Wall Street last week
Although the Wall Street I stockmarket made a good i gain last week, it would have been much bigger if prices had not fallen sharply on Friday. The Dow Jones average of 30 industrials dropped 9.39 to (close at 822.35, but finish--1 ed with a 10.58 point gam for the week. Worries about new development in Iran pushed the stock market lower, despite prime-cuts by major U.S. banks. Several New York banks lowered their prime lending rates from 15.75 per cent to 15.5 per cent: analysts said stock-market reaction to the cuts was muted because the
reductions had been expected, for several days, after Chase Manhattan lowered its rate to 15.25 per cent on Tuesday. The news that the country’s largest steelmaker, U.S. Steel, closed several plants alos kept prices down. Closing prices on Friday of a selection of shares were:— I ABC. 37: Alcan, 40; Alcoa. 51 3/4; Amax, 41 1/4; Amarada Hess. 43 3/4; Am Express. 31 a/8;l Am Motors. 6 1/2; Armco. 22 3/4; Asarco. 28 1/4; AT and T, 53 5/8; Atl Rich. 78 3/8; Beth Stl, 20; Boeing. 45 3/8; Borden, 24 7/8; Burroughs. 79 3/4; CBS. 47 3/4; Citicorp, 21 1/2; Coca Cola, 33, 3/4; Cont Oil. 44 3/4; Digital Eq. 67 5/8; Disnev, 39 1/2: Dome Mines. 42 3/4; Dow. 32; Du Pont. 40 1/8; East Kodak. 48 1/8; Engelhard. 50 3/8; Exxon. 58; Firestone, 8 3/8; Ford. 30 5/8; Free
Min, 48; Gen Dynam. 55 3/4; c eß ' Electric, 46 1/8; Gen Moiors. 50 5/8; Gen Tyres. 19 7/8; Good'ear 13; Greyhound. 14 5/8; Gruman' 19 5/8; Gulf Oil, 35 1/8; HaliZ burton. 79 3/8; Homestake, ns ! 1/4; Honeywell, 77 7/8; IBM 65 ; 1/4: Int Harv, 36 3/4; Inco, 19(ITT, 25 7/8; Johns Many. 23 3/4J and J, 74 3/4; Kaiser Alum. It) I 1/8; Kennecot. 26 1/8; K mart. 25 1/8; Lockheed. 29; McDonalds. 12 ( 3/8; McDon Doug, 29 7/8. MC.M 117 1/2; MMM. 49 5/8; Mobil. St ' 3/4; Monsanto, 58 1/4; XCR. 61 1/4; Newm Mln. 31 1/2; Pfk er ,40; Phel Dodge. 26; Phil Pct 17 3/4; Polaroid. 26 1/4; Pullman, 40 3/4; Raytheon. 62; RCA. 23 3/4; Reyn Metal, 30; Royal Dutch. ?8 1/4; Seagram. 40; Seats Roe. '8 1/4; Shell Oil. 53 3/4; Shell Trans 31; Sperry Rand. 48 3'4; St 32 5/8; Sbcal, 56 1/4; TexaCo. 29 5/8; Texas Gulf. 29 s'B; Texas Inst. 89 3/4: Union Carbide. 3» 3/4; Union Oil. 46 .3/4; US Steel. 17 1/8; Westinghouse. 18 5/8; I Wwths. 25 1/2; Xerox, 63 1/8.
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Press, 3 December 1979, Page 24
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426Wall Street last week Press, 3 December 1979, Page 24
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