WALL STREET LAST WEEK
Market lacks conviction The Wall Street stock market staged a mild rally last week, in slow pre-holiday trading. The Dow Jones industrial average closed on Thursday at 980.48, increasing its gain for the week to 12.20 points. Earlier in the week, the rally was set back by disappointment over the first quarter earnings report by International Business Machines Corporation (1.8. M. the No. 1 American stock in total market value —which showed profits of $3.63 a share for the quarter, up from $2.95 last year. Analysts said investors had expected it to do better than that. Analysts also said that the lack of volume demonstrated the market lacked conviction, and that it had entered a period of adjustment after a sharp climb during the first quarter. Alcan 261: All. Stores, 52; Alcoa, Amax, 552; Amerada Hess 19; Am. Motors, 52; Asarco 18A; Anaconda 251; Armco, 31 i; Arco, 91i; Bethlehem, 40«; Boeing, 262; Boise Case., 272; Burroughs, 103; Cl. Cliffs, 65; Colt, 39}; Cont Oil, 692; Cyprus, 292; C. 8.5., 531; Crane, 632; Dome Mines, 402; Dow 1082; Engelhard, 282; Firestone, 222; Ford 59i; Freeport, 26A; Gen. Dyn. 51; G.M.C., 69i; Gen. Tyre. 202; Getty Oil, 155; Goodyear, 21; Greyhound 15; Grumman, 162; Gulf Res., 16b', Gulf Oil, 24; Heinz, 482; Homestake, 382; Hudson Bay, 20; I B M., 256; 1.H., 25; Int. Mng, 82; Inco, 322; Johns Manv., 292; J- and J., 89i; Kaiser, 312; Kennecott, 34|; Kerr McGee. 68; Kresge, 352; Lockheed, 9£; Louisiana Land, 232; Lukens. 262; Lykes Y., 212; Martin Marietta, 20J; Merrill Lynch, 252; Mobil, 572; N.C.R., 262; Newmont, 29a; Occ. OH, 142; Phelps Dodge, 43..; Phillips Pet., 552; Pittson; 332; Proler, 422; Pullman, 322; Reynolds, 362; Rep. Steel, 34J; Royal Dutch, 462; St Joe, 401; Seaboard, 25g; Shell Oil, 522; Shell Transport, 302; Socal, 332; Soind, 472; Sohio, 69i; Exxon, 92; Texaco, 252; Texas Gulf, 342; T.W.A.. 11J; Union Oil Cal, 431; Union, Carb., 69; U.S. Steel, 792; Utah, 571; Westinghouse, 151; Wwths, 232. -
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Press, Volume CXVI, Issue 34131, 19 April 1976, Page 16
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334WALL STREET LAST WEEK Press, Volume CXVI, Issue 34131, 19 April 1976, Page 16
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