Markets Rally Despite Oil Embargo Tensions
Stocks gained after early losses as investors weighed Arab oil embargo actions. The Dow rose to a four month high before closing down modestly. advancers led decliners on the NYSE with strong turnover and the composite index edging higher.
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Export-Import Bank pauses loans to Soviet bloc nations
The Export-Import Bank halted processing dozens of new loans to Russia, Poland, Romania, and Yugoslavia pending a General Accounting Office ruling on legal requirements. Bank vice president Rosemary Mazan said credits worth hundreds of exporters and millions of dollars are affected. The White House national interest standard guides such financing, with Congress pressing for formal determinations. The Yugoslavia decision traces to 1987.
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