Wall Street last week
Hopes for a more stable trend in interest rates helped the Wall Street stockmarket to post board gains last week. The Dow Jpnes industrial average closed at 768.71 on Friday—a gain of 10.13 on the week. The latest Federal Reserve figures issued at the close on Thursday showed United States monetary growth continuing at a slow pace during the last few months; leading analysts to conclude that any further lightening of credit, by the Fed. was unlikely for the present. Another bull-point was the hope that negotiators might [soon agree on a new contract proposal to end the United States coal strike that began more than three months ago. But the market was also ; faced with a negative reaction in Europe to a United [States-West German plan aimed at arresting the decline of the dollar. Traders seemed to feel that the plan did not contain measures as strong as they had hoped
[ for. Enthusiasm was also tempered by wariness over 1 the drive by Israeli forces in-1 to Lebanon. Closing prices on Friday of a selection of stocks were: Atancon, 248; Alcoa, 413; All Stores, 20J; Amax, 358; Amerada Hess, 251; Amer. Motors. 48; Armco. 278; Asarco, 171; A.R.C. 0., 468; Bethlehem, 20g; Boeing, 348; Boise Case., 25|; Burroughs. Big; Clev. Cliffs. 53; C. 8.5., 46g: Colt, 45|; Con. Oil. 283; Crane, 281; Cyprus, 161; Dome Mines, 67; Dow, 24; Engelhard. 234; FireIstone, 138; Ford. 441; Freeport, IS; Gen. Dyn., 42; Gen. Elect!., 471; G.M.C., 60g; Gen. Tire. 254; .Getty Oil. 584; Goodyear, 163; tGrevhound. 13; Grumman, 163;! (Gulf Oil, 252; Gulf Res., 101;' ! Heinz, 36:1; Homestake, 33g;l 1.8. M., 438; LH., 27; Inco.. 158; Johns Many., 303; J. and J., 698: Kaiser. 301; Kennecott, 278; Kerr {McGee, 462; Lockheed, 163;] ■Louisiana, 221; Lukens. 30; Lykes,: 58; Martin Marietta, 244; Merrill Lynch, 15g; Mobil, 623: N.C.R., |43g; Newmont. 16; Occ. Oil. 228; IPhelps Dodge. 20'.; Phillips Pet., 30.: Pittson. 228; Proler, 22.1; I Pullman, 251; Rex Steel, 228; ! Reynolds. 288; Royal Dutch. 598; St Joe. 271: Seaboard, 30g; Shell Oil, 318; Shell Transport, 383; Socal. 39: Soind., 481.: Soldo. 593: 'Exxon. 46; Texaco, 27; Texas I Gulf. 17; T.W.A.. 143; Union Oil, 150: Union Carb., 40J; U.S. Steel, 1263: Westinghouse, 17; Wwths, 18g
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Press, 20 March 1978, Page 23
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377Wall Street last week Press, 20 March 1978, Page 23
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