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Newspaper
Register Herald
Location
Beckley, West Virginia, United States of America
Date
Jul 29, 1998
Page
9
New York stocks swung sharply as the Dow Jones slid to 8,934.78, down 93.46, after a 196 point drop and brief recovery. Trading was clouded by Monica Lewinsky immunity news and the stalled General Motors auto parts settlement, with volume at 826 million shares.
New York AP report summarizes SMR Research findings that personal bankruptcy filings will level off in 1999 after a peak in 1997, aided by lower rates but driven by worsening underlying causes. It notes potential legislative impact and calls out debt, credit, and housing costs as key factors.
Reading of the New York Stock Exchange shows numerous tickers with last net values near par. Notable entries include Merck, Motorola, Union Pacific, Wells Fargo, Wachovia and Xerox with varying percentages and prices.
Compaq Computer Corp reportedly paid 3.35 million dollars to Jack Marshall for his www.altavista.com address. The San Jose engineer owned the domain since 1994 and will rename his company to PhotoSoft. The deal ends a trademark suit and is described as one of the highest Web address sales.
Bell Atlantic and GTE announced a 52 billion merger creating the nation's second-largest telephone company. The deal promises advanced voice data and Internet services but faces antitrust concerns from consumer groups who fear higher prices and reduced local competition. Regulators adopt a wait-and-see stance as executives defend faster service delivery.
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