Wall St apprehensive of money supply

Press, 27 September 1982, Page 26

Wall St apprehensive of money supply

Stock prices on Wall Street retreated on the final three days of last week, because of apprehension of the United States money supply figures.

The Dow Jones industrial share index closed on Friday at 919.52, a rise of 2.31 point’s on the week. Stocks have moved in tandem with the bond market all week and continued that trend today, following bonds lower.

Analysts were projecting a drop of up to $lOOO million in the M-l measure of weekly ■money supply, comprising all money in circulation and in checking accounts, and declines in M-l are usually a positive influence on Wall Street.

However, the previous week M-l grew by a substantial $4300 million — placing its growth well above the Federal Reserve’s target

range. Analysts said that investors were concerned that if M-L continued its abovetarget growth, the Federal Reserve would tighten credit restraints, in turn pushing interests rates higher.

Closing prices on Friday of a selection of issues were;Alcan. 21; Alcoa. 25%; Amereda Hess. 25: ABC. 48; Amax. 22%; Am Express. 49%: Amer Motor. 3%; ATT, 56%: Armco. 15: Asarco. 25%; Atlantic Rich. 44%; Bethlehem. 16;-Boe-ing. 22%; Borden. 37%; Burroughs. 36%; Chrysler. 8%: Citicorp. 26%: Coca Cola. 42%; Colgate. 18%; CBS, 48%; Cleveland Cliffs. 21%; Continental. 30%; Crane, 20%; Dart and Kraft, 58%; Digital Eq, 85%; Disney, 57%: Dome Mines, 10%; Dow Chemicals, 24%; Du Pont, 36%; East Kodak. 85%; Engelhard. 25%; Exxon, 27%; Firestone. 11%; Fluor, 18%; Ford, 26; Freeport, 17; Gen Dynamics. 33;

Gen Elect. 75%: Gen Motors. 46%; Gen Tire. 25%; Getty Oil. 54: Goodyear. 25%; 15%: Grumman. 38%; Gulf Oil. 31 %; Haliburton. 25%; Heinz. 35’41 Homestake. 36%; Honeywell. 81%; IBM. 76; Inti Harvester, 3%; Inco. 9%; ITT. 26%; Manville,' 5%; Johnson Johnson. 47%: Kaiser Alum. 13%; K-mart. 22; Lockheed. 66: McDonalds. 87; McDon Doug. 38%; Merrill Lynch. 37%; MGM. 6%; MMM.. 65%; Mobil. 25%; Monsanto. 77; NCR. 65%; Newmont. 39%: Occidental. 19-%; Pfizer. 69%; Phel Dodge. 23: Phil Pet. 28%; Polaroid. 25%; RCA. 22%: Raytheon. 43%; Reynolds Met. 23; Royal' D Pet, 32%: Schlumberger. 36%: Seagrams. 58%; Sears Roe. 24: Sedco 27%'Shell Oil. 39; Shell Tr. 27%. : Sperry. 24%; Socal, 29%: Soind. 43%; Sohio, 34%; Texaco. 28%; Texas Inst. 97%; Union Oil. 28%; Union Carb. 48%; US Steel. 18%; Westinghouse. 33%; Wwths, 23; Xerox, 33%.'