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Newspaper
Register Herald
Location
Beckley, West Virginia, United States of America
Date
Aug 29, 1998
Page
10
NEW YORK AP: The Dow remained above 8,000 but the session marked the steepest slide since 1990. The Dow fell 114.31 to 8,051.68, extending a three day loss of 550 points and leaving the index 1,268 points, or 13.8 percent, below the July 17 high of 9,337.97 amid market turmoil from the Persian Gulf crisis.
The Dow slid to 8011 near midday amid growing fears over continued profits impact from the Asian crisis and potential spreads from Russia. Analysts noted the psychologically negative threshold of a close below 8000, with gains for the year eroding from 18.1 percent to 1.8 percent.
Readout lists varied stock performances with dividends and price changes across many names including USGvA, Oracle, Microsoft, Novell, Warner, and SunAmerica Funds. Notable shifts show some gains, several declines, and mixed net asset values amid fluctuating market activity and fund holdings.
Washington DC A P Broadcasters reach a temporary agreement allowing about one million satellite TV customers to continue receiving CBS and Fox programs for three more months. The injunction rush to cut off these viewers by October 8 is postponed to January 1. CBS Fox and PrimeTime 24 face copyright disputes under the 1988 Satellite Home Viewer Act.
Mobil Corp will pay 56.5 million to settle claims of underreporting oil values on federal Indian and state lands. The settlements cover federal, Navajo, Cheyenne Apache, and Texas cases, with Interior Secretary praising the accord and Mobil noting a complex resolution. The Lufkin suit against 16 oil firms was dismissed as part of the Mobil deal.
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