The U.S. trade deficit narrowed to a seasonally adjusted $22.6 billion in the second quarter, the smallest gap in 6 1/2 years, the Commerce Department said. The deficit figure is the broadest measure of the nation's worldwide merchandise transactions, excluding military trade.
OPEC delayed formal announcement of its oil production accord for procedural reasons amid protest by Iran, which was refusing to go along with it. Crude oil prices were up 97 cents in New York to $27.88 a barrel.
Tandy and Matsushita Electric of Osaka, Japan, have agreed to form a joint venture for producing personal computers, involving investments of undetermined size from both companies, industry sources said. The companies will also build a factory near Fort Worth, Tex., for the venture.
Michael H. Steinhardt, a New York money manager, and his investment group said they had increased their stake in USAir Group to 9.46 percent.
Continental Airlines said it will build its $190 million aircraft maintenance center and a world headquarters complex in Houston.
Maytag offered to settle three lawsuits against it by paying $35 each to thousands of people who bought Magic Chef microwave ovens thinking they were new. The company had been repackaging or reconditioning ovens that customers returned, then selling them as new for $80 to $160.