08 Jan 2003
Page 1
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Newspaper
The Chronicle Telegram
Location
Elyria, Ohio, United States of America
Date
Jan 08, 2003
Page
1
Washington reports November factory orders fell 0.8 percent from October, the third decline in four months, as President Bush unveils a 674 billion plan to revive the economy. Wall Street shows little reaction while ISM signals December growth potential amid ongoing manufacturing weakness.
Bethlehem’s five 17 story blast furnaces face potential demolition as costs to repair and maintain decline. National Park Service landmark designation could save the skyline while developers plan Bethlehem Works a mixed use site near Philadelphia. Local officials and residents stress the furnaces symbolize families and the city’s industrial history.
Wall Street showed little reaction to President Bush's tax cut plan as investors took profits after a three day rally. The Dow fell 32.98 to 8740.59 while the Nasdaq rose 10.25 to 1431.57 and the S and P slipped 6.08 to 922.93 amid cautious sentiment and mixed earnings outlooks.
The National Air Traffic Controllers Association and the FAA agreed to extend the 1998 contract for two years extending peace in labor relations. The current agreement expires in September and covers pay as cost of living rises with no wage hikes. Activation of new staffing and a controller ceiling remain to be settled.
George L. Ryan will retire January 15 after 20 years as president of the Lake Carriers' Association, the Great Lakes shippers trade group announced. He will be succeeded by James H. Weakley, Coast Guard veteran and former Interlake operations manager, with Interlake Steamship chairman James R. Barker noting Ryan helped secure the U.S. owned and built cargo rule and American crews requirement.
The dollar held an early gain against major currencies as investors welcomed President Bush's proposed $674 billion stimulus package. In New York trading the euro slipped to $1.0415 from $1.0467, while the dollar rose to 120.46 yen and 1.3995 Swiss francs. The British pound weakened to $1.6044.
A Commerce Department report shows US factory orders fell 0.8 percent in November, steeper than the 0.6 percent forecast. Retail earnings pessimism weighed on shares as Gymboree and Tiffany slid after lowering fourth quarter estimates and full year outlooks. EMC rose after raising revenue guidance, while blue chips IBM and Philip Morris led gains. Decliners outnumbered advancers on the NYSE, with volume at 1.54 billion shares. the Russell 2000 slipped 0.8 percent. International markets fell in Europe and Asia.
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