Wall Street

Press, 6 November 1978, Page 22

Wall Street

Stock prices showed little change on another erratic session on the New York stock exchange on Friday, extending the recent zig-zag pattern established since the U.S. Government announced its first-aid plan for the ailing dollar. The Dow Jones average of 30 industrials rose 6.15 to close at 823.11 points, a gain of 17.06 on the week. It was a momentous week for Wall Street, beginning on Monday, when the market. temporarily at least, managed to stop one of the severest drops in its trading history. The Dow Jones average had lost 91.04 points in the last two weeks and in earlytrading had been 17 points further down before rally to be 5.80 points above Friday’s close. The cause of the slide included worries about the health of the U.S. economy, inflation, rising interest rates and the U.S. dollar. On Tuesday the marke l eased because of upward pressure on interest rates, as the Federal Reserve seemed to be slowing the growth of money supply in an effort to restrain inflation. The market rallied on | Wednesday' in response to|

moves by the Carter administration to shore up the dollar, driving the Dow index up a record 35 points However, evaluation of ■ the moves on Thursday 'caused the stockmarket to lease, mainly because of fears of higher interest rates. Closing prices on Friday iof a selection of stock were: Alcan. 33«, Alcoa. 45 M •Stores. 23;, Amax. 44.. Amerada Hess. 2>:?; Am Mtrs. □£; Annuo •1.9: Asarco. 11: Anaconda 9. Arco. 53-i Bethlehem. 20. Boeing. 62;,: Buise Cast , 2ti Burroughs. 72 .: Cleve Cliffs. 26* Colt, 33£. Cont. oil, 27<, Cxpru* I 17J; C.B.S . 54: Crane. 27. 15ome •Mines. 7!; Dow. 27, Englehard ; 27; Firestone. 12$; Ford 402. Fieeport, 26.: G.M.C., 602, Tien Dyn., 70,. G?E.C.. 48; Gen. Tyre, 24; Gett> oil. 1393; Goodyear. 15g; Grex hound, 11 g; Grumman. 167: Gulf Oil. 23J: Gulf Res.. Ioi Hein/. 38i; Homestake, 33; Hud son Bay. 19; 1.8. M . 269: i 11, . fuco. 16i; Johns Many, 26£. J. and J., 76. J: Kaiser. Kennecott, 25: Kerr McGee. 447: Lockheed 212; Louisiana Land. 21*; Lukens. 15: Lykes Y .. 8: Martin Marietta 272; Merrill Lsncli, 17*; Mobil 682; N.C.R., 592- Xewmont Mining, 201; Occ. Oil. 161; Phelps Dodge. 22*: Phillips Pet , 311; Pittson. 172: Proler, 192; Pullman. 36; Rep. Steel. 23,; Re> nolds Metal. 33: Royal Dutch, 60*. St Joe Min.. 25 {: Seaboard, 252 oil, 311; .shell Trans.. 44. Socal. 46*; Soind.. 52|; Sohio. 33 J Exxon. 522; Texaco, 231: Texas Gulf. 21: T\\ ~\ . 18/. Inion Oil . Cal.. 51i{; Union < atb.. 36t; US. ijhteel. 232: Westinghouse. 17, I W’wths. 182-