WALL STREET LAST WEEK

Press, Volume CXIV, Issue 33450, 4 February 1974, Page 23

WALL STREET LAST WEEK

Fall in prices continues Share prices on the Wall Street stock market fell during last week. The Dow Jones industrial average closed on Friday almost 16 I points lower than on the I previous Friday. “The market is just marking time,” one analyst said. He added that investors were waiting for news on the prospects for an easing of the Arab oil boycott, developments on the Watergate scandal, and signs of a reduction in short-term interest rates. In the news background. ;the Government reported That its last business indicator index of 1973 pointed to a sharp slowdown in United ' States business activity in the I months ahead. On Wednesday the market managed a sharp rally, reacting to the decline in short i term interest rates and rumours that Saudi Arabia (soon might be shipping oil to the United States. But there was an equally sharp reversal on Thursday. Brokers noted that President Nixon did not say anything unexpected in his ■State of the Union message, land they said his speech had little imoact on the market. On Friday prices were jsharply lower again, after I some unpleasant economic predictions. ■ “News of inflation, and predictions by General Motors (of a sharp reduction in sales in the first quarter have ipeonle worried.” one analyst ’said. ; Brokers also cited the Nixon administration’s economic message to Congress, predicting a sluggish United States economy and the worst inflation since 1947. as causing the market to fall back. Closing prices on Friday of some selected stocks were: Alcan 33: Alcoa. 71’; Amerada Hess. 34:; Amax, 48: Asarco 231Anaconda. 25J; Atl. p Burroughs. 1915: Cont. Oil. A 63: Dome Mmes. 163; Dow. 565; Engelhard. 171; Ford. 451; Free- :?? rt A G.M.C.. 50J; Greyhound. ,1a: Gulf OU. 233; Homestake. 86'.: Hudson Bay, 26: I B.M. 241;- Mt Mining. 6 : Inco. 37: Kaiser Alu- ; minium, 21; Kennecott, 40;,: Kerr [McGee, 761: Louisiana Land, 433; Marfin Marietta. 162; Mobil. 482; 32 o Newmont Mining, [302; Phelps Dodge, 40J: Phillips .’Pet., sa?; Reynolds, 212: Roval l Dutch. 33j: St Josenh, 394; Shell Oil, .>6 : Std Oil Cal.. 302; Std Oil Ind.. 91; Std OU Ohio. 61: Exxon. 86- Texaco. 28’.: Texas ‘Gulf, 344: T.W.A.. 161: Union Oil Cal.. 45; Utah 46’; Wivths, 17J. Copper price rise The Australian Copper Producers’ Association has aninounced a S2O rise in the ■Producers’ nrice to Sl3BO a tonne with effect from Saturday. The last change was a S2O rise to $1360 on'Thurs-