WALL STREET LAST WEEK

Press, Volume CXV, Issue 34026, 15 December 1975, Page 20

WALL STREET LAST WEEK

Slow, cautious recovery - The Wall Street stockmarket climbed slowly last week in a cautious technical rebound from its sharp decline of the previous week, which was the largest weekly loss for a year.

The Dow Jones industrial; average closed on Friday at: 832.81, for a gain of 14 points on the week. However, trading was dull. Analysts said the market seemed stalled by uncertainty over whether the 1975 Federal tax cut would be extended next year. President Ford said he would veto such an extension if Congress sent it to him without an accompanying cutback in Government spending. Investors were given little news in the way of economic developments to ponder, but analysts noted that there appeared to be little market reaction to the latest money-supply figures: the Federal Reserve reported a $2.4 billion increase in the nation’s money supply for the week ended December 3.

Indications of a strong start to Christmas-season retail sales seemed to give a modest boost to prices. Closing prices on Friday of a selection of issues were;—

Alcan. 19J; Alcoa, 35g; Amerada Hess. 15; Asarco, 12J; Anaconda, 17J; Arco, 87J; Bethlehem, 32; Burroughs. 83J, Cont Oil, 571; Dome Mines, 338; Dow, 89}; Engelhard, 21 J; Firestone, 21 g; Ford. 43g; Freeport, 20J; G.M.C., 56|; Greyhound, 12}; Gulf Oil, 195; Homestake. 33g; Hudson Bav, 14g; 1.8. M., 2158; 1.H., 22}; Int. Mng, 6; Inco, 238; J. and J., 90; Kaiser, 22g; Kennecott, 27J; Kerr McGee, 68j; Louisiana Land, 20}; Martin Marietta. 15J; Mobil, 458; N.C.R., 21g; Newmont, 22J; Occ. Oil, 13J; Phelps Dodge. 33J; Phillips Pet., 50; Reynolds, 20J; Royal Dutch, 38, St Jone. 31); Shell Oil. 47; Shell Transport, 29; Socal, 278; Soind. 41; Sohio, 66); Exxon, 86J; Texaco, 22 J; Texas Gulf. 278; T. 6); Union Oil Cal., 43; U. Steel. 63J; Utah, 47; Westinghouse, 138; W’wths, 22.