Wall Street last week

Press, 28 May 1979, Page 18

Wall Street last week

The Wall Street sharemarket declined last week: the Dow Jones industrial average closed on Friday at 836.37 — down 5.5 points on the week. Wall Street got some unpleasant news in the form of word that Algeria had posted a sharp increase in the price of its crude Oil. Analysts said the news raised fears of further price hikes by the Organisation of i Petroleum Exporting Couni tries when the cartel holds ; its semi-annual meeting in Geneva at the end of next [month. Brokers said another damper on the market was uncertainty over the future course of U.S. Federal Reserve credit policy. The market turned upward late yesterday after the U.S. Government reported that orders for durable goods fell 8.7 per cent in April, for their sharpest decline in 11 years.

Analysts said the news was welcomed by investors in the hope that any slowdown in business activity will bring with it reduced inflationary pressures, and lower interest rates. But the market ran soon out of steam, and came back to its recent easy lead. Closing prices on Friday of a selection of shares were:—

ABC, 37; Alcan, 35g: Alcoa, 54J; Amax, 51; Amerada Hess, 37J; Am Express, 331; Am Motors, 6J; Armco, 19J; Asarco, 17g; A.T. and T„ 575; Atl Rich, 65J; Beth Stl, 218; Boeing, 38g; Borden, 26J; Burroughs, 69J; CBS, 451; Citicorp, 23J; Coca Cola, 383; Cont Oil, 345; Digital Eq, 538; Disney, 341; Dome Mines, 1101; Dow. 251; Du Pont, 130 J; East Kodak, 571; Engelhard, 331;

Exxon, 50?; Firestone, 12?; Ford, 421; Free Min, 471; Gen Dynam, 304; Gen Electric, 49J; Gen Motors, 58j; Gen Tyres, 24; Goodyear, 164; Greyhound, 141; Grumman, 184; Gulf Oil, 25J; Haliburton, 673; Homestake, 331; Honeywell, 684; IBM, 306 J; Int Harv, 38?; inco, 201; ITT, 283; Johns Manv, 244; J. and J., 704; Kaiser Alum, 20; Kennecott, 23g; K. Mart, 26?; Lockheed, 20: McDonalds, 442; McDon Doug, 281; MGM, 22?; MMM, 57; Mobil, 744; Monsanto, 48.?; NCR, 69J; Newm Min. 231; Pfizer. 292; Phel Dodge, 24; Phil Pet, 37J; Polaroid, 30g; Pullman, 31?; Raytheon, 45; RCA, 251; Reyn Metal. 34; Royal Dutch, 66g; Seagram, 32; Sears Roe, .19: Shell Oil. 38§; Sperry Rand, 45J; St Joe, 25?; Socal. 46?; Texaco, 25J; Texas Gulf. 222: Texas Inst, 87: Union Carbide, 38; Union Oil, 693: US Steel. 22?; Westinghouse. 17g: Wwths. 26J; Xerox, 59;.