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BUSINESS
By Julius Westheimer | June 30, 1994
Reversing direction from a lunchtime 30-point gain, the Dow Jones industrial average sagged in afternoon trading yesterday and closed with a loss of 2.59 points, at 3,667.05.Brokers blamed a weak dollar, the possibility of higher interest rates and mutual fund "undressing," a midyear bear market procedure whereby portfolio managers dump battered stocks to make June 30 shareholder reports look more appetizing.LOOKING AHEAD: July has historically been a strong Wall Street month, rising on average 1.2 percent over the last 43 years.
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BUSINESS
By Andrew Leckey and Andrew Leckey,Tribune Media Services | June 29, 2008
Gold and oil, long considered the most specialized of vehicles, are capturing the attention of mainstream American investors in 2008. With gold trading about $900 an ounce, crude oil more than $130 a barrel and nonstop anxieties encircling the globe, they're becoming more accepted members of the investment club. "Gold has become more popular as an investment not only because of rising commodities prices, but because it is more available to investors through exchange-traded funds [ETFs]
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BUSINESS
By Eileen Ambrose and Eileen Ambrose,Sun Columnist | May 13, 2007
Maybe you've spent the past year envisioning yourself strolling down the Champs Elysees this summer or downing a pint in a London pub. Now those daydreams are becoming frightfully expensive. The dollar has been on a downward slide and sunk to an all-time low against the euro in late April. That means a hotel that cost $88 a night six years ago, when the euro was the weakling, now runs about $135. And not since the early 1980s has the British pound been this strong against the dollar.
TRAVEL
By Ellen Uzelac and Ellen Uzelac,Special to the Sun | May 25, 2008
With the weak dollar, record gas prices and fears of a recession, it's not surprising that many Americans are rethinking one of life's great pleasures: summer vacation. But once you travel, it's not something you give up easily. As Christine Delise, a spokeswoman for AAA Mid-Atlantic, puts it: "Maybe it means giving up Starbucks or eating on the cheap for a week. People are going to make sacrifices -- but what they are not going to sacrifice is their summer vacation." In celebration of the summer vacation season that officially starts this weekend, here are 20 tips to help you recession-proof your holiday.
BUSINESS
By CAROLYN BIGDA | January 16, 2005
There's been gloomy talk about the difficulty of affording a trip to Europe lately, thanks to the decline in the value of the dollar. At about $1.35, the euro is up 30 percent against the dollar since 2003. Similarly, the British pound has climbed 20 percent to about $1.90. And the dollar is not expected to rebound anytime soon. "The U.S. needs to consume less and Asia and Europe need to consume more to lower the trade deficit," says Joseph Quinlan, chief market strategist at Bank of America.
BUSINESS
By Bloomberg Business News | August 25, 1992
NEW YORK -- U.S. stocks fell yesterday amid concern that the dollar's collapse will prevent the Federal Reserve from taking new steps to cut interest rates.The Dow Jones industrial average fell for a fourth straight session, declining 25.93 points to 3228.17 -- its lowest close since April 9.Declining common stocks outnumbered advancing issues by more than 4-to-1 in moderate trading on the New York Stock Exchange.Standard & Poor's 500 index slid 4.13 to 410.72, and the NASDAQ Combined Composite dropped 8.32 to 555.38.
BUSINESS
By Laura McCandlish and Laura McCandlish,Sun reporter | February 20, 2008
Exports of Maryland products rose nearly 18 percent to $8.9 billion last year, outpacing the national growth rate, as a weak dollar drove international demand for U.S. goods. The state Department of Business and Economic Development, which reported the numbers yesterday, said top exports from Maryland last year included transportation equipment, chemicals, computers and electronics, machinery and fabricated metal products. Total U.S. exports in 2007 were valued at $1.2 trillion, an increase of 12 percent.
BUSINESS
By Laura Smitherman and Laura Smitherman,SUN REPORTER | September 28, 2007
Spice maker McCormick & Co., which has been buffeted by rising commodity prices, reported yesterday that fiscal third-quarter profit rose 32 percent as the local company benefited from a weak dollar that helped boost sales overseas. McCormick had net income of $57 million, or 43 cents per share, in the three months through August, compared with $43 million, or 32 cents a share, in the comparable quarter last year. Sales rose 8 percent, with 2 percent of that increase attributed to favorable currency exchange rates.
BUSINESS
By Bloomberg Business News | May 21, 1994
NEW YORK -- U.S. stocks closed mixed yesterday as bonds and the dollar tumbled and an important index of commodity prices reached its highest point since October 1990.The weak dollar raised the specter of still-higher interest rates to prop up the currency, traders said."The dollar is putting a damper on everything," said Steven Zenker, portfolio manager at McCabe Capital Managers in King of Prussia, Pa., which manages $100 million in assets.The Dow Jones industrial average rose 7.37, to 3,766.
NEWS
By Joel Havemann and Warren Vieth and Joel Havemann and Warren Vieth,LOS ANGELES TIMES | December 16, 2004
WASHINGTON - President Bush, facing complaints from a European ally about the weakening dollar, said yesterday that he favored a strong dollar and would work with Congress to cut the huge federal budget deficits that put downward pressure on the U.S. currency. But just before Bush spoke, Vice President Dick Cheney, reiterated to a White House economic conference that the administration favored more tax cuts, which some analysts said could deepen the budget deficit and threaten the dollar's value.
