Wall Street last week

Press, 12 June 1978, Page 20

Wall Street last week

The Wall Street sharemarket made heavy gains in the first few days of last week, but could not maintain all of these, and closed the week almost 12 points higher than the previous week — although more than 7 points below the high of the week. The previous week investors learned that inflation surged to double digit levels in April but that wholesale prices, which usually presage moves at the consumer level, slowed their advance in May. Additionally, an expected SIOOOM rise in the United States money supply turned out instead to be SIOOOM decline, strengthening the view that further monetary tightening was not imminent. Investors therefore decided that news about inflation and interest rates was not going to get any worse, and they went on a spending spree. However, on Thursday, at the close of trading, they learned that they were wrong, when the Federal Reserve reported a $4200M jump in the money supply. Analysts said that the news was taken as a sign that troublesome inflationary pressures continued to build up in the economy. Closing prices on Friday

•I of a selection of shares were: Alcan, Alcoa. 454; All. ■Stores, 24£; Amax, 342; Amerada i Hess, 312; Am. Motors, 52; 'Armco, 30; Asarco, .162; Bethlehem, 51A; Boeing. 522; Boise Case., 301; Burroughs, 244; Clev. (Cliffs, 61’,; C. 8.5., 58A; Colt, 57?,; Con. Oil. 294: Crane. 292; Cyprus? ■202; Dome Mines, 762: Dow, 27; (Engelhard, 242; Firestone, 143; Ford, 49'.; Freeport, 222: Gen. iGyn., 632; G.E.C.. 522; G.M.C., ; 612: Gen. Tire, 27g; Getty Oil, 11661; Goodyear, 172; Greyhound. 132: Grumman, 223; Gulf Oil. 24; I Gulf Res.. 112; Heintz, 362; Homestake, 34g; Hudson Bay, 152;, (1.8. M. 269: T.H., 372; Int. MngJ 1813; I neo, 17g; Johns Manv., 302? IJ. and J., 67; Kaiser, 33?; Kenne-i 'colt, 232: Kerr McGee. 48g; Lockjheed, 251; Louisiana Land, 24; Lukens, 352; Lykes, 72; Martin Marietta, 32’,; Merrill Lynch, 202; Mobil, 650; N.C.R., 572; Newmont, 194; Occ. Oil, 233; Phelps Dodge, 24; Phillips Pet., 342; Pittson. 212; Proler, 212; Pullman, 32; Rep. Steel, 25g; Reynolds, 32; Royal Dutch, 572; St Joe. 252: Seaboard, 282; Shell Oil, 341: Shell Transnort, 390; Socal, 43.1; Soind, 50: Exxon, 462; Texaco. 252: Texas Gulf, 49; T.W.A., 21; Union'Oil, 40g; Union Carbide, 28g; U.S. Steel, 232; Westinghouse,' 192.