MARKETS

Money-market funds reported that average yields were higher or unchanged in the latest reporting week. The Donoghue Organization said seven-day yields were 7.45 percent, up from 7.44 the previous week, and 30-day yields were unchanged at 7.46 percent.

ECONOMY

The U.S. economy will steer clear of recession through this year and the first part of next, the Conference Board management organization said in an economic forecast. The business forum said U.S. gross national product would grow by 1.8 percent in the third quarter -- more than many economists expect -- and by 1.1 percent in the last quarter.

COMPANIES

The Big Three automakers reported sales of American-built cars and trucks rose 7.9 percent in mid-October, compared with a relatively weak sales period last year. The rise was fueled chiefly by an 11.6 percent increase in car sales. Truck sales rose 2.3 percent.

Ford said it will shut down its Norfolk assembly plant for a week and lay off 1,200 of the plant's 1,720 workers because sales of F-series trucks assembled at the plant have been dropping.

Eastern Air Lines, which has been in bankruptcy proceedings since March 1989 and was still losing $2 million a day this summer, could hit the break-even point by February because of boosted business now resulting from a switch to expanded and cheaper first-class service for business travelers, Trustee Martin Shugrue said.

Goodyear said it will cut 3,000 jobs by mid-1992 as part of a restructuring spurred by a depressed tire market and a 13 percent decline in third-quarter earnings.

Winnebago Industries cut back to a four-day workweek and will begin laying off white-collar workers because of stalled motor-home sales.

Ameritech plans to test a technology that makes possible new wireless telephone services called personal communications services. The radio-based, digital technology will let consumers communicate using portable telephones smaller and less expensive than those now available.

Revlon shut down two of its factories for three days because it said a firm supplying it inventory software transmitted "viruses" to disable the software. Revlon and the supplier, Logiston Inc., are locked in a contract dispute.

INTERNATIONAL

Japan's securities houses reported a sharp drop in their earnings for the six months ended Sept. 30. The companies said Iraq's Aug. 2 invasion of Kuwait also caused a negative impact and sharply curtailed trading volume.

CONTRACTS

Mitre received a $276.2 million Air Force contract for engineering support for information and communications systems.

Martin Marietta was awarded a $167.6 million Army contract for night vision equipment for helicopters.

EARNINGS

Exxon said higher crude oil prices did not boost its earnings for the third quarter over earnings for the comparable period last year. It said earnings were unchanged at $1.07 billion.

Sears reported a 30 percent drop in third-quarter earnings.

Unocal said its third-quarter earnings rose 53 percent over the same period last year.

Procter & Gamble said its first-quarter earnings slipped 1.6 percent.

Compaq Computer reported that third-quarter net income increased 42 percent.

Du Pont reported a 3 percent drop in third-quarter earnings.

Carter Hawley Hale Stores posted a loss of $25.5 million in the fourth quarter, compared with an $8.3 million loss in the year-earlier quarter. For the fiscal year, the firm lost $26 million, compared with earnings of $13.5 million the previous year.

Times Mirror said its third-quarter earnings dropped 40.2 percent.

Knight-Ridder reported its profit for the third quarter slipped 3.2 percent.

Anheuser-Busch said third-quarter earnings rose 9.4 percent.

Nucor said its third-quarter earnings rose 97 percent.

Computer Associates reported second-quarter net was up 190 percent.

TLC Beatrice International said third-quarter net rose 62 percent in the third quarter.

REGULATION

The International Trade Commission said that certain light-scattering instruments imported from Japan are damaging the U.S. industry that makes the equipment. The vote clears the way for the Commerce Department to assess special duties on the Japanese equipment.

COURTS

A bank-fraud scheme involving a Florida condominium project has led to the indictment of 31 people, the Justice Department announced. Three financial institutions were defrauded of $5.7 million by potential buyers who falsely inflated their net worths and down payments, the department said.

ODD LOTS

Air Transport Association officials repeated their complaints that air carriers are paying a disproportionate share of recent crude oil price increases.