Wall Street last week
Prices were mixed on Wall. Street last week as the mar-' ket remained caught between the conflicting forces of a poor economic outlook and easing interest rates. Analysts' said that Presi- 4 dent Reagan’ offered the. market little good news. The President said he • would neither propose further spending .cuts or tax increases until fiscal 1983. Two major banks. Chase Manhattan of New York and First National of Chicago, cut their prime lending rate from 17 to 16.5 per'cent.
Lower interest rates are seen by many economists as a result of the receding American economy, which tends to ease corporate demand for credit as businesses pare their operations. More evidence of a slowdown was provided today by the Commerce Department, which said retail sales fell 1.5 per cent in October, the largest drop since April. The Dow'Jones index of 30 industrials closed on Friday at 855.88 — a gain on the week of 3.43 points.
Closing prices on Friday of a selection of issues were;— Alcan. 22; Alcoa. 23 %; Amered-
daHess, 26%: ABC, 33-x; Amax. 42%; AMExpress. 46: AtnerMotor. 2%; ATT, 60V»; Armco, 25%; Asarco. 27%: Atlanticßich, 44%; Bethlehem, 214; Boeing. 23; Borden. 27%; Burroughs. 31%; Chrysler, 4; Citicorp, 26%; Coca Cola. 34%: Colgate, 15%; CBS, 52%: ClevelandCliifs,-32%; Continental. 34%:. Crane. 35%; DartandKraft. 50%; DigitalEq. 92%; Disney. 534; Dome Mines. 17; Dow, 254; DuPont, 39%; East Kodak. 66%; Engelhard. 19%; Exxon, 30%; Firestone, 9%; Fluor. 31; Ford Motor. 16%; Freeport, 26%: Gen Dynamics. 25; Gen Elect. 56%; Gen Motors, 36%; Gen Tire. 25%; Getty Oil. 64%; Goodyear, 17%; Greyhound, 16; Grumman. 28%; Gulf Oil, 34%: Haliburton. 52%; Heinz. 27%; Homestake, 40%; Honeywell. 76%; IBM. 51%; IntlHarvester, 84; Inco. 13%; ITT, 28%; Manville. 15%: Johnson. 35; KaiserAlum. 14%': -.KMart. 16%; Lockheed. 36%: McDonalds. 67; McDonDoug. 32%; MexrillLvnch. 36; MGM. 7%; MMM. 51%; Mobil. 24%: Monsanto, 67%; NCR. 42%; Newmont, 48; Occidental. 24%; Pfizer. 47%; PhelDodge. 33%; Phil Pet. 39%; Polaroid, 19%; RCA. 18%; Raytheon, 42%; Reynolds Met. 23%; RoyalDPet. 32%: Searsßoe, 17%; Sedco, 34; Snell Oil. 42%; Shell Tr. 28%; Sperry, 31%; Social, 42%; Soind. 51%; Sohio. 41%; Texaco. 32%; TexasTnst. 79%: Union Oil, 36%; UnionCarb. 48. USSteel. 314; WeslingElect. 24; Wwths. 17%; Xerox. 39%.
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Press, 16 November 1981, Page 24
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367Wall Street last week Press, 16 November 1981, Page 24
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