Wall Street last week
The Wall Street stockmarket ended the week on an easier note on Friday, in spite of. some reasonable news on inflation.
The Dow Jones average of 30 industrials was down 8.19 points to 797.37, putting its losses for the week at 9.99 points. The market began the week on a strong note on Monday, but the early rally failed to hold. The Dow Jones had ended the previous Fnaay on its lowest level for two years, and on Monday it was down a further 1’1.89 points to 795.47. its lowest mark since it stood at 789.25 on April 23. 1980. Wall Street trading remained weak in spite of several big United States banks lowering their prime lending rates from 16.5 per cent to 16 per cent, and the Federal Reserve Board reporting a $3OOO million decline in the U.S. money supply.
On Wednesday, the market advanced broadly in early trading, but started to retreat again before the close, the early rally being attributed to technical factors rather than any particular news. ' A similar trend occurred on Thursday, but some analysts added that they were surprised that no servere sell-off had devel-
oped to cause the market to drop below the 800-mark again. Closing prices on Friday of a selection of stocks were’Alcan, 18%; Alcoa, 24%; ArneradaHess. 16%; ABC. 29%; Amax. 25%: AmExp, 44%; AmerMtr; 3%. ATT. 57; Armco, Asarco. 17%; ARCO, 35%; Bethlehem, 20: Boeing, 18%; Borden, 31%: Burroughs. 31%; Chrysler. 4%: Citicorp, 25%; Coca Cola, 31%; Colgate, 17%; CBS. 37; Cleve Cliffs. 26: Continental. 29%; Crane, 24: Dart Kraft, 50; Digi-t-alEq. 72%; Disney. 48: DomeMines. 10%; DowCh’em. 21%; DuPont 33%; East Kodak. 67%; Engelhard. 19%; Exxon. 29; Firestone. 10%; Firestone. 10%; Fluor. 70%; FordMtr, 19%; Freeport. 15%; GenDvn. 20%; GEC, 59%; GMC, 38%;’GenTire. 18%; Getty Oil. 44%; Goodyear, 20%: Greyhound. 13%; Grumman. 21%; Gulf Oil, 29%; Haliburton. 35%; Heinz. 28%; Homestake, 19%; Honeywell, 62%, IBM. 57%; IH, 5%; Inco, 11%; ITT, 25%; Manville, 13%; JJohnson, 33%: Kaiser. 14%; KMan. 18%; Lockheed. 45%; McDonalds. 61; McDonDoug 29%; MemllLynch, 25%. MGMFiIm. 5; MMM. 50%; Mobil. 23%; Monsanto. 60%: NCR 40%; Newmont. 29%, Occidental, 19%. Pfizer, 51%; PhelpsDoage. 22%; Phil Pet, 28%: Polaroid. 17%; RCA. 19%; Raytheon, 29%; Reynolds, (9%; RovalPet, 30: Seagrams. 47%: Searsßoe, 18%: Sedco. 28%: Shel--1011, 29; Shell Trans. 25; SperryCp. 26%; Socal, 32; Soind, 37%: Sohio, 33%; Texaco, 30%; Texaslnst, 74%; UmonOil, 28%; UmonCarb, 43: USSteel, 23%: Westinghouse, 222%; Woolworth, 16%; Xerox. 35.
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Press, 15 March 1982, Page 28
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409Wall Street last week Press, 15 March 1982, Page 28
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