Inflation protected I Bonds debut for individual investors
The Treasury will offer CPI indexed savings bonds starting Sept 1 in eight denominations from 50 to 10 000. Vice President Gore and Treasury Secretary Rubin will announce details in a ceremony. The bonds promise guaranteed real returns and may be used for college funding, featuring contemporary icons on their designs.
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Dillard's Adds Offer for Mercantile Stores
Dillard's of Little Rock extends its bid for Mercantile Stores Co. delaying a 2.9 billion deal and job uncertainty for about 1000 Mercantile workers at the headquarters in Fairfield Ohio. FTC review extended to July 21 as nearly 16 million Mercantile shares have been tendered.
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Jackson and Barden unveil 1 billion Detroit complex
Detroit billionaire Don Barden and Michael Jackson announced a 1 billion Majestic Kingdom complex including a Michael Jackson Thriller Theme Park, hotel, casino, gardens, night clubs, and a winter bubble roller coaster. Mayor Archer endorsed MGM Grand citing greater city investment and rejected Barden’s casino bid.
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Dow slips after late-day rally fades amid mixed earnings
Wall Street closed lower as the Dow fell 6.73 to 9085.04 erasing an earlier 59-point gain and the Nasdaq dipped 1.36 to 1908.11. Lycos slumped from a Monday high, JP Morgan led gains, Wells Fargo and Citicorp rose, while Union Carbide and Chevron fell. Bond markets weakened slightly amid mixed earnings from Alcoa and Travelers.
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