Stocks Rally As Volcker Signals Slower M1 Growth
U S stocks climb with the Dow up in early trading as Federal Reserve Chair Paul Volcker backs a shift away from aggressive M1 emphasis. Markets price in a calmer stance on rates after testimony suggesting no immediate sharp tightening. Bond yields ease while technology and industrials lead in a broad rally across NYSE issues.
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New York Stock Exchange
Fed
Volcker
New York Stock Prices Across Markets Reach Wide Range
Nationwide composite stock prices from the American Stock Exchanges show broad movement with many listed firms such as American Building, Amoco, Chevron, IBM, Pfizer and Texaco noted among others. The data lists last trade prices and day changes for hundreds of equities in a general market snapshot.
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Texcan Co
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Area Savings Rates MMDA Base and Yield Guidance
Area banks provide two figures for MMDA rate column: base rate active this week and the effective annual yield. Base rates can change weekly, typically on Tuesdays, reflecting general market costs. The posted yield shows policies on compounding. savers should inquire about service charges before opening an account. If balance falls below $2,500 via MMDA, interest paid reverts to 5.25 percent. Rate unchanged from last week.
Dollar Drops as Fed Delay Boosts Gold Prices
The dollar declined against major currencies amid belief the Fed will not aggressively raise rates, boosting gold which opened higher in London and Zurich. Tokyo forex slid with the dollar at 239.80 yen, while London rates showed the greenback easing against the pound and other currencies. Gold moved up to around 426 an ounce in London, with Hong Kong closing at 426.17 and US quotes at 423.75. Silver traded around 12.26 in London.
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