Wall Street last week
The Wall Street stockmarket staged a strong rally last week. The Dow-Jones average of 30 industrials closed on Friday at 845.89 for a 35.95 gain — its best weekly showing in more than a year and a half. Volume reached 3526 million shares — the seventh largest total in exchange history — against 31.98 million on Thursday. The volume record of 44.51 million was set on February 20 last year.
Analysts said the market’s upsurge earlier in the week seemed to have convinced many rtades that the lengthy slump in stock prices this year was over. One prominent factor behind the rally was a spreading belief that the rise of interest rates in recent months had about run its course.
That expectation was backed up by a sharp decline in the United States money supply reported by the Federal Reserve late on Thursday. The drop appeared to reduce the likelihood of more credit-tightening by the Fed in its effort to combat inflation. The market also took heart from the statement by President Carter that reports of conflict between him and the United States Federal Reserve Board chairman (Mr Arthur Burns) were erroneous. The statement seemed to lessen fears that Bums, whose conservative economic views are shared by many Wall Streeters, might not be reappointed by Mr Carter to the top Federal post. Closing prices on Friday of a selection of shares were:— Alcan, 23}; Alcoa, 44|; All.
Stores, 221; Amax, 371; Amerada Hess, 29; Am. Motors, 3J; Armco, 258; Asarco, 141; Arco. 54; Bethlehem, 20$; Boeing. 28; Boise Case., 27; Burroughs, 691; Clev. Cliffs, 545; C. 8.5., 522; Colt, 45J; Con. Oil, 295; Crane, 28J; Cyprus, 18g; Dome, 59; Dow, 29: Engelhard, 263; Firestone. 16J; Ford, 451; Freeport, 18J; Gen. Dyn., 51; Gen. Elect., 521; G.M.C., 671; Gen. Tire, 233; Getty Oil. 1591; Goodyear, 181; Greyhound, 13}; Grumman. 171; Gulf Oil, 278; Gulf Res., 12J; Heinz. 355; Homestake, 381; Hudson Bay, 14; I. 2655; I.H , 281; Int. Mng, 21J; Inco., 161; Johns Manu., 348; J. and J., 738; Kaiser, 30; Kennecott, 228; Kerr McGee. 483; Lockheed, 15S; Louis. Land, 248; Lukens, 27; Lykes Y., 78; Martin Marietta, 25; Merrill Lynch, 163; Mobil, 63J; N.C.R., 43J; Newmont, 168; Occ. Oil, 253; Phelps Dodge, 198; Phillips Pet., 301; Pittson, 258; Proler, 183; Pullman. 293; Rep. Steel, 231; Reynolds, 32; Royal Dutch, 58J; St Joe, 33; Seaboard, 31J; Shell Oil, 418; Shell Transport, 41}; Socal, 40; Soind.. 48}; Sohio, 773; Exxon, 483: Texaco, 278; Texas, Gulf. 19}; TWA., 98; Union OU Cal., 54J; Union Carbide. 438; U.S. Steel, 30J; Westinghouse, 183; Wwths, 19$.
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Press, 14 November 1977, Page 27
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431Wall Street last week Press, 14 November 1977, Page 27
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