Wall Street rallies

Press, Volume CXII, Issue 32976, 24 July 1972, Page 16

Wall Street rallies

There was concern, especially among institutional investors, about the international monetary situation and the weakness of the United States dollar and Wall Street stock market prices suffered. Fears about the Democratic presidential candidate. Senator George McGovern, also generally over-rode favourable second-quarter earnings reports. But blue-chip stock prices erased an earlier loss, and made gains in Friday’s moderate trading as favourable economic news buoyed investors’ spirits. It was reported that the gross national product surged, and that inflation slowed significantly in the second quarter, while consumer prices rose at a slower rate in June than in May. An administration official also predicted that the economy would expand more rapidly in the second half than in the first. Closing prices of some selected stocks on Friday were:— Alcan, 20J; Alcon. 4SZ; Amerada Hess, 451; Amax . 288Am. Smelting, 181; Am. SUi Af . Inv., 471; Anaconda, 16J; AU. Richfield, 522; cont. Oil. 25}; Dome Mines, 76J; Dow., 88»; Engelhard. 31J; Freeport. 188; G.M., 73; Greyhound, 17J; Gulf Oil, 24J; Homestake. 261; Hudson Bay, 21; 1.8. M., 3961; Inco., 301; Kaiser. 19; Kennecott, 218; Kerr McGee. 531; Louisiana Land, 46»; Martin Marietta. 20; Mobil, 58J; Newmont, 26}; Phelps Dodge, 368; Phillips Pet.. 281; Reynolds, 141; Royal Dutch, 391; St Joseph, 29*; Shell oil, 458; Shell Transport, 333; S.O. Cal., 628; S.O. Ind., 68J; S. OU NX, 761; SO. Ohio, 65; Texaco, 31*; Texas Gulf, 16J; Union Oil Cal.. 288; Utah Con., 72J; W.W., 34J; Am. Sth Afr. Inv. (foreign), 471.