WALL STREET LAST WEEK
Market closes fully firm The Wall Street stockmarket closed firm in light trading last week, with some spotty gains in fluctuating movements. Last Monday marked the first change in the makeup of the Dow Jones average of 30 industrial stocks since 1959. Minnesota Mining and Manufacturing (3M) became one of the averages’ components, replacing Anaconda, which is planning a merger with Atlantic Richfield (ARCO). Early in the week there were some sharp gains, but these were eroded in later trading. Analysts said traders had been buying in hopes of r.n upward move by the market then simply withdrew when the advance failed to materialise. The U.S. Government reported that its wholesale price index rose a modest 0.3 per cent in July, but the market showed little reaction. Brokers said the figure seemed to be about what most investors had expected. Closing prices on Friday of a selection of issues were:— Alcan, 28g; Alcoa, 57.3; All. Stores, 441; Amax. 55; Am. Motors. 43; Armco, 331; ARCO, 1003; Bethlehem, 393; Boeing, 4123; Boise Case., 251; Burroughs, 95; Cot, 543; Cont. Oil, 37g; Cyprus, 241; C. 8.5., 591; Crane, 303; Dome Mines. 353; Dow. 443: Firestone, 231; Ford, 563; Freeport, 21g; Gen. Dyn.. 601; G.M.C., 673; Gen. Tire, 223; Getty, 18; Greyhound, 151; Goodyear, 225; Grumman, 163; Gulf Oil! 211; Gulf Res.. 15.1; Heinz, 481; Homestake, 32; Hudson Bav, 191; 1.8. M., 2783; 1.H., 314; lilt. Mng, 13J; Into, 341; J- and J., 86; Kaiser. 391; Kennecott, 32; Kerr MGee, 711; Lockheed. log; Yukens, 263; Lykes Y„ 193; Louisiana Land, 233; Martin Marietta, sg; Merrill Lynch, 24J; Mobil, 573; NCR, 331; Newmont, 261; Occ. Oil. 183; Phelps Dodge, 455; Phillips Pet., 60g; Rittson, 411; Proler. 423; Reynolds. 423; Rep. Steel. 36: Royal Dutch. 47,3; St Joe, 431: Seaboard, 231; Shell Oil, 69: Shell Transport, 30; Socal, 373; Soind, 51g; Sohio. 683; Exxon, 52f; Texaco, 2723: Texas Gulf, 3451; T.W.T., 12|; Union Oil Cal., 52J; Union Carbide, 64J;U.S. Steel, 50; Utah, 553; Westinghouse, 16J; W/wths, 221.
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Press, 16 August 1976, Page 11
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336WALL STREET LAST WEEK Press, 16 August 1976, Page 11
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