Wall Street last week

Press, 14 August 1978, Page 14

Wall Street last week

The sharemarket on Wall Street had mixed fortunes last week, but closed on Friday a little higher than the previous Friday. The Dow Jones industrial average finished the week at 890.94 — a gain of 2.51. Some technical analysts, who look at current market trends in terms of past performance, said a narrow trading range is developing on Wall Street, with widespread selling around the Dow Jones 900-level, and buying when the widelywatched index drops to the 880’s.

Profit-taking by institutions, major buyers in last week’s rally, has been cited as the major reason behind the markets recent back-and-forth activity. In addition, worries over oil prices and over future United States Government monetary policies have contributed to the market’s uncertainty. The announcement by a high official of the Organisation of Petroleum Exporting Countries (OPEC) that no decision has been made to meet on oil prices next month, and the planned meeting of President Carter, Egyptian President Anwar Sadat, and Israeli Premier Menachem Begin on mid-east peace efforts were reassuring news to some analysts. In the past few days, a

sizeable number of analysts has predicted the index would reach 900-950 by early September; some have looked toward the Dow hitting the 1000-level by the end of 1978. While the dollar hit new lows against the West German mark and Swiss franc on currency exchanges, one analyst said the strength in the stock market is “quite fantastic.” Others noted continued institutional buying. Closing prices on Friday of a selection of shares were:

Alcan, 31t; Alcoa, 46J; All. Stores, 264; Amax, 41§; Amerada Hess, 182; Am. Motors, 53; Arm. co, 314; Asarco, 16; A.R.C.0., 51J; Bethlehem, 258; Boeing, 72; Boise Case., 313; Burroughs, 82; Clev. Cliffs, 62i; C. 8.5., 61J; Colt, 412; Con. Oil, 272; Crane, 30g; Cyprus, 178; Dome Mines, 828; Dow. 268; Engelhard, 254; Firestone, 128; Ford, 464; Freeport, 28J; Gen. Dyn., 848; G.E.C., 564; G.M., 65i; Gen. Tire, 278; Getty Oil, 1354; Goodyear, 178; Greyhound, 132; Grumman, 24; Gulf Oil. 244; Gulf. Kes., 102; Helm, 428; Homestake, 384; Hudson Bay, 161; 1.8. M., 289; 1.H., 38J; Inco, 164; Johns Manr., 324; J. and J., 87g; Kaiser, 35; Pennecott, 231; Kerr McGee, 51; Lockheed, 355; Louisiana Land. 228; Lukens, 36J; Likes, 11; Martin Marietta, 304; Merrill Lynch, 214; Mobil, 644; N.C.R., 638; Newmont, 192; Occ. Oil, 211; Phelps Dodge, 24St Phillips Pet., 322; Pittson, 243; Proler, 234; Pullman, 454; Rep. Steel, 254; Reynolds, 614; Royal Dutch, 614; St Joe, 233; Seaboard, 324; SheU Oil, 332; Socal, 422; Soind, 51: Sohio, 38; Exxon, 463; Texaco, 254; Texas Gulf, 204; T.W.A., 262; Union Oil, 52; Union Carbide, 394; U.S. Steel, 2811; Westinghouse, 244; Wwths, 201.