Wall Street last week

Press, 21 August 1978, Page 14

Wall Street last week

The Wall Street stock market turned in a mixed performance last week, but rallied towards the week-end; the Dow Jones industrial average closed on Friday at 896.83 — a gain of 5.89 on the week.

As the index approached the 900-level — considered to be a psychological barrier for the market — there was some increase in selling pressure. However, the Dow closed at 900.12 on Thursday, only to retreat again on Friday.

The sharply declining dollar was a bear point for the market, but President Carter’s speech and reports of new-found strength by the dollar on foreign exchange markets, proved to be all the market needed to rally again.

Closing prices on Friday of a selection of shares were;—

Alcan. 31); Alcoa, 484: All. Stores. 27); Amax., 403; Amerada Mess, 291; Am. Motors, 6: Armco, 31); Asarco, 151; A.R Co., 523; Bethlehem, 241; Boeing, 695; Boise Case., 37); Burroughs, 813; Slev. Cliffs. 621; C. 8.5., 63); Colt, 41; Con. Oil, 291; Crane, 331; Cyprus, 18); Dome Mines, 802; Dow, 272; Engelhard, 25); Firestone, 13; Ford, 458; Freeport, 283; Gen. Dyn., 301; G.E.C., 561; G.M., 631; Gen. Tire, 28); Getty Oil, 136; Goodyear, 181; Greyhound. 131; Grumman, 23; Gulf Oil, 24g; Gulf Res., 11); Heinz, 423; Homestake. 36); Hudson Bav, 18; 1.8. M., 293); 1.H., 40; Inco, 16); Johns Manv., 341; J. and J., 851; Kaiser, 35); Kennecott, 243; Kerr McGee, 52; -Dockheed, 35); Louisiana Land, 23}; Lukens, 183; Lykes, 11}; Martin Marietta, 313; Merrill Lynch, 22}; Mobil, 658; N.C.R., 643; Newmont, 22); Occ. Oil. 22); Phelps Dodge, 23); Phillips Pet., 323; Pittson, 243; Proler, 23; Pullman, 47; Rex Steel, 253; Reynolds, 33}; Royal Dutch, 61); St Joe, 26); Seaboard, 328; Shell Oil, 333; Socal, 44; Soind., 50g; Sohio, 383: Exxon, 47); Texaco, 254; Texas Gulf, 20j; T.W.A., 26g; Union Oil. 50); Union Carbide, 41); U.S. Steel, 273; Westinghouse, 248; Wwths, 20).