DOW DOLLAR BONDS 30 Industrials VS Japanese Yen 30-Year U.S.
2994.86 139.28 yean 8.42%
-10.51 -0.02 +0.04
DOW SLIPS AGAIN. The stock market remained on the defensive Thursday as traders assessed the outlook for interest rates and the economy. The Dow Jones average of 30 industrial stocks fell 10.51 points to 2,994.86, extending its loss over the past three sessions to 40.47 points. Many traders are questioning whether rising long-term interest rates, which climbed again Thursday, might act as a drag on the recovery, and dampen demand for stocks as money is moved to higher yielding investments.
SWEET AND SOUR CRUDE. The New York Mercantile Exchange said Thursday it plans to let traders deal in contracts for future delivery of sour crude, which contains a higher sulfur content than the light, sweet crude now bought and sold on the futures market. Analysts said sour crude may gain increasing importance as the world's supply of light sweet crude declines.
New England bank's
The chairman of the Senate banking committee said Thursday he wants the General Accounting Office to determine whether insider loans to favored customers contributed to the collapse of the Bank of New England.
Sen. Donald W. Riegle Jr., D-Mich., said he will delay reconfirmation hearings of the nation's top bank regulator, Comptroller of the Currency Robert L. Clarke, until the probe is complete.
Testimony already received by the Senate panel indicates that before its collapse in January, the Boston-based bank gave preferential loans to insiders, including executives with businesses that were major bank customers. The bank's failure is likely to cost taxpayers $2.5-billion.
FLEET MAY CUT 1,000. As many as 1,000 Bank of New England data processing employees could lose their jobs as the failed bank is merged with Fleet-Norstar Financial Group Inc., Fleet said Thursday. Plans call for the combined banks' computer networks to be consolidated at Fleet's operations center in Albany, N.Y.
FED PROPPED UP DOLLAR. The Federal Reserve in February purchased $1.4-billion in dollars, which had hit a historic low against the German mark amid the Persian Gulf war and U.S. recession. So influential was the intervention that in March, the Fed took the opposite tack to subdue the dollar's rise.
TIME WARNER OFFERS STOCK. Time Warner Inc. said Thursday it hopes to raise as much as $3.5-billion to cut its $11.4-billion debt by offering discounted stock to its shareholders.
TOURISM STUDY QUESTIONED. Hillsborough County's Tourism Development Commission agreed Thursday to request that the principals of Davidson-Peterson Associates Inc. come to Tampa to examine discrepancies in their tourism study. The survey, released Tuesday, showed hotels and motels in Tampa making more revenue than was reported to the state. The bed tax collected for 1990 amounted to $4.6-million, while the survey results indicate a tax of $7.4-million should have been collected.