Market opens with a little gain
The stock market eked out a small gain today in quiet late-summer trading.
The Dow Jones average of 30 industrials inched ahead 0.81 to 3,267.07 in the first half hour of trading. Gainers outpaced losers by about 7 to 6 on the New York Stock Exchange, with 590 up, 516 down and 682 unchanged. Big Board volume came to 22.77 million shares as of 10 a.m. on Wall Street.
Analysts said investors were cautiously watching the dollar as it touched new post-World War II lows against the German mark.
Chesapeake Consortium funded
The Chesapeake Consortium -- a business group made up of the local Westinghouse unit, Chrysler Corp., Baltimore Gas and Electric Co. and the state of Maryland -- has been selected to receive a $4 million federal grant for continued work on the development of an electric vehicle.
The funding from the Transportation Department was part of a $10.3 million grant approved yesterday for distribution to three consortia.
Stricter bank rules proposed
Fed ceral regulators proposed rules yesterday to require all but the smallest banks to have their financial statements professionally audited annually. The proposal was required by Congress to make the nation's banking system safer.
The public has 45 days to comment on the proposal that banks with at least $150 million in assets be required to have their financial statements audited by independent public accountants.
Iraq boasts about oil production
Iraq could reach its pre-war oil production capacity by the end of the year after extensive repairs to facilities devastated by allied bombing, its oil minister says. Osama Abdul-Razzak al-Hiti said this week that Iraq is capable of producing nearly 2.5 million barrels a day and has restored more than 90 percent of its refining capacity.
Independent oil analysts said restoring pre-war production levels this year was not possible.
Bush to end ban on jet sales
President Bush is expected to announce an end to a decade-old ban on the sale of F-16 fighter jets to Taiwan while campaigning in Texas today. The decision could save 3,000 of the 5,800 jobs General Dynamics Corp. planned to pare from its Fort Worth division by 1995, layoffs attributed partly to dwindling F-16 sales.
Citgo Petroleum on block
Venezuela's state-owned petroleum company confirmed yesterday that it would try to sell half of Citgo Petroleum Corp. Venezuelan President Carlos Perez instructed Petroleos de Venezuela S.A. to sell half its shares when market conditions improve.