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Newspaper
News
Location
Frederick, Maryland, United States of America
Date
Dec 29, 2000
Page
5
New York stocks rose in heavy trading as investors weighed earnings and the economy. The Dow gained 65.60 to 10,868.76 while the Nasdaq rose to 2,557.76 and the S&P 500 moved to 1,334.22 amid mixed tech results and a softer consumer confidence report.
Chicago trading shows corn up on favorable South American weather while soybeans and wheat drift lower. Traders hear USDA estimates for crop size, with March contracts edging higher briefly before fading. Meantime live cattle rise to 77.87 cents a pound and lean hogs tick down as markets shuffle prices.
The Conference Board reports the Consumer Confidence Index at 176.5 in December, the lowest in two years, amid concerns over job growth and a slowing economy. Officials note continued declines in spending as expectations weaken. Labor figures show fewer unemployment claims, while home sales rise 4.4 percent and stock indices gain modestly.
The FTC settled charges that Kwikset branded residential lock products as All American Made while using foreign parts and assembly abroad. Kwikset and Black & Decker are barred from misrepresenting US content. The agency cited packaging on Tylo Unkeyed Knobs and noted significant foreign components without naming countries.
Cold snaps strain cars from clogged radiators to dead batteries. Pep Boys and Toll House Amoco say many trees of neglect appear as antifreeze issues, frozen radiators, and weak batteries. ASE urges expert checks and owner manual guided maintenance to weather winter safely with tire care and system flushing.
Farmers & Mechanics National Bank announced it is shedding its national charter in favor of a state charter. The Maryland bank filed Thursday with the Maryland State Department, with a decision expected by the end of March. F&M Bancorp, a $1.7 billion holding company based in Frederick, will continue offering full financial services through its subsidiaries and network of 55 communities and 73 ATMs.
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