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Show Financial Markets B6 The Daily Herald Monday, March 11, 1996 1 102 100 yv 0 If 98 I 103.35 96 rUnh ' J hr '0ac.2S.1S9S - 92 88 ak ago .0.72 w ige 1 57 'Tteawagsindmdiiai ' 9 and KMAMJJAS0N0JF 1996 J995 106 90 10512 10638 Wtckaga 99 34 102 89 2 13 -- 108 18 3727 37 84 29 58 024 11.25 1 71 1 By FARRELL KRAMER AP Business Writer wme 11 44 100.26 0 33 1222 CDs 100 91 5 26 Money Funds 100.55 0 09 0 05 Real Estate 103 91 0.73 1449 Gold 111 98 -- 221 27 07 NEW YORK They've seen this happen before. But it's still scary. Stock and bond traders had the weekend to ponder the Friday plunge that pushed the Dow Jones industrial average down 171.24 points, the point drop ever. Bonds endured a more punishing rout, suffering their worst day in 20 years. The stock market's retreat was not surprising the Dow average alone surged more than 30 percent last year and was up 10 percent this year before the violent sell-of- f. Predictions of a pullback have been rampant. Nonetheless, the Dow's behavior almost immediately brought comparisons to the crash of 1987, when a decline on FriOct. 16, day. preceded the 508 point meltdown on Oct. 19 Black Monday. Wall Street analysts said over the weekend they didn't believe a drop another like 1987 was loombut they really weren't cering tain what the week would bring. Stock prices finished broadly lower today in Japan and were lower at midday in Europe, but trading volume was light to moderate. n The market indicator on the Tokyo Stock Exchange lost nearly 2 percent. The main gauge of the London market was off about 2 percent at midday and prices were lower in other European financial markets. Precipitating the Friday sell-ohere was a government report showinc the nation created 705.000 jobs in February, the biggest gain since 1983. Traders took that heartening news in a perverse way, dumping stocks and bonds on the belief that such a suggestion of economic strength would keep the Federal Reserve from cutting interest rates in the near future. third-bigge- "Mil S5&M. now wor NYSE ASEOTC Equity Funds Municipal Bond Funds ' A 90 Index Taxable 100 ' Caicgan Wariness over the wobbly 'bull market' The value ot the average investor s portfolio is determined by dividing the total by Americans by the number of U S adults. 297 assets held Local Dinblinbto AMERICAN FORK TELS announced today the appointment of Sean Gunter as general manager of TEL Electronics Inc., a wholly owned subsidiary located in American Fork. He replaces Steve Selcho who recently resigned. Gunter joined TELS in 1989 as a customer service technician and quickly moved his way up to "Inner Circle" dealer sales manager and most recently national accounts director where his experience coordinating the sales program and managing the sales team efforts prepared him well for his new role. Create-A-Chec- k SALT LAKE CITY Inc., today announced it has released version 5.0 of its corporate and professional check-writin- g software packages for DOS. According to John Bechard. vice president of sales and marketversion ing for Create-A-Chec5.0 comes with numerous features and options previously unavailable. Corp. k, SALT LAKE CITY Westin Hotels & Resorts, a $2 billion company operating 88 hotels in 18 countries, today announced plans to establish the Westin Technology Center (WTC) at the University of Utah Research Park in Salt Lake City. The first facility of its kind in the hospitality industry, the WTC will consolidate all or most of Westin's global information and financial systems development, electronic marketing, customer datacommunicaservice, on-lition and internet functions, as well as some reservations systems support. It will give Westin the capability to expand its technical support systems by more than 12 times. OREM Novell Inc. announced today that customers now have the option to deploy the NetWare Web Server in a dedicated server. Also, the