Wall Street at two-year low

Press, 9 August 1982, Page 18

Wall Street at two-year low

Wall Street stocks on Friday closed at their lowest level in more than two years as worry about the economy and the" fate of a big oil industry merger proposal sent prices tumbling. As the market closed for the day. Gulf Oil Corp, confirmed the market’s fears by announcing that it was pulling out of its proposed $4BOO million merger with Cities Service Company. A wave of selling by speculators hit the market shortly after midday in anticipation of Gulf’s announcement. and the Dow Jones industrial average closed down 11.51 points at 784.37. its lowest level since April 21, 1980. when it finished at 759.13.

The average fell 24.23 points last week, its biggest one-week decline ' since a drop of 36.62 points in the week ended September 18. 1981.

Wall Street analysts said that the market's slide last week reflected investor disappointment that stocks failed to rally significantly in response to recent interest rates declines. Instead, the market appeared to focus on forecasts that economic recovery would be slower and weaker than originally thought. . Worry about the economy was highlighted on Friday by news that the U.S. unemployment rate rose to 9.8 per

cent in July, its Highest level since 1941, from 9.5 per cent in June.

Closing prices on Friday of a selection of issues were'—

Alcan. 18%: Alcoa. 23%; Amereda Hess. 16 3 s; ABC. 39; Amax, AM Express. 36%; Amer Motor. 3%: ATT. 50%; Armco. 15%: Asarco. 21%; Atlantic Rich. 33%; Bethlehem. 15; Boeing. 17%; Borden. 23: Burroughs. 30%: Chrysler. 7; Citicorp. 23%: Coca-Cola. 35%; Colgate. 16%; CBS. 36%: Cleveland Cliffs. 16%; Continental, 26; Crane. 18%: Dart and Kraft. 52%: Digital Eq. 63%: Disney. 50%: Dome Mines. 6: Dow. 19%; du Pont. 30%: East Kodak, 71%; Engelhard. 20%: Exxon. 26%; Firestone. 10%; Fluor. 12%; Ford. 22: Freeport. 13%: Gen Dynamics. 26%; Gen Elec. 64%; Gen Motors. 40%; Gen Tire, 21%; Getty Oil. 46%; Goodyear. 22: Greyhound. 12%; Grumman. 32%; Gulf Oil. 25*z: Haliburton. 23%; Heinz. 30%; Homestake. 21%; Honeywell. 63%; IBM. 63: IntiHarvester. 4: Inco, 8%; ITT. 23: Manville. 7%: Johnson Johnson. 39%; Kaiser Alum. 12; K-Mart, 16%; Lockheed. 54%: McDonalds. 69%; McDon Doug. 34%; Merrill Lynch. 22%: MGM, 5%;-M-M-M. 52%; Mobil. 19%; Monsanto. 64%; NCR. 50%; Newmont. 34%: Occidental, 17%: Pfizer. 53%; Phel Dodge. 19; Phil Pet. 24%; Polaroid. 19%: RCA. 17%; Raytheon. 36%: Reynolds Met. 42%; Royal D Pet. 29%; Seagrams. 46 1 -z; Sears Roe. 18%; Sedco. 24%: Shell Oil. 30%; Shell Tr. 26; Sperry, 21; Socal, 24%; Soind. 33%; Sohio. 27%; Texaco, 26%; Texas Inst. 81%; Union Oil. 22%; Union Carb. 42%; US Steel. 16%; Westinghouse. 26%: Wwths. 17; Xerox. 10%.