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Newspaper
Lawrence Journal World
Location
Lawrence, Kansas, United States of America
Date
Feb 19, 1998
Page
13
Blue chip stocks led gains as investors rotated into technology and drug shares. The Dow Jones industrial average closed above 8,400 for the first time, up 2.56 to 8,451.06. The S&P 500 rose 9.30 to 1,032.06 while the Nasdaq composite gained 12.30 to 1,715.73, still shy of its record 1,745.85.
Sears Roebuck & Co based in Hoffman Estates Illinois expects credit card earnings to fall about 20 percent in 1998 and warns first quarter results could drop as much as 50 percent. The firm says steps are being taken to prevent future problems and that issues should largely be resolved by year end.
U S economic reports show Asia turmoil delivering unexpected benefits with a 0.7 percent drop in the Producer Price Index led by energy prices and a 7 percent rise in January single family home construction as mortgage rates stay low. Builders push sales and refinancing while overall housing starts stay strong at 1.54 million units.
Jeff Burey and Twin Oaks Golf Complex prepare Douglas County’s first pure pitch and putt course near Eudora. The nine hole layout at 615 yards total enjoys a brisk hour play, with planned 13 000 annual rounds potentially rising to 200 000 dollars in sales. Gary Winters will guide instruction at the new facility.
Auto parts maker Echlin Inc sold its Midland-Grau heavy duty brake group to the Haldex Group of Sweden. No layoffs are expected at the Midland plant. Subsidiaries include Midland Brake United Brake Systems and Prattville Manufacturing in North America Grau Ltd. in the UK and Grau GmbH in Germany. Haldex pledged no personnel changes and plans to integrate the Midland team.
George Brett Marty Schottenheimer and Roy Williams join a 2 p.m. May 9 exhibition at Wakarusa Pitch and Putt to aid charity. Jeff Burey notes $10 admission and 3000 tickets with sales at the course and Twin Oaks Driving Range. The driving range opens March 1 for the season.
Wednesday market notes show sluggish cattle demand with 2,800 feeder receipts and 400 slaughter steers sold. Prices listed for steer and heifer classes, hogs, and calves with regional quotes from St. Joseph and Omaha. Nonferrous metals edge quoted in New York with copper, lead, tin, and precious metals prices.
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