Market slips for second straight session as traders await Fed data
UPI reports a slow trading day with the Dow dropping 3.77 to 993.10 while weekly index gains remain. Volume lagged, NASDAQ, NYSE, and AMEX saw mixed moves as investors seek signs the market is correcting from an overextended surge. Exxon led NYSE activity with large blocks traded amid hopes for winter oil demand.
MENTIONED IN THIS ARTICLE
New York
UPI
Federal Reserve
Hugh Johnson
Albany
Johnson
New York Stock Exchange
Ricky Harrington
Interstate Securities
Charlotte
N.C
Standard & Poor
NYSE
U.S
National Association of Securities Dealers
Exxon
Westinghouse Electric
American Telephone & Telegraph
IBM
Eastman Kodak
Amex
Dome Petroleum
Kirby Exploration
Mitchell Energy & Development
Money supply jumps in line with expectations
The money supply rose 6.9 billion in the latest week led by All Savers Certificates moving into checking accounts. M1 averaged 464.9 billion for the week ending Oct 6, while M2 stood at about 1.955 trillion, below prior hopes. Business loan demand rose and key rates fell with the federal funds rate at 9.60 percent.
MENTIONED IN THIS ARTICLE
New York
UPI
William V. Sullivan
Bank of New York
New York City
Treasury
Reagan signs historic bank reform bill expanding thrift powers
President Reagan signed a banking reform bill in the Rose Garden that broadens thrift institutions investments and lets banks offer new non interest bearing or low risk deposit accounts to compete with money market funds. The measure aims to stabilize housing lending and curb fund withdrawals while giving regulators authority to aid troubled thrifts and enable cross industry mergers. The new accounts may require a $5 000 minimum and allow three withdrawals monthly without penalty.
MENTIONED IN THIS ARTICLE
Washington
UPI
Reagan
Savings and Loan
DIDC
U.S. Moves Toward Punitive Duties on European Steel
The U S International Trade Commission ruled that subsidized steel imports from Belgium France Italy Luxembourg England and West Germany hurt the U S steel industry and paved the way for countervailing duties. The Commerce Department must impose duties retroactive to last June, with possible impact on jobs and capacity.
MENTIONED IN THIS ARTICLE
Washington
UPI
U.S. International Trade Commission
Belgium
France
Italy
Luxembourg
England
West Germany
Commission
Commerce Department
Department
Paula Stern
Rockwell Collins unit forecasts strong export growth
At a Friday review meeting in Cedar Rapids, Rockwell International's Collins Telecommunications Products Division outlined plans for sustained export growth. John D. Cosgrove emphasized the division's role in defense and industrial markets with major exports produced at its 35th Street facility. The lineup includes ARC-190 radios for the Air Force, ARC-171 satellite transceivers, and ARC-182 multimode transceivers for Navy use on military aircraft.
MENTIONED IN THIS ARTICLE
Rockwell International Corp
Collins Telecommunications Products Division
CTPD
Stouffer's
Five Seasons Hotel
John D. Cosgrove
Cedar Rapids
Iowa
35Th Street
Cosgrove
U.S. Navy
Rockwell International
Amana Cuts 20 Office and Professional Jobs
Amana Refrigeration Inc. announces a layoff of about 20 office and professional staff effective Monday. No production workers are affected. A spokesman cites overhead reductions to align with current national sales. The plant employs about 2,000 workers after recalls. peak employment was 3,000 in 1980-81.
MENTIONED IN THIS ARTICLE
AMANA
Amana Refrigeration Inc
Mike Humbert
Wholesale prices fall as factory output declines in September
Prices at the wholesale level dropped 1.7 percent in September, marking the fourth drop this year, while factory production slid 0.6 percent. Economists tie the weak results to ongoing recession, with declines led by motor vehicle and light truck costs and aided by good harvests lowering food prices.
MENTIONED IN THIS ARTICLE
Washington
Federal Reserve Board
Allen Sinai
Data Resources Inc
Lexington
Mass
Labor Department
John Albertine
American Business Conference
IRS lowers penalty rate to 16 percent with daily compounding
The IRS cut the annual interest rate on underpayments and overpayments to 16 percent and introduced daily compounding. The base rate, tied to the six month average prime rate, will be adjusted twice yearly through April 15, affecting tax transactions. The change excludes quarterly estimates and aims to align with market rates.
MENTIONED IN THIS ARTICLE
Washington
UPI
Internal Revenue Service
IRS
Congress
Establishment of the District of Columbia as U.S. capital
On this date in 1790 the District of Columbia was established as the permanent capital of the United States, marking a turning point in the nation’s governmental center. The move solidified federal authority and created a new urban seat for Congress and the president.
MENTIONED IN THIS ARTICLE
District of Columbia
United States
Grace earnings slump for Grace & Co in Q3 and nine months
W R Grace and Co reports a 55 percent drop in third quarter earnings and a 58.8 percent decline for nine months. Q3 net income $44.39 million 92 cents a share on $1.442 billion in sales. nine months profit $265.48 million $5.50 a share on $4.535 billion in sales. Grace operates Cryovac and Polyfibron division plants in Cedar Rapids.
MENTIONED IN THIS ARTICLE
New York
UPI
W.R. Grace & Co
W.R. Grace
Cryovac
Polyfibron
Cedar Rapids
Also Mentioned on This Page
Europe
American Iron and Steel Institute
Peptem
Collins Division
Tom
Tom Underwood
Marie Antoinette
Iowa Coin Exchange
Center Point Road
E Clhassifeed
Sheraton Inn
33Rd Ave
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