Wall Street last week
The Wall Street stock market made strong gains over a broad front last week, in heavy trading. The Dow Jones industrial average closed on Friday at 963.74 — a gain of 27.22 points on the week.
Rail shares were among the best performers as the stock market rallied.
Analysts said that some of the buying resulted from comments by the Saudi oil minister (Mr Yamani) that Saudi Arabia will not cut its oil production as a longterm pricing strategy. The market has been concerned about recent reports the Saudis would cut production and raise prices. Precious metal and selected natural resource stocks were also in keen demand. Analvsts said that inves-
tors, fearing an inflationary revival of the U.S. economy and possible further oil price increases, were buying stocks that could provide an inflation hedge. Analysts also said many issues benefited from heavy buying by investors who had sold short in expectation of a market shake-out.
On Friday prices reached their highest level for more than 3| years, in the 10th heaviest session in Wall Street history — 63.4 million shares.
Closing prices on Friday of a selection of shares were:—
ABC, 33 5/8; Alcan, 37 1/8; Alcoa. 74 1/4; Amax. 49 1/4; Amarada Hess, 32 5/8; Am Express, 37 7/8; Am Motor. 6 1/2; Armco, 32 i/2; Asarco. 48 3/8; AT and T, 54 5/8: Atl Ricli. 46 1/8: Beth Steel, 25 1/4; Boeing, 40 1/2; Borden, 25 7/8; Burroughs, 70 1/4; CBS. 55; Citicorp, 22 3/8; Coca
. Cola, 33 1/2; Cont Oil, 53 1/4; Digital Eq, 90 3/4; Disney, 50 1/8; Dome Mines, 122; Dow Chem, 35 • 3/4; Du Pont. 47 1/4; East Kodak, . 67; Engelhard. 56 1/2; Exxon. 68 i 5/8; Firestone, 9 1/8; Ford, 29 5/8; • Free Min, 66 1/2;' Gen Dynam, , 72 5/8; Gen Electric. 54 1/2; Gen • Motors, 58 1/8; Gen Tyres, 21 3/4; , Goodyear, 16 1/2; Greyhound. 15 3/8; Grumman. 26; Gulf Oil, 38 I 3/4; Haliburton. 135: Homestake, : 97: Honeywell. 92 3/4; IBM, 67 1/8; Int Harv, 34 5/8; Inco, 25 1/2; ITT, 33; Johns Manv. 29 3/8; I J and J. 80 1/4; Kaiser Alum, 29 1/2; Kennecott. 31 1/2; K-Mart, 22 1/8; Lockheed. 35 1/4; MacDonalds. 49 7/8; McDon Doug. 36 1/2; MGM, 9 1/4; MMM, 61 5/8; , Mobil, 67 1/2; Monsanto. 53; NCR, 73; Newm Min. 56 1/4; Pfizer. 48; Phel Dodge, 38 1/4; Phil Pet. 43 1/2; Polaroid, 30 7/8; Pullman, 50; Raytheon, 93 7/8; RCA, 27 7/8; Reyn Metal. 40: Royal Dutch. 87 7/8; Seagram, 59 5/8; Sears Roe, 17 1/4; Shell Oil. 43 1/4; Shell Trans. 39 1/2; Sperry Rand, 53 3/8; St Joe. 65 7/8; Socal, 75; Texaco, 34 1/2: Texas Gulf, 51; Texas Inst. 1393 1/8; Union Carbide. 48; Union Oil, 34 1/2; US Steel, 23; Westinghouse, 26 3/4; Woolworths. 26 1/4; Xerox. 64 1/4.
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Press, 22 September 1980, Page 26
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473Wall Street last week Press, 22 September 1980, Page 26
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