The New York Stock Exchange will apply circuit breakers during periods of extreme market volatility under a one-year program approved by the Securities and Exchange Commission. The NYSE will impose conditions on index arbitrage whenever the Dow Jones industrial average moves up or down 50 points from its level the previous day.
Operation PUSH said it would pressure Nike Inc. and other athletic shoe companies to provide more jobs for minorities and women. PUSH founder Jesse Jackson says PUSH officials hope to meet with Nike representatives about hiring and promotion practices and to prod the firm to use more advertising agencies and banks owned by minorities.
Columbia Savings & Loan of Beverly Hills, Calif., agreed to sell its portfolio of junk bonds, the biggest held by any thrift, for $3 billion to a partnership assembled by Gordon Investment, a merchant bank based in New York and Toronto.
Woman's Day magazine, one of the largest-selling publications in the country, was taken off the market by Hachette, the French media giant, which will retain ownership after failing to find a buyer. Separately, Woman magazine will cease publication after the September issue because "the magazine did not develop as we hoped it would," according to Conde Nast Chairman S.I. Newhouse Jr.