Market Ends Week With Dow Below 800 Bar, Sags On Dollar
The Dow closing at 793.49 marks its first sub 800 finish in two years amid a week of pessimism. The NYSE composite fell 1.86 and the Amex slipped 4.84 as dollar weakness and dollar support efforts influenced trading. Analysts warn the January indicator may signal a softer year. bankers raise prime rates for the first time since November.
MENTIONED IN THIS ARTICLE
Standard & Poor
U.S
Citibank
Winter vegetable harvest forecast shows broad supply rise
Washington AP reports the Agriculture Department forecasts a 19 percent rise in fresh winter vegetable production to 34.6 million hundredweight across 13 crops. Leaders include Minnesota 22.9 million and California 17 million, while cauliflower and lettuce may be tighter. Turkey production is expected to rise to 132.2 million birds in 1978 with state variations.
MENTIONED IN THIS ARTICLE
Washington
Agriculture Department
Department
Crop Reporting Board
Minnesota
California
North Carolina
Missouri
U S uses psychology to bolster dollar in FX markets
The United States launched its largest intervention in five years to support the dollar amid a sharp decline. Officials described the move as a psychological tactic to curb speculation while acknowledging limits due to a large trade deficit and ongoing balance-of-payments pressures.
MENTIONED IN THIS ARTICLE
Kristin Goff
New York
United States
U.S
James Sinclair
James Sinclair & Co
Treasury Department
Federal Reserve Board
Grain traders stabilize prices on basis of the dollar
Grain futures at Chicago Board of Trade held steady as the dollar's strength dominated moves. Soybeans rose up to 7 cents midweek then fell, ending narrowly mixed with a weekly drop around 6 cents. Wheat, corn, oats, and byproducts also posted small shifts as analysts weighed dollar-driven demand and European import levies.
MENTIONED IN THIS ARTICLE
Chicago
Chicago Board of Trade
Chicago Mercantile Exchange
Cheryl Debes
China
U.S
United States
Piggy Bank Theft From FBI Agent Reported in Seattle
FBI agent Ray Mathis of the Seattle office reported a burglary at his home on Wednesday. The thief ransacked the house and stole his nickel shaped piggy bank containing about $6 in change.
MENTIONED IN THIS ARTICLE
Seattle
FBI
Ray Mathis
Bureau
Mathis
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