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Market Wrap
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Business New Haven
8/24/1998
By: BNH
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August 4 was not just another hot summer day. The stock market took an almost 300-point tumble, taking many Connecticut companies with it. General Electric Co. (NYSE: GE) dropped 4 1/16 to close at 85 7/16. By August 10 it had moved back up to 87 13/16. Pitney Bowes Inc. (NYSE: PBI) took a two-point hit, closing at 49 1/2. The stock rebounded by August 10 to close at 53 1/2. Southern New England Telecommunication (NYSE: SNG) dropped 2 1/4 to 67 15/16. It has not bounced back (there are talks of a strike) with the stock closing at 67 3/16 on August 10. United Technologies Corp. (NYSE: UTX) dropped 3 1/2 points on August 4 to 93 1/4. The stock is still down from its previous level, closing August 10 at 90 5/8. Olin Corporation (NYSE: OLN) took a two-point hit to close at 34 7/8. By August 10 it closed at 33 3/4. Some local companies remained unchanged on August 4, including Bridgeport Machine Inc. (OTC: BPTM), closing unchanged at 10 3/4 and Novametrix (NASDAQ: NMTX) which closed unchanged at 5 15/16.
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