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Newspaper
Middletown Journal
Location
Middletown, Ohio, United States of America
Date
Jul 26, 2005
Page
7
Market data shows Dow Jones up 64.70 to 10596.48 while Nasdaq rises 13.00 to 2166.74. NYSE diary lists 1220 advancers 251 new highs and 2072 decliners with 173 unchanged. volume 1.71 billion. Nasdaq diary reports 1167 advancers 0 new highs and 1900 decliners with 152 unchanged. volume 1.51 billion.
The AFL-CIO split alarms Democratic leaders and union members as rebels form a new labor bloc. Andy Stern of SEIU and James Hoffa of the Teamsters say they will leave to rebuild the labor movement, drawing sharp rebuke from AFL-CIO President John Sweeney.
June saw existing home sales at a record 7.33 million annual rate, up 2.7 percent from May. Single family homes rose 2.4 percent to 6.37 million, condos up 4.5 percent to 966,000, while the median home price jumped 14.7 percent year over year to $219,000, sparking caution about a possible housing bubble as rates edge higher.
New York Attorney General Eliot Spitzer announced a 10 million settlement with Sony BMG Music Entertainment over pay-for-play practices in radio promotion. Spitzer described the conduct as a pervasive, evolving payola problem and warned that other major labels could face action. Sony BMG admitted some employees engaged in improper activities and pledged a higher standard in radio promotion.
Wall Street hovered then closed lower as Xerox earnings disappointed while oil prices fluctuated. Housing price data signaled strong economy, sending mixed signals. Dow fell 54.70 to 10596.48, S&P 500 −4.65, Nasdaq −13.00. 10-year yield rose to 4.25 percent. dollar firm. gold up.
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