T-bill yields were mixed. The Treasury sold $9.3 billion in three-month bills at an average discount rate of 7.50 percent, up from 7.49 percent last week, and $9.2 billion in six-month bills at an average discount rate of 7.37 percent, down from 7.40 percent.
Personal spending rose 1 percent in June, the strongest gain in five months, the Commerce Department said.
Spending for new construction dipped in June but showed signs of stabilizing following a volatile first half, according to F.W. Dodge.
GM's first Saturn car was driven off the assembly line by Chairman Roger B. Smith in a private ceremony yesterday at Saturn plant in Spring Hill, Tenn. Smith had promised to drive the first Saturn off the line before he retired. Robert C. Stempel takes over as chairman tomorrow.
Otis Elevator has signed an agreement with a Soviet company to make, install and maintain elevator equipment in the Soviet Union.
Two California law firms, San Francisco-based Pillsbury, Madison & Sutro and Lillick & McHose of Los Angeles, will merge next year, creating the largest firm in the state and the fifth-largest in the nation.
LTV reported a 153 percent increase in second-quarter earnings, mainly from the sale of stock in a stainless steel manufacturing company and special charges a year ago.
Wang Laboratories reported a fourth-quarter operating loss of $447.2 million, but blamed all but $5.6 million of it on restructuring and other one-time charges.
Riggs is countersuing a Silver Spring developer who filed a $22 million suit against the financial institution. The bank filed court papers last week seeking $4.5 million dollars, claiming a partnership headed by Dennis Leapley has failed since June 1989 to make payments on a loan.
Former Eastern Airlines foreman Elia Dragone pleaded guilty to charges he ignored vital maintenance and safety repairs and then falsified records to make it appear the work had been done.
Ball Corp. has acquired 33 metal packaging plants in Europe from Continental Can Co. Continental will receive $625 million in cash and $400 million in stock, giving it a 29 percent stake in Ball.
AT&T has won a $14 million contract to provide and maintain 2,100 electronically linked desktop computers to Amtrak.
MCI won a three-year, $13 million contract to be the primary telecommunications carrier for Continental Corp., a New York-based insurance company.