Wall Street repeats holiday rally

Press, 30 December 1976, Page 8

Wall Street repeats holiday rally

The Wall Street stock market continued to rally in act- { ive trading on Tuesday,] breaking through the 10001 point level in the Dow Jones ( industrial average for the ( first time in three months. { ; The index closed at 1000.08 |for a net gain of 27.6 since (Monday, December 20. It I was the first time the index {closed in the four figures isince finishing at 101.3.13 {points on September 27. { Analysts said the market i {was riding on a wave of I hopes that the U.S. economy (wa« regaining momentum after a sluggish showing earlier in the year. President-elect Jimmy Carter said the economic picture seemed to be brightening, and brokers said the market was gaining the benefit from an easing of year-end tax-selling pressures. Other analysts said the market was influenced by { lower interest rates, the be- ; lief that the Federal Reserve '

[Board will continue to follow an accommodative monetary {policy in the short-term, and {encouraging economic statistics. The market began last {week on an easy note because of selling pressure attributed to the steady climb of the market in the last few months. On Tuesday (December 21) the U.S. Labour Department [reported that its consumer i price index rose 0.3 per cent, matching the subdued pace in October. The data also showed the biggest increase in more than a year in workers’ take-home pay, after allowing for inflation. These factors caused the market to firm. The stock market showed little change on Thursday, in a session devoted largely to year-end manoevring by investors. The shares of International {Business Machines set the 'pace for a board advance on

|Wall Street on Monday. De< | ember 27.

Analysts said investors seemed to be buying on the theory that the market might be ready to duplicate its potent late December-January showings of the last two winters.

Investors’ spirits were raised when 1.8. M. shares began to respond strongly to published conjecture of a possible stock split by the company next year. Closing prices on Friday of a selection of stocks were:— Alcan. 24; Alcoa. 573; All. Stores, 473; Araax, 57|; Amerada Hess, 291; Am. Motors, . 32; {Armco. 313; Asarco. JSJ; AnaIconda, 28.','; Arco. 583; Bethlehem | Steel, 40J; Boeing. 441; Boise I Case., 332; Burroughs, 90J: Clev. I Clifts, 70; Colt. 504; Cont. Oil, 381; Cyprus, 24; C. 8.5., 58J; Crane. 28J; Dome Mines, 442; Dow. 43J; Engelhard, 322; Firestone. 232; Ford, fill; Freeport. 29J; Gen. Dyn., 511; G.M.C., 78;; Gem Tire. 251; Getty, 197; Goodyear, 23;; Greyhound, 152; Grumman, 173; Gulf Oil. 283; Gulf Res., 161; Heinz. 33J; Homestake, 363; Hudson Bay, 171: 1.8. M.. 2781; 1.H., 322; Int. { Mng.. 14; Inco.. 323; J. and J., ■ 76J: Kaiser, 36J: Kennecott, 27; Kerr McGee. 683; Kresge, 413; Lockhead. 82; Louisiana Land, ’ 282; Luqens, 251; Lykes Y., 13; Martin Marietta. 251: Merrill Lynch, 253; Mobil. 68; N.C.R., 361; Newmont, 27J; Occ. Oil. 243; Phelps Dodge, 38J; Phillips Pet.. 653: Pittson, 38; Proler, 321; Pullman, 32g; Rep. Steel, 321: Reynolds Metal, 39|; Royal Dutch, 522; St Joe Min.. 41.'>: Seaboard. 32?: Shell Oil, 782; Shell Transport, 30; Socal, 40J; Soind, 582; Sohio 773; Exxon, 531; Texaco, 273; Texas Gulf, 293; T.W.A., 11; Union Oil Cai., 583; Union Carb., 62; U.S. Steel, 49J; Westinghouse. 163; W/wths, 242.