Path: bloom-picayune.mit.edu!snorkelwacker.mit.edu!news.media.mit.edu!americast.com!usa-post Newsgroups: usa-today.invest From: usa-post@AmeriCast.Com Organization: American Cybercasting Approved: usa-post@AmeriCast.com Subject: invest Tue, Mar 31 1992 Date: Tue, 31 Mar 92 05:49:46 EST Message-ID: 03-31 0000 DECISIONLINE: Personal Investing USA TODAY Update March 31, 1992 Source: USA TODAY:Gannett National Information Network DOW TAKES A BREATHER, UP 3.80: Prices were mixed on Wall Street Monday, unable to stage much of a recovery from last week's sharp drop. The Dow Jones industrial average was up for much of the session, then gave up ground before finishing 3.80 points higher at 3,235.24. On Friday, the Dow fell 36.23 points. On the New York Stock Exchange, declining issues outpaced gainers 922 to 712. STOCK FUNDS POST RECORD GAIN: Stock funds attracted $7.5 billion last month, the most in history, the Investment Company Institute reported Monday. Stock and bond funds took in $15.7 billion. The pace has slowed only slightly this month. Fidelity Investments says investors aren't switching from other funds into stock funds at last month's pace, but the number of new fund accounts is higher this month than last. HIGHER YIELDS BEING SOUGHT: Investors looking for high returns on individual retirement accounts are behind much of the rush to stock funds, says Steve Norwitz of T. Rowe Price Associates. The average one-year certificate of deposit yields 4.2%, and investors are looking for better yields. Bond funds took in $8.3 billion last month, down from $8.5 billion in January, and interest has continued to fall. INTELLIGENT DIVES ON ESTIMATES: Intelligent Electronics shares plunged 34% Monday after several analysts cut projections for the retail division, Bizmart. The company, a wholesale and retail supplier of computers and office supplies, was the net-loss leader of the day. The stock plunged 7 to $13 1:2. Melinda Reach of Merrill Lynch cut her estimate of earnings per share from 31 cents to 23 cents. APPLE, OTHERS FALL: Apple Computer slumped 2 7:8 to $58 1:8 Monday, helping drag the NASDAQ composite index down 2.60 points to 602.07. A Donaldson Lufkin Jenrette stock analyst told the firm's brokers that Apple's products are overpriced and its momentum is slowing. Other computer stocks got hit, too: Microsoft fell 1 1:4 to $120, and Borland International slipped 3:8 to $53 5:8. GROUP SAYS GOV'T ACTION NEEDED: A highly-regarded group of 100 economists urged President Bush, Congress and the Federal Reserve must act quickly to boost the economy before it falters."By doing nothing, we risk prolonged stagnation, feeble recovery or worse, no recovery at all," says Marshall Pomer, a University of California professor who put together the group. FURTHER RATE CUTS ASKED: In a letter Monday to President Bush, members of Congress and Fed Chairman Alan Greenpsan, a group of 100 economists called for: Further moves by the Fed to lower interest rates; tax credits for business investment; and a $50 billion spending program aimed at improving schools and rebuilding roads, bridges and other parts of the nation's infrastructure. CAHNERS INDEX RISES: Cahners Economics said Monday its business confidence index rose to 65.4 in March from 65.1 in February. Readings above 50 indicate businesses are optimistic. The index has been rising since January. Cahners says the rise indicates the economy has regained momementum and is poised for a broad recovery. TREASURY AUCTION: The Treasury Department on Monday sold $11.4 billion in three-month bills at an average discount rate of 4.08%, unchanged from last week. Another $11.4 billion was sold in six-month bills at an average discount rate of 4.19%, down from 4.27% last week. GOLD DOWN, SILVER UP: The Commodity Exchange Monday quoted gold for current delivery at $341.90 per troy ounce, down 60 cents. A late bid at the New York Republic National Bank quoted the metal at $341.60 an ounce, down 60 cents. The metal rose in London and Zurich. On the Comex, silver bullion for current delivery closed at $4.140 per troy ounce, up from $4.139. DOW JONES OPENS ON UPSWING: The Dow Jones average of 30 industrials opens Tuesday at 3235.24, after closing up 3.80 Monday. The New York Stock Exchange composite opens at 222.99, down 0.32. The American Stock Exchange market value opens at 393.61, down 0.75. The NASDAQ OTC composite opens at 602.07, down 2.60. DOLLAR OPENS MIXED OVERSEAS: The dollar opens mixed on foreign markets Tuesday. It opens at 0.5759 British pounds, up from 0.5743; 5.5920 French francs, down from 5.6085; 132.68 Japanese yen, down from 133.17; and 1.6455 German marks, down from 1.6400. (As of 3 p.m. Monday. Source: First American Bank of New York.) 24-HOUR TELEPHONE INFORMATION: USA TODAY Money Hot Line. 95 cents a minute. 1-900-555-5555. Personal Investing Editor: William Snoddy. (1-919-855-3491) Making copies of USA TODAY Update (Copyright, 1992) for further distribution violates federal law. This article is copyright 1992 Gannett News Service. Redistribution to other sites is not permitted except by arrangement with American Cybercasting Corporation. For more information, send-email to usa@AmeriCast.COM