Yields fell on 10-year Treasury notes to an average of 8.77 percent on the second day of the government's quarterly refunding and another round of weak bidding in the wake of the Iraq crisis. "The refunding went very poorly," said Citibank analyst Kristin Foster. ''It goes to show you what uncertainty does to the market."
General Motors was hit by a strike at its plant in Flint, Mich., that makes doors, grilles and gas tanks. GM said the walkout by about 3,200 employees could force production cuts or shutdowns at six to eight assembly plants.
Marriott has signed a licensing agreement with Champions Sports Inc. to expand the use of the Champions trademark on sports-themed bars located in Marriott hotels. Marriott operates 10 Champions bars and will use the name in an undisclosed number of its other hotels around the country.
McDonnell Douglas may develop a new wide-body jet to compete with Boeing's 747-class aircraft, company officials said. McDonnell Douglas said it is currently requesting customer feedback on the concept.
Norton's $1.8 billion merger with Saint Gobain of France was approved by the Commission on Foreign Investment in the United States. The federal panel decided that the merger of the Worcester, Mass.-based abrasives company with the Paris firm will not threaten national security.
Karsten Mahlmann, the former chairman of the Chicago Board of Trade who stepped down amid charges that his trading company misused customers' funds, will receive $120,000 in severance pay, exchange officials said.