addition of Runtime makes the NetWare Web Server even more competitive in price to other webserver including offerings, Microsoft's Internet Information Server. Novell added NetWare Runtime to the NetWare Web Sener in direct response to request from customers and resellers. Tl is addition makes NetWare Wt :vner more than competitive in prLj to other web server offerings. ly BOUNTIFUL Specialized Health Products International Inc. Friday announced that the company has engaged PaineWeb-be- r Inc. as its exclusive financial adviser. PaineWebber will assist Specialized Health Products in forming strategic alliances as well as investment providing general banking and financial advisory services. ROY Iomega Corp. announced today a public offering of S40.000.000 principal amount of the company's 6 34 percent Convertible Subordinated Notes due 200 . The notes are priced at par and will initially be convertible into shares of common stock of the company at a conversion price of $19.75 per share. Hambrecht & Quist is the underwriter of the offering. The company intends to use the net proceeds of the offering for working capital needs and general corporate purposes, including the repayment of a portion of the amounts outstanding under its bank loan agreements. 1 SALT LAKE CITY Zions Bancorporation announced today that its board of directors, at a meeting held March 8, declared a dividend of 41 cents per common share for shareholders of record on April , payable on April 25. Zions Bancorporation's common shares are traded on the Nasdaq National Market under the symbol ZION. 1 sihotc !ol!arcr,o!a!c $5.47 a troy ounce, up from $5.46 late Friday. NONFERROUS METALS The U.S. LONDON (AP) currency was trading at 105.30 Japanese yen, down from 105.94 yen late Friday. Other dollar rates in Europe compared with late rates Friday included: 1.4815 German marks, down from 1.4875; 1.2014 Swiss francs, down from 1.2060; 5.0770 French francs, down from 5.0949; 1.6595 Dutch guilders, down from 1.6647; 1.566.95 Italian lire, up from 1,564.75, and .3660 Canadian dollars, down from 1.3668.. The British pound was quoted at $1.5237. down from $1.5245 late Friday. London dealers fixed a recommended gold price of S396.60 per ounce at midmorning. up from the closing price of $395.60 bid Fri- NEW YORK (AP) Aluminum - 72.4 cents per lb, London Metal Exch. Fri. Copper - $1.2600 Cathode full plate, U.S. destinations. Copper - $1.2090 per lb, NY Merc spot Fri. Lead - 50 cents per lb. Zinc 5285-.5490 per lb, delivered. Tin - $4.0775 Fri. Metals Week composite price per lb. Gold - $395.75 Handy & Har-ma- n (only daily quote). Gold - $397.10 Troy oz., NY Merc spot month Fri. Silver -- $5,465 Handy & Har-ma- n (only daily quote). Silver - $5,479 per troy oz., NY Merc spot month Fri. Mercury - $260.00 per 76 lb flask, New York. Platinum - $409.50-$- 4 11.00 troy oz., N.Y. (contract). -.- 1 day.- In Zurich the bid was $396.50. up from $396.00 Friday. Earlier in Hong Kong, gold rose 84 cents to close at $396.18. Silver traded in London at Receipts: 450. Last Wtste 410. Last Ysan 503. Feeder Steers: mostly steady. lbs lower; Molsttln Steers: scares. Fsedsr HoHsrs: 300400 lbs Bulls: firm. steady. StaogMsr Cows: mostly steady. Slaughter fcs scarce; 250400 rot scarce; Feeder Steers: Medium and Largs Frame 1: lbs 400450 lbs 58.0065.00; 350400 fcs W.00-MJ300450 fcs lbs lbs 800450 550400 lbs 58.0045.00; lbs scarce. lbs 48.004440; fcs 50.0046.50; Holstom Steers: Large Frame 2: package 583 fes 38 JO. fcs scarce; lbs scares; Feeder Heifers: Medium and Urge Frame 1: lbs 300450 lbs 46.0044.50; 350400 lbs 46.0044.00; 400450 fcs 46.0044.00; 600450 lbs 550400 lbs 46.00-55.0lbs 46.00-55.2lbs scarce. Helferettes and young feeder lbs eowst 38.0046.25. Stock Cows: Medium and Large Frame 1: Pairs 365.00420.00 per pair. 29.0045.25; Breaking Utility 24 36.0049.50; Slaughter Cows: Boning Utility Commercial 24 scarce; Cutter and Low Dressing Utility 29.5040.75. 