Factory orders rose 0.1 percent in September in the weakest showing since June. "Price increases in the petroleum refining industry continued to heavily influence the data," the Commerce Department said. Excluding petroleum, orders were down 1.1 percent.
Personal income increased 0.5 percent in September while personal consumption leaped 1.1 percent over August, the Commerce Department said.
Oil prices could rise to $100 a barrel if war breaks out in the Persian Gulf, industry experts told the Senate Governmental Affairs Committee.
Citicorp's cost for a portion of its capital, auction-rate preferred stock, continued to climb. It took a dividend rate of 13 percent set at an auction to attract investors, many of whom are wary of Citicorp earnings prospects.
MNC Financial and former chairman Alan P. Hoblitzell Jr. were sued by two investors for allegedly misrepresenting the company's financial health and causing shareholders to lose money.
SmithKline Beecham won court approval of its plan to pay shareholders $22 million to settle charges that its corporate predecessor misrepresented its financial health.
Michelin North America expects to lay off between 600 and 900 employees in a restructuring brought about by the company's acquisition of Uniroyal Goodrich Tire Co. in May.
Nycor, a New Jersey investment company, has taken an 8.2 percent stake in Zenith Electronics Corp. and is considering seeking control of the troubled Illinois firm.
The Fed moved toward expanding the requirement that independent appraisers assess the value of many homes before buyers receive mortgages. The Fed board, by a 5-1 vote, offered for public comment a rule change that would require appraisals on all real estate-based loans of $50,000 or more. The current rule set a $100,000 cutoff.
Kodak reported a third-quarter loss of $206 million as a result of a $909.5 million charge to account for the Polaroid patent litigation case. The company reported a profit of $300 million a year earlier.
McCaw Cellular reported a third-quarter loss of $80 million, compared with a loss of $44.9 million recorded in the same period last year.
Bethlehem Steel said third-quarter profit fell 78 percent.
Frank L. Salizzoni, a former TWA manager, was named executive vice president of finance for USAir Inc. and USAir Group Inc., the airline's parent firm.
Donald Trump raised new doubts about his financial stability by telling the American Stock Exchange it was unclear whether he would make a big interest payment on Taj Mahal casino bonds next month.
The U.S. League of Savings Institutions, realizing it has a bit of an image problem, discreetly moved a savings and loan industry conference from the gaming mecca of Las Vegas to Orlando, the wholesome home of Mickey Mouse.