Banks Hike Prime Rate to 11 Percent Across Banks
Two more banks joined Mellon and First National Chicago in lifting the prime lending rate to 11 percent. The moves, effective immediately, mark a broader tightening as U S banks raise borrowing costs amid rate pressures.
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Market Gains Trim Trading. Mixed Wall Street Prospects
Market gains 12.5 as trading remains light and investors brace for week-end window dressing. Analysts note gains reflect portfolio readjustments by institutions and fund managers ahead of Friday’s close, with tech and industrials leading modest advances in a cautious session.
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