1 lbs 39.5042.25; Yield Grade 2 scarce) Slaughter Bulls: Yield Grade Feeder Bulls: 960-- 1 50 lbs 38.0048.00. Source: USDA-U- t Dept of Ag Market News, Sett Lake City, UT (801438-7109- ) 2.00-3.0- 600-70- 0 0 108-poi- st nt best-know- ff 59.00-65.0- 500-55- 0; 0; By KARL R. CANNON Daily Herald Special to The RIVERTON Sometimes when you're a mom you have to improvise. In fact, you don't get to be "Mom" unless you can. When I was a boy without a suit to wear to church, my mom just made me one. It was snappy, powder blue and made me feel like a million bucks. I wore it proudly as long as it fit. Moms are like that. Give them a problem, they respond with a solution. Julie Huil, a former BYU student and Riverton mother of two, found out how need can be the "mother" of invention. When her baby rejected her expensive and constrictive strap-o- n baby carrier, Hull had a problem. What happened next became the subject of one of America's most recently approved patents. "Karli always had to be carried." she recalled, "but the carrier made her face inward toward me. She hated it. I had to figure out a way for her to be facing outward so she could see and move." At the same time Hull wanted to do something to help her husband, Sam, make ends meet. They were stationed in Germany where Sam as an officer in the was well-pai- d Army, but they wanted to make Utah their permanent home, which they knew could mean a drop in pay. "I just wanted to help out," she says. Hull started designing wearable baby carriers. "The first one was but I just pretty strange-lookin- g on it," says Hull. She kept working ended up with a breakthrough design she calls the Carry Me infant carrier. Wearers simply slip the carrier on over their shoulders and tie two opposing straps together in front with a square knot. It's ideal for daily use because it is so simple to use and babies love the freedom to move and face outward. The carrier has wide shoulder straps which are easy on the ld 750-100- 0 700-75- 850-70- 0 200-25- 0 250-30- 0 More people getting jobs? Fewer employees thrown out of work? That's all bad news in the financial markets, which plunged Friday in a ghoulish reaction to healthier U.S. employment statistics. Behind the riddle Investors have been betting for months that the U.S. economy would grow slowly, subduing their worst fear: inflation and rising interest rates. This makes it very attractive to put money in stocks and is a major reason why the stock market has been hitting record highs. Freakish Friday The government said the eccnoray created 705,000 jobs in February, the biggest monthly gain since 1983. That's powerful evidence the economy is growing rapidly -the recipe for higher inflation and rising interest rates. The yield on the 30-ye-ar Treasury bond, a . gauge of inflation and interest rate Yields: Bank savings account a C C ssnpasMeMeieaeiiw ptBBtsf Dow Jones certificate of Industrial deposit Average r in V-- , 6.0 5.8 jury trends, rocketed up. Treasury yield 30-ye- ar v closes g2 'Weekly Nov. Oct. Sept. Aug. Jan. Dec. Feb 5650 f, The Dow 5600- - Bailout time The surge in bond yields spooked many investors into dumping slocks, which wrenched prices down. At its worst, the Dow Jones industrial average lost minute intervals lLSJ u 5550 J y Wa 55001 "I R 5T574.50j 5450- - - , nearly 217 points. cross-current- 5!00 J u j ti i m . , tt i , Covvtin similarly dramatic hits on Friday. The NYSE composite was off 0.67 A 339.07, the Standard & Poor's 500 composite was down 1.03 at Stock 632.47, the American Exchange's market value index 1 1 et was down 1.19 at 556.97. ami lie Nasdaq composite was up 2.S2 at' 1.066.55. Ta.i-- 1 The benchmark bond down was 12 sury point.' yielding 6.76 percent. 