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Newspaper
Southern Illinoisan
Location
Carbondale, Illinois, United States of America
Date
Jan 12, 2002
Page
5
Investors sold stocks on Friday with the Dow Jones average dropping 80.33 points to 9,987.53 and the Nasdaq sliding 24.78 to 2,022.46. Greenspan warned of risks despite stabilization, citing inventories and weak demand as concerns amid looming earnings reports.
Chicago futures surged as government crop reports bolstered grains. Wheat for March delivery jumped to 3.08 dollars a bushel, corn to 2.12, and soybeans rose by more than 10 cents a bushel after the Agriculture Department trimmed its 2001-02 soybean crop estimate.
U.S. equities ended higher with the Dow Jones Industrial Average advancing 80.33 points to 9,987.53. The S&P 500 rose as did the Nasdaq and Russell 2000 while NYSE after hours and consolidated volumes reached 18.04 million and 1.50 billion shares respectively. Total issues traded exceeded 3.34 thousand with 1,322 up, 1,836 down, and 186 unchanged.
The S and P 500 declined 10.95 to 1145.60, near one percent, ending the week down 26.91 or 2.3 percent. Investors remain nervous about earnings and the economy, selling stocks all week while awaiting signs of profitability from companies before making bigger commitments.
Stockyards Springfield reports mostly steady carcass prices for 0.5 to 0.9 inch backfat ranges with bids between 43.25 and 54.96. Illinois direct hog purchases total 10,593 with steers? no, hogs steady to firm and light demand. Prices vary by weight: pigs 300-400 lbs 22.00-24.00, 400-500 lbs 23.00-25.00, 500-600 lbs 25.00-27.00, over 600 lbs 26.00-29.00. Boars under 300 lbs 18.00-23.00, over 300 lbs 12.00-15.00.
The report lists fractional changes in closing stock prices across multiple unnamed issues, showing minor gains and losses. Analysts observe narrow movements with slight upticks around mid session and scattered declines elsewhere.
Ford Motor Co. announces 35000 layoffs, closing five plants and dropping four models to return to profitability. Major cuts include 22000 in North America, 8100 in Europe, 2100 in South America and 2500 elsewhere, with plants in Edison New Jersey Oakville Ontario Brook Park Hazelwood and Vulcan Forge to close. The company also ends Ford Escort Mercury Cougar Mercury Villager and Lincoln Continental.
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