More strength in shares of consumer products companies sent the Dow Jones Industrial Average past the 3,600 milestone for the first time, closing up 17.88 , or 0.50%, to 3,604.86. It had surged more than 30 at one point.
CBS rode along for a gain of 8 1/2 to 250 1/2, and Capital Cities/ABC stock rose 5 1/2 to 496.
Eastman Kodak Co. said it will cut 10,000 jobs, or about 9% of its work force , by 1995. In addition, the company plans to freeze research costs and take other austerity steps to help save $ 2.8 billion. The film giant Wednesday became the latest big industrial company to slash staff and spending to improve profitability in a slow economy. But analysts said the job cuts must go deeper and come faster. The announcement follows the recently announced retirement of president and chief executive Kay Whitmore (Daily Variety, Aug. 9).
USA Video Corp. said Warner Bros. will participate in its fall field test of its video-on-demand system. The test is being conducted with Rochester Telephone Corp.