DOW DOLLAR BONDS 30 Industrials VS Japanese Yen 30-Year U.S.
2985.91 141.25 8.47%
+10.51 -0.30 Unch.
The stock market moved higher Tuesday, strengthened by what brokers called underlying optimism about the economy. The Dow Jones average of 30 industrial stocks gained 10.51 points to close at 2,985.91. The broader Standard & Poor's 500-stock composite index rose 2.48 to 381.05.
plans late sessions
The American Stock Exchange on Tuesday announced plans for after-hours stock trading patterned after a system scheduled to begin this week on the rival New York Stock Exchange.
Amex chairman James R. Jones said the exchange hopes to extend trading by one hour after the market closes for a computerized session that would match up orders to buy and sell stocks. Prices would be restricted to the 4 p.m. closing.
Jones said the proposal is separate from plans for a 6 p.m.-to-6 a.m. electronic network to trade stocks and stock options the Amex is planning.
Trading securities off exchange floors is proliferating as technology makes the world's markets increasingly intertwined. The NYSE plans to start two after-hours sessions Thursday.
RULING CURBS DAMAGES. Investors will have more trouble winning damage awards in disputes with brokers under a federal court ruling that strengthens the hand of the securities industry. The 2nd U.S. Circuit Court of Appeals in New York has ruled that arbitrators cannot award punitive damages in New York state, where most big brokerage firms are based. In the last four years, punitive damages _ awards that go beyond merely reimbursing investors _ totaling as much as $20-million have been awarded in about 70 arbitration cases, said Richard P. Ryder, editor of Securities Arbitration Commentator, a Maplewood, N.J., newsletter.
AUTO EXECS JOIN ON TV . The chairmen of the three U.S.-owned automakers teamed up in a rare joint television interview Tuesday to defend the quality of American cars and trucks. But the executives _ Robert Stempel of General Motors Corp., Harold Poling of Ford Motor Co. and Chrysler Corp.'s Lee Iacocca _ acknowledged on ABC's Nightline that many consumers remain skeptical that U.S. quality matches Japan's. That the fiercely competitive executives would appear on TV together underscores their anxiety amid record losses. The executives aired grievances against Japanese trade barriers and congressional regulation.
"ENQUIRER' INVADES ENGLAND. The National Enquirer, granddaddy of U.S. gossip sheets, will go on sale in Britain on Thursday. This week, 250,000 copies are being flown from the paper's offices near West Palm Beach for distribution throughout Britain. Former British journalist Iain Calder, who has edited the Enquirer since 1976, doubts his paper will rival Fleet Street's tabloids. "It's a different market," Calder said. "We will be trying to sell a bit of Americana."
GAS PRICES RETREAT. The nationwide average price of gasoline dropped slightly this week, the first decrease in 12 weeks, the American Automobile Association reported Tuesday. The average price of self-serve regular unleaded gasoline dropped .2 cent to $1.17 per gallon.
SUNBANKS ADDS DIRECTOR. Ben Hill Griffin III has been elected to the board of directors of SunBanks Inc., the company's chairman said Tuesday. SunBanks is the Florida banking company of Atlanta-based SunTrust Inc. Griffin, 49, is CEO and president of Ben Hill Griffin Inc. and CEO and president of Alico Inc., one of the state's largest landowners with diversified holdings in forestry, rock mining, citrus and cattle.
LIFEFLEET CUTS 45. LifeFleet Inc., an ambulance company that serves the Tampa Bay area, has cut back its work force in Hillsborough County. The company laid off about 45 employees at the end of May, said Jack Mahood, director of human resources for LifeFleet, which is based in Largo. The company still employs about 50 people in Hillsborough and 300 in Pinellas.
CREDIT UNION PICKS UNISYS. The Suncoast Schools Federal Credit Union in Tampa has purchased a mainframe computer system from Unisys Corp. for about $2-million, the Blue Bell, Pa.-based company announced Tuesday. The contract includes a Unisys A-12 mainframe and 100 workstations.