Opening stocks rise as Fed signals easier credit path
The Dow gained 5.39 to 1260.98 in early trading as hopes for lower rates buoy markets. Gains led by NYSE issues outnumbered declines while the Fed’s 3.1 billion money-supply drop hints at slower monetary growth and potential rate relief. Coca Cola jumped 5% on plans to sell Wine Spectrum to Seagram.
MENTIONED IN THIS ARTICLE
New York
Federal Reserve
Fed
NYSE
Coca-Cola
Seagram Co
American Stock Exchange
Continental grounded by money woes in bankruptcy
Continental Airlines grounded its domestic flights at 6 p.m. CDT after filing for Chapter 11, layoffs reached 65 percent of its 12,000 employees, and new wage cuts were imposed. Union leaders denounced the move as union busting while pilots and flight attendants faced about 50 percent pay cuts to keep working. The carrier aims to resume by Tuesday with service to 25 cities, down from 78, including two daily Hopkins to Houston flights.
MENTIONED IN THIS ARTICLE
Houston
Continental Airlines
U.S
Cleveland
Hopkins Aiport
Continental
Denver
Stapleton International Airport
Gary Thomas
Air Line Pilots Association
Marilyn Wade
Oil analyst predicts 90 percent self serve gas by 1990
Los Angeles AP reports oil analyst Dan Lundberg predicts about 90 percent of all gasoline will be sold at self service pumps by 1990 as retailers slash self serve markups to attract thrifty customers. He notes self serve rose from 30 percent of sales 12 years ago to the current level and that full service pumps will see higher markups as their volume declines.
MENTIONED IN THIS ARTICLE
Los Angeles
Dan Lundberg
United States
Lundberg
Western Electric hires attract 9,500 applicants for 150 jobs
In Columbus Western Electric planned to fill about 150 entry level positions and drew about 9,500 applicants with some overnight in line. Officials said 4,000 people lined up by 8 a.m. and 9,500 applications were distributed by 3:30 p.m. Starting pay for union entries is 7.26 dollars per hour.
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Columbus
Western Electric Co
Warren Vogel
Western Electric
Detroit
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