Business and Finance
GENERAL MOTORS POSTED a 49% drop in third-quarter profit and a $338.5 million operating loss, confirming expectations. The results reflected sharply higher costs, especially from recent sales incentives. GM also announced further cost-cutting steps, including the closing of several factories in the U.S.</br></br>OPEC ministers argued about the effect of their temporary production agreement even as they left their Geneva meeting. Oil prices tumbled as world markets showed little confidence in the accord.</br></br>---</br></br>Reagan signed the tax bill, calling it "an historic overhaul." The president warned Congress to refrain from changing the law next year, saying he would oppose attempts to boost tax rates to shrink the budget deficit.</br></br>Two securities firms rushed to market stripped municipal bonds, which became legal under the new tax law. The bonds offer separate interest and principal payments.