WALL STREET LAST WEEK
The Wall Street stock-1 market closed on an easy note in busy trading on Fri-; day, because of the retreat! of the U.S. dollar. A comment by a West! German official that the re- ■ cent rise in the dollar may i have been exaggerated in-: fluenced the market. The market began to ease' on Thursday, after six: straight days of rises, be-> cause of selling pressure and! the easing in the dollar. ; Earlier in the week the continuing advance of the dollar encouraged overseas investors to buy on Wall Street, and the forecast byU.S. Treasury officials that there would be a gradual narrowing of the U.S. trade deficit in the next few years helped market sentiment. On Wednesday, the market reached an eight-month high in heavy trading, with the Dow Jones industrial I average reaching 858.37 points, for a gain in the last 1 six sessions of 36.30.
j Closing prices on Friday [of a selection of stocks [were: Alcan, 28J; Alcoa, 46J: All. Stores. 24J; Amax, 365; Amerada' 'Hess, 32J; Am. Motors, 5; Armco, 'lO/ Asarco, 17: Arco, 51; BethleIhem, 24J; Boeing, 47J; Boise (Case., 28J: Burroughs, 71; Cleve. [Cliffs, 58g; Colt. 57; Cont. Oil, 1301; Cyprus, 18g; C. 8.5., 54; [Crane, 30): Dome Mines. 73*; 'Dow, 265: Engelhard, 254; Fire- ; stone, 143; Ford, 49/ Freeport, 21J: Gen. Dyn.. 56; GEC, 53; IG.M.C.. 60J: Gen. Tyre, 264; Getty I Oil, 169: Goodyear, 17; :• Greyhound, 14: Grumman, 18g; Gulf Oil, 23/ Gulf Res., 10S; Heinz, 38; Homestakes, 26: Hudson Bay. 16; IBM, 2624; 1.H.. 34; Inco, 1.82; Johns Manv., 334; J. and J., 753: Kaiser, 334; Kennecott, 23J; Kerr McGee, 49: Lockheed, 233; Louisiana Land. 244: Lukens, 35); I Lykes Y-. 74- Martin Marietta, . 284; Merrill Lynch, 20g: Mobil, ’ 64; N.C.R.. 541: Newmont, 20); ' Occ. Oil, 25J; Phelps Dodge, 24); Phillips, 34; Pittson, 22?.: Proler, . 264; Pullman, 31: Rep. Steel, 26?.: , Reynolds. 33: Royal Dutch, 57; St Joe, 264: Seaboard. 30/ Shell I Oil, 344; Socal. 43/ Soind, 50/ I Sobio. 64:1; Exxon. 471; Texaco, r 24J; Texas Gulf, 20g: T.W.A., 21; Union Oil Cal, 51: Union Carb, - 403: U.S. Steel. 293; Westinghouse. 21; Wwth, 20/
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Press, 22 May 1978, Page 21
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360WALL STREET LAST WEEK Press, 22 May 1978, Page 21
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