Dollar falls to record low as markets fear spillover
Washington AP reports the dollar slid to a record low against the yen and other currencies on Friday despite a coordinated central bank rescue. A $2-3 billion intervention failed to halt the decline, while economists warn weaker dollar could raise inflation and push up interest rates as stock and bond markets react.
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Orange County Debt Crisis Warned by S and P
Standard & Poor's warned California's Orange County may not meet upcoming debt payments including 1 billion in short term notes due this summer. The agency called the county's 1995 and 1996 budgets in serious doubt after a 1.7 billion investment fund loss led to bankruptcy. S&P calificated the county as speculative junk and suggested the state might issue bonds or guarantee the debt.
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New study questions stock market trading wisdom
A new study questions the value of conventional stock market wisdom. The research finds that even highly traded stocks may not be the easiest to buy or sell at quoted prices, suggesting that traditional measures of transaction costs can be misleading.
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