Utility stocks rise as oil fears loom underscore income appeal
Electric utilities have rallied more than 10 percent in the Dow Jones 15 utility average from mid-May to early June, closing at 108.80. Analysts cite lower long-term rates and relative yields versus bonds as drivers, with S&P noting a 72 percent payout ratio and limited room for hefty future dividend boosts amid modest earnings growth.
MENTIONED IN THIS ARTICLE
New York
Three Mile Island
Harrisburg
Standard & Poor’s Corp
Joseph Garcia
Dean Witter Reynolds Inc
S&p
Retail sales slump may spur bargains in coming months
New York AP reports slumping July retail sales may push stores to hold bigger discounts to clear inventories. Analysts warn 1979 could end the buying boom with inflation near 13 percent and a potential recession into 1980. Chrysler seeks a $1 billion tax credit while asking for a two year wage freeze. unemployment edges up to 5.7 percent as productivity falls.
MENTIONED IN THIS ARTICLE
Kristin Goff
New York
J.C. Penney Co
Montgomery Ward
K Mart
F.W. Woolworth
Woolworth’s
Jeffery Feiner
Merrill Lynch, Pierce, Fenner & Smith
Chrysler Corp
Chrysler
United Auto Workers Union
Labor Department
Leather goods hit by export limits debate in Congress
Congress returns to confront a complex fight over curbing hide exports. Industry says tighter limits protect cattle producers but could hasten the demise of tanning and leather firms already losing ground to foreign rivals. Experts warn consumers may face higher leather prices regardless of policy, as supply tightens and export controls shift profits through the chain.
MENTIONED IN THIS ARTICLE
Senate
Commerce Department
Agriculture Department
Way
U.S
National Independent Meat Packers Association
Futures Chicago Board of Trade Market Summary
Futures trading on the Chicago Board of Trade Friday covered wheat corn oats soybeans live cattle and hogs with mixed closes and open interest. Prices shown include spot and contract levels for Sep Mar May Jul and other months along with weekly volume and Thursday open interest across commodities.
MENTIONED IN THIS ARTICLE
Chicago
Chicago Board of Trade
Grain futures fall as Soviets eyed more U.S. wheat
U S wheat sales to the Soviet Union failed to sustain gains as futures eased despite an opened option for up to 7 million metric tons over 14 months. Traders questioned Soviets demand and shipping ability while corn and soybeans slid and only modest export sales appeared. Canada sold grain to the Soviet Union, adding pressure.
MENTIONED IN THIS ARTICLE
Chicago
U.S
Soviet Union
Canada
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Brian B. King
Associated Press
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Congress
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Chicago Mercantile Exchange
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Midwest
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