30-ye- ar back. Hull later learned that some infant carriers had wearable already been designed to allow the infant to face outward. But Ihey had too many buckles and attachments, numerous separately sewn parts and weren't as comfortable. Most of them were also quite "There are some expensive. affordable carriers out there," says Hull, "but babies outgrow them in two months so they're not very practical." By contrast, Hull's carrier is inherently adjustable to accommodate small newborns or toddlers up to 30 pounds. Newborns face inward directly against the wearer, while babies who can hold their heads up prefer to face outward. Infants may also sleep facing either direction with the help of a flannel lined adjustable headband. Hull's design is so simple yet so different that the U.S. Patent and Trademark Office approved it for a utility patent. Because of her patent, Hull will be able to command a strong market presence and may opt to use a manufacturing company in the future. But not just yet. Hull's Carry Me carriers are currently made by moms at home. "I want to support moms at home as long as I can," says Hull. "There are so many moms out there that need some extra income, and they do a great job." Because the design is so simple the carrier is sold for only $19, for compared to the usual S35-S7- 0 conventional wearable carriers of similar quality. Hull's Carry Me headquarters in Riverton can be Me reached at for questions or orders. Karl R. Cannon is a registered patent attorney with the law firm of THORPE, NORTH & WESTERN in Sanely. Questions or comments can be directed to Cannon at (801) GOMIY AND UP WITH A -' -- '."., J . ). i V e ( i I f ,' If f t r Vt fft 4. 1 566-663- non or via at can- Daily Herald PhotoJohn Blodgett Inventor Julie Hull, a former Brigham Young University student, demonstrates her patented Carry Me infant carrier at her home in Riverton Feb. 28 with the help of Noelle Greer. Hull designed the carrier to be an inexpensive, comfortable and , way to tote around an infant or toddler up to 30 pounds. ) three-month-o- ld baby-friendl- tnw.com. By Scott Adams I CAJAE A GREAT NEW PRODUCT IDEA! .r " STATE WEATHERLINE "lOEk NOW 'UK, YOU Temperature and Forecast recorded liy 450-50- 0 49.00-54,2- 800-55- 0 48.00-84.0- 49.00-54.0- 650-70- 0 1575-179- 0 1 TELL HlfA, ClKnih)Htralb 700-100- 0 3 n ... .,. APATonia DILBERP 50.00-87.0- 56.00-62.0- 57.00-62.5- 0 tEije bebtl makes; ttjem oo tt Mom turns idea into patent, jobs for other moms 200-25- 0 450-50- 0 Expectations of lower rates underpinned the powerful rise in financial markets that pushed stocks up last year. Lower rates help boost corporate profits and make stocks and bonds more attractive than other interest-bearin- g investments like savings accounts. One thing market analysts w orked to decipher over the weekend was the nature of Friday's drop. Was it simply a blip or the beginning of a "correction." a loosely defined term meaning a letreat in prices that allows an overall advance to continue? Wall Street generally defines a correction as a decline in stock prices of 10 percent or so. The Dow's drop Friday to 5.470.45 represented just a 3 percent erosion. The Dow's most recent record high came last week at 5.642.42, which means a 10 percent correction would bring the average back a level the to a bit over 5,000 market cracked only four months ago. For comparison's sake, the Oct. 19. 1987, crash took the Dow industrials down about 23 percent. the Despite Friday's sell-ofDow Jones industrials are still up about 7 percent so far this year. At press time, stocks briefly stabilized at the opening of trading this morning but quickly retreated as traders and analysts strapped in for another day of possible high anxiety. Indeed, analysts said investor nervousness and a number of other s, including economic data and technical conditions this week, promise to make the market highly volatile all week. At 10 a.m. on Wall Street, the Dow Jones .5t industrial average was down at 5.458.89. Broad-markindexes were mixed this morning after taking Information and Forecasts 344-600- 0 - 24 Hours y |