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Newspaper
The Chronicle Telegram
Location
Elyria, Ohio, United States of America
Date
Jul 09, 1986
Page
4
The Dow Jones industrial average slid 18.27 points to 1,820.73 as markets extended a sharp plunge from Monday. Analysts term the drop a temporary "correction" not a bear market, with some signs of stabilization late in trading.
Loérain County Farm Bureau Cooperative Association notes closing grain prices for the day with Wheat at 2.14 dollars per bushel, Corn 1.78, Oats 0.70, Soybeans 5.01. Purchases and pricing reflect local farm commerce and market activity.
Standard & Poor's lifts Cleveland from BBB to BBB plus marking the first upgrade since 1981. Mayor Voinovich calls it a sign of fiscal progress and potential savings for taxpayers as S&P cites improving finances, low debt, and a shift toward a service economy. The city faced past challenges including a 1978 default and 1981 recovery.
AP reports a mixed dollar in early European trading with gold bullion higher. Traders cite conflicting factors, central bank intervention fears supporting the dollar while sluggish U.S. growth dampens it. Dollar rates touch Tokyo and London levels. gold fixed at 350.35 in London, 350.90 in Zurich. Silver rises to 5.14.
Luis G. Nogales announces his resignation as chairman and chief executive officer of United Press International after the company was sold to New UPI Inc. The Mexican publisher Mario Vazquez-Rana will replace him, while Houston developer Joe Russo holds minority stake. Nogales, 42, says his task is finished as UPI emerges from Chapter 11 proceedings. He plans rest and volunteer work, then notes the new owners will appoint their own management.
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