T-bill yields fell. The Treasury sold three-month bills at an average discount rate of 7.05 percent, down from 7.07 percent last week, and six-month bills at an average discount rate of 7.02 percent, down from 7.05 percent. The actual returns to investors were 7.28 percent for three-month bills and 7.38 percent for six-month bills.
Gasoline prices continued their climb this week, with the average price of self-serve regular unleaded up almost 0.8 of a cent since last week to $1.385, the American Automobile Association said.
TRW acknowledged it quietly eliminated 1,600 jobs at its space and defense division this year. Officials said they were not revealed because they occurred gradually and mostly through jobs left unfilled.
General Motors ended contracts with six health maintenance organizations and blocked 19 others from enrolling more workers in an attempt to curb soaring health care costs.
The Wall Street Journal is closing its Philadelphia news bureau to save money, and a union official said six reporters would lose their jobs as a result.
AT&T has teamed with three of the industrial world's largest telecommunications companies to coordinate the fast-growing business of providing international private networks for corporate customers. The three are KDD of Japan, British Telecom and France Telecom.
Penn Central agreed in principle to buy American Financial's nonstandard auto insurance subsidiary for $335 million in cash. The subsidiary insures drivers unable to get coverage elsewhere.
Banner Industries agreed to sell the foreign operations of its Thompson Aircraft Tire Corp. to Bridgestone for $28 million.
The SEC accused two California investors of illegal stock trading based on information published in advance copies of BusinessWeek magazine. They are the 12th and 13th persons accused of insider trading based on information found in pre-release copies of the weekly.
J.C. Penney said earnings fell 36 percent in the third quarter.
May Department Stores said third-quarter earnings slipped 7 percent.
Businessland, a struggling computer retailer, named Edward Simon Jr., former president of furniture-maker Herman Miller Inc., to oversee day-to-day operations as president and chief operating officer, replacing founder David Norman.
Wayne Shelton, an independent consultant and former chief executive officer of Planning Research Corp. of Washington, was named president and chief executive officer of Hughes Information Technology, a newly formed subsidiary of Hughes Aircraft Co.