DOW DOLLAR YIELD30 INDUSTRIALS VS. JAPANESE YEN 30-YEAR U.S. BONDS
3027.50 138.30 8.26%
+27.05 +0.50 +0.05
MARKET AT RECORD HIGHS. The stock market, on a week-long roll, climbed to record highs Friday amid increasing hopes for a turnaround in the economy. The Dow Jones average of 30 industrials rose 27.05 points to 3,027.50, surpassing the closing peak of 3,004.46 it reached April 17, averaging a gain of 113.59 points for the week. Volume on the floor came to 232.05 million shares, against 234.44 million in the previous session. Analysts said the statistics lent new credence to talk of a recovery.
MORTGAGE RATES LOWER. Fixed-rate home mortgages averaged 9.45 percent this week, down from 9.47 percent last week, according to a national survey released Friday by the Federal Home Loan Mortgage Corp. On one-year, adjustable-rate mortgages, lenders were asking an average initial rate of 7.17 percent this week, down from 7.22 percent last week. The rates do not include add-on fees known as points.
An insurance company is considering Tampa for relocation of at least part of its headquarters, said Jim Apthorp, chairman of the Greater Tampa Chamber of Commerce and a consultant for the Tampa Palms community near the University of South Florida.
Although he would not name the company, he called it a "good prospect." Apthorp referred other questions to the Committee of 100, the chamber's economic development arm. Committee officials could not be reached for comment.
Apthorp said the chamber has fielded several inquiries recently from companies looking to expand or move to the area. "The number of prospects and activity is better than it was a year ago," he said. "It looks like things are improving."
SOUTHEAST STOCK PLUMMETS. Shares of Southeast Banking Corp. in Miami dropped sharply on Friday to a low for the year, closing at $2.875 on the New York Stock Exchange from an opening price of $3.625. The stock traded as low as $2.75 Friday. Volume was heavy, with 741,400 shares trading hands. Southeast did not comment on the activity. But bank spokesman George Owen told the Associated Press it does not expect any funding problems this year, even though the bank has seen an erosion of deposits.
GEONEX SETS STOCK PRICE. St. Petersburg-based Geonex Corp. announced Friday the public offering of 1.1-million shares of common stock at $13 per share. The offering is being managed by Kidder, Peabody & Co. Inc. Of the shares offered, 880,000 shares are being offered by the company and 220,000 shares are being offered by selling shareholders. The company and the selling shareholders have granted the underwriters a 150,000 share option to cover over-allotments, if any. Geonex is the world's largest commercial supplier of digital maps and maps with advanced photo and image interpretation.
NORTHWEST SUES OVER SALES. Northwest Airlines said Friday it has filed 15 lawsuits against businesses and individuals engaged in what the airline says is illegal brokering of frequent flier tickets. In lawsuits filed Thursday in Minnesota, Utah, California and Washington, Northwest sought a halt to the sales, and restitution and punitive damages from the defendants. Northwest accuses the defendants of fraud, conspiracy, theft of services, unlawful activity, inducing breach of contract, conversion, unfair competition and violations of the Racketeer Influenced and Corrupt Organizations Act and the Lanham Trademark Act.