom contract
Rockwell Collins has been awarded an about 11 million dollar NATO contract by SHAPE. Dallas based Collins Telecommunication Systems Division will furnish 23 HF shelter systems with antenna subsystems for European sites and five fixed stations. HF-80 radios will be built at Cedar Rapids plant. Similar equipment will go to the U.S. Air Force and the Australian Army. Rockwell Collins Italiana S.p.A. will handle final assembly and installation.
MENTIONED IN THIS ARTICLE
Dallas
Rockwell- Collins
NATO Supreme Headquarters
Europe
Collins Telecommunications Systems Division
Cedar Rapids
U.S. Air Force
Rockwell-Collins Italiana S.p.a
Rockwell
Also Mentioned on This Page
Mobil
Gulf Oil
Superior Oil
McMoran Oil & Gas
Charter Co
Murphy Oil
General American Oil
LeFebure
United States
C Avenue NE
31St Street
First Avenue
Main Plant
Collins
NATO
Im- Orberg Wil & CO
Erb’s Office Services, Inc
6Th St. S.W
Iowa
Dee Phernetton
Dee
First Avenue SE
City Carton Co., Inc
Iowa City
Morris Plan
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