Wall Street last week
The Wall Street stock market posted healthy gains last week; the Dow Jones industrial average closed on Friday at 837.32 — an increase of 24.5 points during the week.
The price rises disregarded several negative economic developments. The market’s increase came despite news of higher interest rates, and another sharp rise in United States inflation. The results were attributed to continued investment by foreign traders, who have been holding large amounts of cash because of the long-term decline of the United States dollar.
Analysts said those investors were pleased that the Federal Reserve Board was taking a newly aggressive role in trying to hold down United States money supply increases and the inflation that usually follows such increases.
Meanwhile the Government announced on Friday that consumer prices rose 0.8 per cent in March, a 9.6 per cent annual rate of inflation.
Trading volumes during the week were extremely heavy. Closing prices on Friday of a selection of shares were:
Alcan, 281; Alcoa, 471; All. Stores, 245: Amax, 38; Amerada Hess, .285; Am. Motors, 44; Armco, 235; Asarco, 161; Arco, 503; Bethlehem, 235; Boeing, 40; Coise Cacs, 28; Burroughs, 692; Clev. Cliffs, 555; C. 8.5., 54 j; Colt, 551; Cont. Oil, 28$; Crane, 295; Cyprus, 18: Dome Mines, 655; Dow. 263; Engelhard, 265; Firestone. 14$; Ford, 50$; Freeport, 201; Gen. Dvw., 495; GEC, 525; GMC. 655; Gen. Tire, 26; Getty Oil. 1601; Goodyear, 171; Greyhound, 14; Grumman. 19; Gulf
Oil. 245; Gulf Res., 11; Heinz, 38j; Homestakes, 32J; Hudson Bay, 14$; IBM, 265; 1.H., 50s; Inco, 152: Johns Manv., 31$; J. and J., 764; Kaiser, 335; Kennecott. 4s: Kerr McGee, 46; Lockheed, 212; Louisiana Land, 225; Lukens, 311; Lykes, 6s; Martin Marietta. 28$: Merrill Lynch, 183: Mobil, 665: NCR, 50$; Newmont Mining, 198;.0cc. Oil, 241; Phelps Dodge, 225; Phillips Pet., 345; Pittson. 24;: Proler, 235; Pullman, 311; Rep. Steel, 253; Reynolds, 315; Royal Dutch, 585; St Joe Mln., 284; Seaboard, 30$; Shell Oil. 33§; Socal, 435; Soind, 51J; Sohio, 682; Exxon, 475: Texaco, 26; TWA. 18g; Texas Gulf, 18$; Union Oil, 495; Union Carbide, 412; U.S. Steel. 283: Westinghouse, 201; Wwths, 20?..
Permanent link to this item
https://paperspast.natlib.govt.nz/newspapers/CHP19780501.2.172
Bibliographic details
Press, 1 May 1978, Page 21
Word Count
354Wall Street last week Press, 1 May 1978, Page 21
Using This Item
Stuff Ltd is the copyright owner for the Press. You can reproduce in-copyright material from this newspaper for non-commercial use under a Creative Commons BY-NC-SA 3.0 New Zealand licence. This newspaper is not available for commercial use without the consent of Stuff Ltd. For advice on reproduction of out-of-copyright material from this newspaper, please refer to the Copyright guide.
Copyright in all Footrot Flats cartoons is owned by Diogenes Designs Ltd. The National Library has been granted permission to digitise these cartoons and make them available online as part of this digitised version of the Press. You can search, browse, and print Footrot Flats cartoons for research and personal study only. Permission must be obtained from Diogenes Designs Ltd for any other use.
Acknowledgements
This newspaper was digitised in partnership with Christchurch City Libraries.