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Newspaper
The Gaston Gazette
Location
Gastonia, North Carolina, United States of America
Date
Jun 30, 1992
Page
10
The market rose as the Dow Jones Industrial Average gained 37.45 points to 3319.86 and the NYSE composite climbed to 224.44 as advancers outpaced decliners by over two to one. Analysts cited hopes the Federal Reserve may ease credit conditions soon amid recent sluggish data and expectations of further stimulus.
The Treasury sold 11.7 billion in three month bills at 3.59 percent, down from 3.67 percent, and 11.7 billion in six month bills at 3.66 percent, down from 3.77 percent. The three month rate marks the lowest since 3.462 percent on May 5, 1972, and the six month rate the lowest since 3.513 percent on Feb 18, 1972.
IBM and Microsoft have agreed to broadly share patents to avoid lawsuits, ending a heated 18 month battle over personal computer software directions. Dell introduced a cheap line that undercuts Compaq, likely pushing IBM PC makers to lower prices.
Digital Equipment Corp says it will acquire nearly 10 percent of Olivetti, the Italian computer maker, for 322 million dollars. The stake will be bought in stages through June 1994, and up to two Digital executives will join Olivetti's board. Carlo De Benedetti announced the plan at Olivetti's annual meeting.
International Minute Press, now owned by Bill and Pam Joles, moved from a 1000 square foot Northridge shop to a 3000 square foot Akers Center location. The couple say sales rose from 5,000 to 21,000 monthly after the July 1991 purchase, with plans to open a second store within five years.
Gastonia disputes over a fence and a sewer line have halted renovations at the Ashley Arms Apartments. C W Smith, owner of the old Ashley High School site, received a stop order from the city inspections superintendent for fence changes not approved by the York Chester Historic District Commission. A temporary restraining order also blocks fill dirt over a sewer line, with a July hearing scheduled in Gaston County Superior Court.
May housing data show new home sales slipping 5.6 percent to a 501,000 seasonally adjusted annual rate, the lowest since last September. Analysts say housing will not drive a quick economy rebound and expect only gradual improvement later in the year.
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