Stocks Slip Amid Weak Jobs Data and Fed Hopes
The market ended slightly lower as weak May employment data unsettled traders. The Dow fell about 25 points at midsession and finished down 1.04 to 3398.69, while the week showed a small gain. Labor data uplifted rate hopes and fed easing prospects, with nonfarm payrolls up 68,000 and unemployment at 7.5 percent, the highest in nearly eight years.
MENTIONED IN THIS ARTICLE
New York Stock Exchange
Labor Department
Wall Street
Federal Reserve
Increase in plant spending planned in 1985 report
American businesses expect a modest 4.7 percent rise in plant and equipment spending this year reversing last year’s decline. Non manufacturing firms drive most of the uptick signaling slow growth in the industrial sector and the pace trails 1984’s 16.4 percent surge.
May chills hit major retailers despite slow recovery signs
Lingering cold weather limited May business for leading retailers though analysts see early signs of consumer demand returning. Sales lagged behind last year’s pace when heat boosted results, with apparel chains like Gap, Limited, and others reporting disappointing results. Kmart and Sears posted weak numbers amid stagnant lawn and garden and air conditioner sales.
MENTIONED IN THIS ARTICLE
Gap Inc
Limited Inc
Kmart Corp
Sears, Roebuck and Co
Orion Pictures Reaches Tentative Reorganization Deal
Orion Pictures Corp. said it reached a tentative agreement with its largest shareholder Metromedia and certain creditors on a reorganization plan. MetromediaOwner John Kluge controls 68 percent of Orion, maker of Silence of the Lambs and Dances With Wolves, which faces over 700 million dollars in debt and filed for bankruptcy protection last December.
MENTIONED IN THIS ARTICLE
Orion Pictures Corp
John Kluge
Metromedia Co
Orion
Union backs boycott of AT&T over new contract
The Communications Workers of America and the International Brotherhood of Electrical Workers press a boycott of AT&T until a new contract is signed. More than 60,000 CWA members sign cards to switch to another long distance carrier, with backing from other unions including the Teamsters. Talks continue as a nonunion carriers gain potential business.
MENTIONED IN THIS ARTICLE
Washington
Communications Workers of America
At&t
CWA
International Brotherhood of Electrical Workers
Morton Bahr
Sprint
William Ketchum
Miller
Teamsters
David Mitchell
Ron Carey
Mitchell
Pentagon lifts GE contracting suspension over fraud probe
The Defense Logistics Agency lifted a five day suspension on General Electric's aircraft engine division after GE disciplined employees tied to an alleged $40 million fraud in an Israel sales scheme. An internal watchdog system was put in place and names remain private. Former GE marketer Herbert Steindler was fired in 1991 and Israeli general Rami Dotan is jailed.
MENTIONED IN THIS ARTICLE
Washington
Pentagon
General Electric Co
Defense Logistics Agency
Israel
DLA
Patricia Miller
Rami Dotan
GE Marketing
Herbert Steindler
U.S
Steindler
Dotan
Greenspan Says Japan Turmoil May Lift U.S. Bank Profits
Fed chairman Alan Greenspan states Japan’s banking troubles could boost American banks profits. He notes Japanese banks pulling back from overseas markets and seeking larger spreads between cost of capital and loan rates in written Senate questions.
MENTIONED IN THIS ARTICLE
N.Y. Times News Service
Washington — Federal Reserve
Alan Greenspan
Japan
Senate Banking Committee
Greenspan
BMW plant in South Carolina rumor swirls delays official word
Reports in Der Spiegel claim BMW will build a U.S. auto factory between Greenville and Spartanburg with a $625 million investment and about 2000 jobs, but BMW and German officials say no decision has been made. South Carolina officials monitor timing as job inquiries flood Spartanburg area.
MENTIONED IN THIS ARTICLE
Columbia
S.C
BMW
Greenville- Spartanburg
Nebraska
U.S
der Spiegel
Eberhard von Kuenheim
South Carolina
Tom McGurn
BMW of North
Bmw of North America In Woodcliff Lake
N.J
Greenville
Spartanburg
Gabriella Molteni
Germany
Carroll Campbell
Tucker Eskew
Eskew
Ben Nelson
Flora Moore
McGurn
Also Mentioned on This Page
NYSE
Dow Jones Industrials
American Telephone and Telegraph
Ted Turner
Turner Broadcasting System
TBS
Atlanta
Associated Press
Jane Fonda
Turner
General Electric
Leon Smith
Rough Country
Glenn Phillips
Family Ministries Center
Union Road
Call
First Baptist Church
West
Franklin Avenue
Serta
Serta Perfect
ARE Quality Firm
XTRA
Ottingham
Uae
N.C
Tohear
Tony
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