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Newspaper
The Chronicle Telegram
Location
Elyria, Ohio, United States of America
Date
Dec 28, 2002
Page
2
November new home sales rose to a record 1.07 million annual rate, a 5.7 percent jump from October, as mortgage rates fell to 6.07 percent for a 30 year fixed loan and refinancing activity surged. Freddie Mac reports rates dropped to a new low of 5.93 percent this week.
University of Alaska researchers Frank and William von Hippel argue that Viagra reduces demand for traditional animal medicines such as Canadian seal products and Alaska reindeer antler. They cite dropped prices and sales since 1998, noting illegal trade and endangered species tied to impotence cures.
Analysts expect spending to pick up early next year barring war or major attack though some forecast only gradual improvement. Retailers kept orders in check amid a lean season, with November and December same store growth seen around 1.5 percent. At Wal Mart, December gains hover 2 to 3 percent as shoppers hunt deeper discounts while uncertainty weighs on job prospects.
United Airlines moves in US Bankruptcy Court to void labor contracts as it aims to protect 1.5 billion in interim financing. If voided, 51 days to negotiate wage cuts totaling 2.4 billion annually or a federal judge could decide. Unions earlier agreed to about 1 billion in yearly cuts. pilots seek a clear business plan before agreeing.
Wall Street opened a thin session with modest declines as investors stayed on holiday. The Dow dropped 198.83 to 8303.78, the Nasdaq fell 19.58 to 1348.31, and the S&P 500 slid 14.26 to 875.40 amid low volume trading and few broad market drivers.
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