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Newspaper
The Chronicle Telegram
Location
Elyria, Ohio, United States of America
Date
Jan 16, 1984
Page
9
The Dow Jones average fell 1.26 to 1,268.84 in the first half hour as traders priced in a slower economic expansion. NYSE issues showed losses beating gains 4 to 3 amid mixed signals from government data and prospects for lower rates. IBM rose to 119 1/2 amid a $40 million PCjr ad campaign set for next Sunday.
The Nuclear Regulatory Commission unanimously refused a license for the $3.35 billion Byron Nuclear Power Station near Rockford after finding quality assurance failures and fraudulent contractor performance. Commonwealth Edison, owner of the plant, called the ruling a mistake and said it would appeal.
The government reports a 9.1 percent rise in 1983 retail sales from the 1982 low, despite weaker Christmas buying in December. Commerce Department economist Ago Ambre calls the year terrific overall, noting double digit gains for autos and other durable goods.
U S automakers report January 1 10 sales of 149 146 cars up from 112 795 a year earlier with a daily rate near 21 305 the best since early 1973 Analysts cite strong recovery signs and sales without incentives Ford leads gains with 439 percent rise GM up 25 6 percent Chrysler 32 percent and American Motors 3 3 percent Volkswagen 27 2 percent Honda not listed. UAW rejects strike call at General Motors Assembly Division over tag relief plan and shifts to a new 23 minute break system affecting relief workers layoffs anticipated.
Nationwide Insurance of Ohio, the state’s second largest auto insurer, will cut auto rates by an average of 10 percent effective Feb 20. The reduction, filed with state officials, totals about $19 million annually and reflects lower 1983 accident losses. Nationwide insures about 724,000 private passenger cars in Ohio, roughly one in eight vehicles.
Wall Street types anticipate the January 22 Super Bowl between the Washington Bulls and Los Angeles Bears. Analysts link NFL winner history to market moves, claiming AFL winners foretell market declines while old NFL winners hint at gains, a pattern deemed by some experts as uncanny but unproven.
A study presented at the Food Marketing Institute mid winter conference shows only 8 percent of shoppers buy exclusively at a single supermarket. It finds 18 percent shop at two stores, 48 percent at three or four, and 28 percent at five or more stores, driven by price wars and the rise of discount outlets. IRI officials John Malee and Gerald Eskin note trends reflect broader retail changes amid the improving economy.
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