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Newspaper
Syracuse Herald Journal
Location
Syracuse, New York, United States of America
Date
Jul 20, 1983
Page
21
New York stock market roared higher with broad gains as rate jitters faded. Dow rose 18.12 to 1215.24 by 2 p.m. amid a tempered view from Fed Chair Volcker on M1 growth and monetary policy.
Banks must quote the base rate and the effective annual yield for MMDA accounts. Base rates change weekly, typically on Tuesdays, reflecting general market costs. The effective yield varies with compounding frequency and bank policies. Depositors should verify service charges before opening an account.
The dollar declined versus major currencies amid belief the Federal Reserve will not sharply lift rates. Gold rose slightly as markets remained slow with dealers in Zurich calling trading “dead.” Yen, pounds and other currencies showed mixed moves while London and Zurich gold prices edged higher.
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