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Newspaper
The Chronicle Telegram
Location
Elyria, Ohio, United States of America
Date
Sep 12, 1983
Page
7
New York stocks rose sharply with the Dow up 17.68 to 1,257.42 in early trading as expectations grew for lower interest rates after the Fed reported a $2 billion drop in the money supply. Advancers led decliners 6 to 1 on the NYSE with big volume near 78 million shares.
Wall Street shows signs of waking from a summer pause as the Dow nears its June highs though volume remains light and only a few dozen of NYSE issues hit new 52 week highs. Analysts cite money supply slowdown as a potential tailwind for lower rates yet caution the intermediate trend is not yet clear.
Financial strategist Richard Roll says postwar baby boomers face tougher odds to buy homes and retire well. He and G. Douglas Young argue for taking charge of personal finances, using a knowledge edge in investing, sideline ventures, and willingness to change jobs to achieve material goals.
Economists debate potential easing in interest rates as money supply data show a fourth weekly decline. Federal Reserve reports a small weekly drop. unemployment claims fall, profits outlook mixed while money-market assets rise to around 164.9 billion.
Osborne Computer Corp in Hayward furloughed over 300 of 400 remaining employees amid a cutback in operations to avoid bankruptcy. The company will continue developing a kit to make its Executive model compatible with the IBM PC while seeking new financing. The Osborne is sold locally by Oberlin College, North Coast Computers, Computerland, and Cleveland Typewriter. Sears had carried it previously.
A nationwide survey of 17,500 stations shows wholesale prices fell 0.46 cents per gallon and the average price for all grades dropped to 1.24.9 per gallon on Sept 9. Profit margins for dealers slipped to 9.5 cents per gallon, down from 11.47 cents this year, with a federal nickel tax noted. Self-serve regular led declines, easing 0.29 cents to 1.15.1.
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