Stock market falls for 3rd-straight day
NEW YORK -- Stocks fell sharply for a third-straight session Monday as bond yields rose and investors, seeking clues to the future course of interest rates, braced for another round of economic data.
The Dow Jones industrial average fell 176.04, to 10,914.13. The Dow has fallen more than 100 points in each of the past three trading days.
Declining issues outnumbered advancers by a 5-to-2 margin on the New York Stock Exchange. NYSE volume totaled a quiet 731.46 million shares.
Cigarette makers raise prices
RICHMOND, Va. -- The country's leading cigarette manufacturers have raised prices 18 cents a pack, anticipating an upcoming excise tax increase and higher costs stemming from their $206 billion settlement with the states over health care costs.
After markups, the move is likely to increase retail prices by about 22 cents per pack, analysts said.
EU investigates AlliedSignal
BRUSSELS -- The European Union Commission said Monday it has opened an in-depth antitrust probe of plans by AlliedSignal Inc. to acquire Honeywell Inc.
Both companies affirmed Monday that their planned merger is on track for completion by autumn.
Computers down at Schwab
NEW YORK -- Charles Schwab & Co. customers were unable to buy or sell stock online for part of the day Monday because of computer troubles at the nation's largest discount brokerage.
Schwab said its systems were down between 11 a.m. and noon, though some customers reported having problems for longer periods of time in the afternoon.
Wilmar work lights recalled
The Consumer Product Safety Commission recalled more than 16,000 florescent work lights distributed by Wilmar Corp. of Kent, Wash. The lights have wiring that cannot carry adequate wattage.
The Wilmar light was sold for about $24 by automobile parts stores nationwide from April 1992 until last month. Buyers should return the light to the store for a refund or call (800) 426-1262 for information.
Carolina businesses expect to hire
COLUMBIA -- More than one in four South Carolina businesses surveyed by the temporary service Manpower Inc. say they plan to add workers in the final three months of the year.
Just 17 percent of Aiken-area businesses also expected more hiring; 10 percent expected cutbacks.
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