Dow index climbs 9.67 while bond prices slip


Climbing for the third consecutive session, the Dow Jones industrial average gained 9.67 points yesterday and closed at 3,783.12. Losses in Exxon, Chevron and Texaco -- resulting from a $15 billion fine slapped on Exxon for the Valdez oil spill -- reduced a potentially wider gain in the Dow index. Bond prices slipped as traders worried about possible inflationary figures in today's Consumer Price Index report.

MARYLAND & MORE: The T. Rowe Price International Stock Fund (1-800-638-5660) appears under "Wake Up, Baby Boomers; Here Are Mutual Funds For The Late-Start Generation" in U.S. News & World Report, June 13 . . . Regarding Delmarva Power & Light, Legg Mason says, "Concerning the acquisition of Conowingo Power Co., Delmarva expects a long-term earnings benefit as sales growth to this new area outpaces the balance of the utility's system. The purchase adds some regulatory uncertainty, but is expected to be a long-term positive.". . . Westinghouse Electric stock is listed under "Buying From the Bottom of the Heap: These Underperformers Are Interesting Prospects," in Forbes, June 20 . . . "Sun Stocks" reaching 12-month highs recently include BankMaryland, Danaher and Leeds Federal. Giant Food slipped to a low.

LOOKING AHEAD: Did you realize that, beginning in June 1995, the new "three-day settlement period" goes into effect? This means that when you purchase securities, you must pay for them within three business days, rather than five. And when you sell securities, your certificates are expected to be delivered to the broker within three business days. Suggestion: To make this settlement process easier, consider placing your securities in a "street name" account at your brokerage firm; your broker will give details as to insurance protection, etc.

NOTES & QUOTES: "We're in danger of repeating the stagflation follies of the 1970s, when the economy was hit by both rising prices and stagnation. We have a floundering White House and floundering Fed; no wonder markets are skittish." (Malcolm S. Forbes Jr. in -- where else? -- Forbes, June 20) . . . Washington Real Estate Trust (REIT) is listed under "Income Portfolio: Investments Suitable for Investors Who Seek Wealth Protection and High Current Income" in Personal Finance, May 25 . . . The Kiplinger Washington Letter says that Secretary of Labor Robert Reich will try to end "glass ceilings," namely barriers to promotion of women and minorities.

HOPEFULLY HELPFUL: "Hiring a professional tax accountant to represent you at an audit won't make the auditor think you're hiding something. Having a pro speak for you is a good way to keep you from putting your foot in your mouth." (Dollar Stretching Ideas) . . . Here are names of nonprofit organizations that give free advice on pension problems: American Association of Retired Persons Pension Equity Project, 601 E St. N.W., Washington, D.C. 20049, phone (202) 434-2070; Pension Rights Center, 918 16th St. N.W., Washington D.C. 20006, phone (202) 296-3776. (From U.S. News & World Report)

JUNE JOURNAL: "A $100,000, portfolio divided equally among several kinds of assets returned 11.7 percent a year since 1973, compared with 12.6 percent for the S&P; 500-index, but with only 70 percent of the volatility. Here's the list, with 20-year average annual percentage returns following each category: U.S. stocks 12.6; international stocks 15.3; 90-day Treasury bills 7.5; long-term bonds 10.3 and real estate investment trusts 12.8." (Maigoire Drucker, in U.S. News & World Report) . . . Some practical summertime money-making opportunities for children appear in "Better Than a Lemonade Stand: Business Ideas for Kids," by Daryl Bernstein.

WALL ST. WATCH: In a reversal of direction, optimism prevailed in 70 percent of the "experts" whose predictions I read in the past week. Samples of both sides: "The path of least resistance for stocks is now up. The contrarian in me says that except for modest dips, this market could trade higher during the summer and fall, possibly seeing new all-time highs." (Mark Leibovit, The Volume Reversal Survey) . . . "The year before a presidential election -- such as 1995 -- is a potential bonanza. In no year in my lifetime has the stock market not advanced in the year before an election." (Richard Young, Intelligence Report) . . . "The current rally is merely a bounce in a bear market. Technical analysis suggests the possibility of a fall of 20 percent or more." (California Technology Stock Letter).

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