Wall Street last week

Press, 31 October 1977, Page 26

Wall Street last week

The Wall Street stockmarket twice dipped below the 800-mark last week, but each time recovered; towards the end of the week prices rallied strongly. The rally was sparked by the assertion of the chairman of the Federal Reserve Board (Mr Arthur Burns) that the Fed would stick with its goal of curbing inflation by restraining the growth of the U.S. money supply.

Brokers said the market also got a lift from a statement by San Francisco’s Wells Fargo bank terming an increase in the prime lending rate from 7.5 to 7.75 per cent unjustified. Numerous U.S. banks raised their prime rates to 7.75 per cent during the week. Closing prices on Friday of a selection of shares were:—

Alcan, 231; Alcoa, 44+ All Stores, 20J; Amax, 364; Amerada Hess, 27J; Am Motors, 32; Armco, 24; Asarco, 134; ARCO, 51g; Bethlehem, 204; Boeing, 26; Burroughs, 66J; Clev Cliffs, 491; CBS, 484; Colt, 454; Cont Oil, 28J; Crane, 26J; Cyprus, 18; Dome Mines, 57J; Dow, 281; Engelhard, 26J; Firestone, 153; Ford, 42J; Freeport, 26J; Gen Dyn, 454; G Elect, 50J; GMC, 674; Gen Tire, 234; Getty OU, 54; Goodyear, 18; Greyhound, 12g; Grumman. 164; Gulf OU, 274; Heinz, 344; Homestake, 382; Hudson Bav, 123; IBM, 258 J; Hl, 27; Int Sing. 214; Inco, 17J; Johns Many, 31g; J and J, 733; Kaiser, 261; Kennecott, 23; Kerr McGee, 524; Lockheed. 15; Louisiana Land, 234; Lukens, 27; Lykes Y, 53: Martin Marietta. 22j; Merrill Lynch, 154; Mobil, 614; NCR, 42; Newmont, 164; Occ Oil, 244; Phelps Dodge, 203; PhUlips Pet. 291; Pittson, 23 J; Proler, 174; Pullman, 293; Rep Steel, 224; Reynolds. 293: Royal Dutch. 56; St Joe. 29j; Seaboard, 29; Shell Oil, 313; Shell Transport, 41; Socal, 39; Soind, 473; Sohio. 74; Exxon, 47; Texaco, 272; Texas Gulf, 183; TWA, 83; Union Oil Cal, 521; Union Carbide, 43J; U.S. Steel, 303; Westinghouse, 173; Wwths, 183.