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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Oct 15, 1987
Page
25
The U.S. trade gap shrank to 15.7 billion in August, but markets swooned with the Dow down 95.46 to 2412.70, long-term Treasuries over 10 percent, and the dollar weakening. Automakers report a 39 percent fall in early October car sales amid global weakness.
New York AP lists the ten largest Dow declines by points and the corresponding percentage of value. Entries include Oct 14 1987 95.46 points 3.8 percent and Oct 6 1987 91.55 points 3.5 percent among others from 1986 1987.
New York AP report notes Columbia University declined a $100000 student prize from corporate raider Asher Edelman. Dean John C. Burton scrapped the award amid criticism from Edelman and some students while deans nationwide praised the move as upholding academic values over greed.
AP reports that early October domestic car sales dropped 39 percent from the prior year with light truck sales down 21.6 percent. GM, Ford, and Chrysler lead the declines while VW remained down near yearlong levels, and Honda, Nissan, and Toyota posted gains in US sales.
The American Gas Association forecasts natural gas prices will drop over the next two years and then stay flat or rise with inflation into the 1990s. It predicts U S supplies will remain ample through 2010 even if prices stay constant. President George Lawrence urged the industry to boost demand during the forecast.
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