Wall Street declines
Share prices on the Wall Street stockmarket fell steadily last week, mainly because of continued concern over the outlook for interest rates.
Analysts said that inyestors continued to be disappointed that no other major banks followed Citibank's cut in prime rate to 16 per cent, from 16.5 per cent.
The Dow Jones average of 30 industrials closed on Friday at 819.54, bringing its loss for the week to 16.36. Since May 7 the average has fallen 49.66 points. Closing prices on Friday of a selection of issues were:— Alcan, 17%; Alcoa,' 23%; Amereda Hess. 20 s s; ABC. 36%; Amax, 224 s; Am Express, 42%; Amer Motor. 3%; ATT. 52%; Armco, 16%; Asarco. 21%; Atlantic Rich, 41%; Bethlehem, 18%; Boeing, 17; Borden, 32%; Burroughs, 3445; Chrysler. 6; Citicorp. 25%; Coca-Cola, 32; Colgate, 17%; CBS. 39%; Cleveland Cliffs, 20%; Continental. 27%;
Crane. 23%; Dart and Kraft. 52%; Digital Eq, 75%; Disney. 57%; Dome Mines, 9%; Dow, 21%; Du Pont. 33%; East Kodak. 71%; Engelhard. 22%; Exxon. 28; Firestone. 10%; Flour. 17%: Ford, 22%; Freeport, 17%; Gen Dynamics. 25%; Gen Elec, 61%; Gen Motors, 42%; Gen Tire, 20%; Getty Oil, 52; Goodyear. 22%; Greyhound. 13%; Grumman, 27; Gulf Oil, 32%; Haliburton, 30’4; Heinz, 314 k Homestake, 21%; Honeywell, 68%; IBM, 61%; Inti Harvester, 3%; Inco, 10; ITT, 24%; Manville, 10%; Johnson Johnson, 39%; Kaiser Alum, 12%; K-mart, 17%: Lockheed, 48; McDonalds. 65%; McDon Doug. 34%; Merrill Lynch, 26; MGM, 7%; M-M-M, 51%; Mobil. Monsanto. 64; 23%; NCR. 45%; Newmont, 33%: Occidental, 20%; Pfizer, 53%: Phel Dodge, 23%; Phil Pet. 30%; Polaroid, 18%; RCA, 19%; Raytheon. 32%; Reynolds Met, 20%; Royal D Pet. 35; Seagrams. 51; Sears Roe. 18%; Sedco. 31%; Shell Oil. 36%; Shell Tr. 30%; Sperry, 24%; Socal, 33%; Soind. 43%; Sohio. 37; Texaco, 29%; Texas Inst, 83%; Union Oil, 34%: Union Carb. 45: US Steel, 22; Westing Elect, 25%; Wwths, 18%; Xerox. 31%.
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Press, 31 May 1982, Page 12
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316Wall Street declines Press, 31 May 1982, Page 12
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