DOW DOLLAR YIELD
30 INDUSTRIALS VS. JAPANESE YEN 30-YEAR U.S. BOND
3505.01 106.15 6.81
+13.29 -0.01 -0.07
DOW GAINS. Helped by a sense of relief that inflation had eased, stocks advanced modestly Friday, but gains were restrained. The Dow Jones industrial average advanced 13.29 points, closing at 3,505.01. For the week, however, the Dow lost 40.13 points.
MORTGAGE RATES EDGE HIGHER. Thirty-year, fixed-rate mortgages averaged 7.48 percent this week, up from 7.47 percent last week, according to a national survey released Thursday by the Federal Home Loan Mortgage Corp. On one-year adjustable rate mortgages, lenders were asking an average initial rate of 4.67 percent, up from 4.66 percent last week. The rates do not include add-on fees known as points.
Visit with Mickey,
drink a little wine
PARIS _ Euro Disney became a bit more European Friday, saying it will begin serving alcohol at four of its restaurants this weekend as it seeks to stem heavy losses from weak attendance.
Starting Saturday, four upscale restaurants at the year-old theme park will begin serving wine, beer and champagne, said Yves Boulanger, a spokesman for Euro Disney.
"It's mainly in response to our non-French European visitors," Boulanger said. "Visitors from Germany or England want wine because it's part of the French experience."
But the move could also help Euro Disney attract more French visitors, whose attendance has been less than expected. French papers sniff at the park's squeaky-clean American image, despite Disney's moves to adapt attractions to European tastes.
ROLLS-ROYCE IN RUSSIA. The fledgling oil barons and capitalists of the former Soviet Union are going to need someplace to buy a car fitting their new status, right? In about a month, they will be able to browse through the first Rolls-Royce and Bentley dealership in Moscow. If they want to buy one, they'll have to come up with $175,000. No rubles, please.
DOMINO'S DELIVERS IN POLAND. A franchise operator with exclusive rights to open Burger Kings in Poland said Friday it has bought the rights for Domino's Pizza there as well. Capital Acquisitions Inc. of Miami Beach will pay Domino's Pizza International an undisclosed amount to develop at least 50 stores in the next 10 years. The rapid acceptance of Western products in Poland, a strong pro-American sentiment and an average age under 30 encouraged the company to seek the Domino's deal, Capital officials said.
CIGARETTE PRICE WAR CONTINUES. R.J. Reynolds Tobacco Co. tossed a new salvo in the budding cigarette price war Friday by announcing some new varieties of its Winston Select brand and starting a two-for-one price promotion. The moves, taking place next month, are part of Reynolds' effort to grab sales from Philip Morris' popular Marlboro brand, a Reynolds spokeswoman said. Philip Morris cut the price of Marlboros by 40 cents several weeks ago. Winston Select was originally introduced to appeal to Marlboro smokers. Now, Reynolds is introducing four new "light" varieties of the Winston Select brand: king size soft pack and box, 100s soft pack, and slim 100s box.
BUFFETT ADDS SON TO BOARD. Billionaire investor Warren Buffett's company, Berkshire Hathaway, expanded its board of directors Friday in Omaha, Neb., and named one of Buffett's two sons as a director. Howard G. Buffett, 38, lives in Decatur, Ill., and is vice president, assistant to the chairman and director of Archer Daniels Midland Co., a processor of agricultural products.
IMAGE TECHNOLOGIES FORMS ALLIANCE. Image Technologies Inc. of St. Petersburg has formed a strategic alliance with Horizons Technology Inc. of San Diego, Calif. to design and produce interactive multimedia systems. The systems would combine video, animation, graphics, text and sound for uses including education, in-store advertising and business presentations, among other uses. Image Technologies employs seven people in the Gateway area.