Treasury-note yields rose. The Treasury said the average yield on four-year notes was 8.53 percent, up from 8.50 percent at the last auction June 27 and the highest level since 8.58 percent March 28.
The Semiconductor Industry Association, bucking widespread forecasts of a recession, predicted that the U.S. computer chip market will grow 9.3 percent next year to $15.8 billion. This year the market is expected to shrink by 2.3 percent.
Consumer confidence remains unchanged in September from its eight-year low in August, according to the Conference Board, a private business research organization.
AT&T negotiated agreements with five foreign telecommunications companies to expand private networks offered to medium- and large-scale businesses. The firms are France Telecom, RTT of Belgium, Mercury Communications of Britain, Unitel of Canada and Kokusai Denshin Denwa of Japan.
Citibank will lay off 100 workers in its leveraged- lending unit and transfer hundreds of others, according to a senior official at the bank.
Norden Systems said it will close one of its two New York plants and consolidate its radar manufacturing at its Norwalk, Conn., facility. The defense contractor said the move would result in an undetermined number of layoffs.
Stotler Group was accused in a class-action lawsuit of misleading investors in the sale of more than $7 million worth of its commercial paper. Stotler Group was dissolved in July after it was learned that Stotler & Co., a subsidiary, could not meet capital requirements of the Chicago commodities exchanges.
US Sprint unveiled a new series of data transmission services, including one that will allow customers to dial up the exact amount of capacity needed to achieve high-quality images in such fields as video conferencing.
American Capital & Research of Fairfax acquired Houston-based Houtex Seismic Inc. and its subsidiary, Professional Geophysics Inc. Terms weren't disclosed.
A Senate committee approved changes in the "orphan drug" law that would limit exclusivity rights currently enjoyed by Lyphomed, maker of the drug Pentamadine. Under the bill, Lyphomed would retain exclusivity rights for as long as its patient population remained below 200,000. Pentamadine is a drug used to treat AIDS patients who contract pneumonia.
ERC Environmental and Energy Services Co. was selected by the Naval Facilities Engineering Command in Pearl Harbor to negotiate a long-term contract for environmental cleanup. The potential value of the contract is $80 million.
Teledyne Continental received a $67.8 million Air Force contract for ground power generators.
LTV was awarded a $57.2 million Army contract for multiple launch rocket systems.
General Electric's "unconscionable" failure to disclose information about its containment-vessel design for Washington Public Power Supply System's Nuclear Plant No. 2 invalidated a limitation of damages of about $110 million under the 1971 contract between the two companies, a U.S. District judge said in a ruling unsealed yesterday. A mistrial was declared in the case in July.
Alan Bond, the flamboyant businessman who financed Australia's triumph over the United States in the 1983 America's Cup sailing race, resigned as chairman and director of Bond Corp. Holdings, a company he founded.