BUSINESS
By Jay Hancock and Jay Hancock,Sun reporter | April 13, 2008
With dumpy Left Bank hotels going for $250 a night, the only way my family was getting to Paris this summer was if some French family agreed to clear out and let us sleep in their beds, eat off their plates and use their bathroom for free. Fortunately, a nice couple in the 11th arrondissement - an advertising manager and a travel executive - said that was fine with them. Of course, while we're watching Les Guignols de L'Info on their TV, they'll be watching Denise Koch or Deal or No Deal on mine.
BUSINESS
By Laura McCandlish and Laura McCandlish,Sun reporter | February 20, 2008
Exports of Maryland products rose nearly 18 percent to $8.9 billion last year, outpacing the national growth rate, as a weak dollar drove international demand for U.S. goods. The state Department of Business and Economic Development, which reported the numbers yesterday, said top exports from Maryland last year included transportation equipment, chemicals, computers and electronics, machinery and fabricated metal products. Total U.S. exports in 2007 were valued at $1.2 trillion, an increase of 12 percent.
BUSINESS
By Bloomberg News | January 8, 2008
NEW YORK -- Foreign investors exploited the declining U.S. dollar over the past three months to snap up American companies at the fastest pace in at least a decade. Buyers from Dubai to the Netherlands accounted for 46 percent of the $230.5 billion in U.S. mergers and acquisitions announced in the fourth quarter, the biggest share since 1998 when Bloomberg started compiling the data. The total excludes $17.9 billion of so-called passive investments by state-run funds in Asia and the Middle East in U.S. banks, including Citigroup Inc. The influx of overseas buyers cushioned a drop in domestic deals, as tighter credit markets ended the leveraged buyout boom that spurred record-setting takeovers in the first half 2007.
BUSINESS
By JAY HANCOCK | January 2, 2008
Life improves slowly and goes wrong fast, and only catastrophe is clearly visible," said nuclear physicist Edward Teller. Improvement is especially obscure as we say goodbye to a miserable 2007. The Christmas shopping season was a flop. The country may be entering its first consumer-led recession since 1991. The mortgage mess, worse than almost anybody could have dreamed, is hurting all kinds of borrowing. Inflation is stirring. Middle-class families may do even more poorly this year than they have in the previous five.
BUSINESS
By EILEEN AMBROSE | November 18, 2007
Supermodel Gisele Bundchen grabbed headlines when she reportedly demanded to be paid in euros instead of dollars. Her spokesman later denied it. Long before that, the greenback had been out of fashion with billionaire Warren E. Buffett, who repeated last month that he remains down on the dollar. Big deal, you might say. You're not planning a trip overseas anytime soon. And you're willing to forgo imported brie in favor of Vermont cheddar until the dollar strengthens. But small investors can take advantage of the weak dollar, just like the big players.
BUSINESS
By Allison Connolly and Allison Connolly,Sun reporter | October 26, 2007
Amid the prolonged housing downturn and subprime mortgage crisis, Black & Decker Corp. surprised many investors yesterday by reporting third-quarter profit that topped its own forecast and that of analysts. While profit fell 16 percent, the Towson manufacturer of power tools and home improvement products was buoyed by the results and boosted its outlook for the year. Black & Decker's stock shot up more than 8 percent, or $6.74, to close at $89.74. "As we have described all year, outstanding international sales growth mitigated weakness related to the U.S. housing industry," said Chief Financial Officer Michael D. Mangan in a conference call with analysts.
BUSINESS
By Bloomberg Business News | October 19, 1994
NEW YORK -- U.S. stocks posted small losses as concern about rising interest rates and the weak dollar offset strong third-quarter corporate earnings.Losses in electrical equipment companies such as Raychem Corp. and telephone stocks such as Bell Atlantic Corp. balanced gains in computer makers Sun Microsystems Inc. and Apple Computer Inc.Rising profits are deflecting some of "the concern about what the Fed is likely to do next month with respect to interest rates or the weak dollar," said Alan Ackerman, market analyst at Reich & Co.The Dow Jones Industrial Average fell 6.39 to 3917.
BUSINESS
By EILEEN AMBROSE | November 18, 2007
Supermodel Gisele Bundchen grabbed headlines when she reportedly demanded to be paid in euros instead of dollars. Her spokesman later denied it. Long before that, the greenback had been out of fashion with billionaire Warren E. Buffett, who repeated last month that he remains down on the dollar. Big deal, you might say. You're not planning a trip overseas anytime soon. And you're willing to forgo imported brie in favor of Vermont cheddar until the dollar strengthens. But small investors can take advantage of the weak dollar, just like the big players.
BUSINESS
By Laura Smitherman and Laura Smitherman,SUN REPORTER | September 28, 2007
Spice maker McCormick & Co., which has been buffeted by rising commodity prices, reported yesterday that fiscal third-quarter profit rose 32 percent as the local company benefited from a weak dollar that helped boost sales overseas. McCormick had net income of $57 million, or 43 cents per share, in the three months through August, compared with $43 million, or 32 cents a share, in the comparable quarter last year. Sales rose 8 percent, with 2 percent of that increase attributed to favorable currency exchange rates.
BUSINESS
By Jay Hancock and Jay Hancock,Sun Columnist | August 5, 2007
The purchase of the Sparrows Point steel mill by an Esmark Inc.-led venture does not guarantee the plant will live long and prosper. But the deal gives it the best possible chance to do so. With Esmark bosses in the office and 2008 on the calendar, the mill will get focused management and a cheap U.S. dollar. That's a favorable combo it hasn't had in a long, long time. And the dollar might be the more important of the two. The group buying Sparrows Point includes Chicago-based Esmark, Wheeling-Pittsburgh Steel Corp.
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