Wall Street down

Press, 26 October 1982, Page 30

Wall Street down

The New York stockmarket continued to rally early on Friday, with an advance that put the Dow Jones average of 30 industrials within 10 points of its alltime closing high, but then retreated abruptly near the close. Analysts said that late in the session traders became increasingly preoccupied with a guessing game over whether the Federal Reserve Board might announce a reduction in the discount rate after the market's close. Brokers also said that rumours that some harm had befallen Prime Minister Menachem Begin, of Israel, unsettled the market late in the session. Mr Begin’s aides in Tel Aviv said there was no truth to the rumour. The Dow Jones average closed with a 5.52 point loss at 1.031.46, but finished the week on a net gain of 38.36 points. Wall Street had begun the week on a bullish note, with the Dow Jones index rising 26 points to break through the 1000-point barrier, when investors became increasingly convinced that interest rates would extend their de-

cline through the rest of the year. Although the prices of "blue chip" stocks eased on Tuesday, the broader market continued to rally in another day of heavy trading. Institutional investors began cashing in their gains and shifted to secondary issues. But on Wednesday blue chip issues recovered and the stockmarket closed at its highest level for nearly 10 years. The Dow Jones was more than 20 points up at 1034.12. The record mark is 1051.70 points, set on January 11. 1973. The market continued to be convinced that interest rates would continue to decline. and combined with a growing belief that the recession was ending, the industrial average gained a further 2.86 points in mixed trading. Closing prices on Friday of a selection of stocks were:— Alcan. 23V; Alcoa. 28‘s; Amerada Hess. 295; ABC. 52V; Am Exp. 59, Amax. 25; ATT. 6(86.; Armco. 16 V. Asarco. 27V: ARC. 47V; Beth Stl. 18V; Boeing. 27. Borden. 40V; Burroughs. 42V;

Chrysler, 9 l >; Citicorp. 38V; Cleve Cliffs. 28 V; Coca Cola. 45; Colgate. 20V; CBS. 53 1 .; Conti Grp, 35V: Crane, 23 x i. Dart Kraft. 68; Digital Eq. 97; Disney. 67V; Dome Mines. 10V; Dow Chem. 27V; Du Pont. 40V; East Kodak. 92 L r. Englhrd Cp, 29 V: Exxon. 31*:; Firestone. 13 V: Fluor. 23V; Ford. 31V; Frpt Mc.Mor. 16V; Gen Dvn. 35; GEC 85>-i: GMC. 54V; Gen Tire. 27V; Getty Oil. 60: Goodyear. 29V: Greyhound. 16V; Grumman. 43V: Gulf Oil. 32V; Haliburton, 30V; Heinz. 39V; Homestake. 46V; Honevwell. 90 V. IBM. 82V; IH. 4; Inco.’lOV; ITT. 30 3 i; JMinville SV: J and J. 43V. Kaiser Alu I4V; K-Mart. 23 V; Lockheed 82V. McDonald’s. 59V; McDor Doug. 42V; Merrill Lvn. 53 3 i MGM. 6V; MMM. 74V: Mobil 26V; Monsanto. 82V. NCR. 79V. Newm Min. 43: Occidental. 22. Pfizer. 70V; Phelps Dodge. 27V: Phil Pet. 34V: Polaroid. 24V. RCA. 25V; Raytheon. 48; Reyr Metal. 24V; Royal Dutch. 35V Seagrams. 70V. Schlumberger 42V; Sears Roe. 27V; Sedco 28V; Shell Oil. 44V; Shell Trans 29V; Sperry Cp. 28V; Socal. 35: Soind. 46: Sohio, 39V; Texaco 32-V; Texas Inst. 118 V; Union Carb. 57; Union Oil. 30V US Steel. 21V; Westinghouse. 36V. Woolworth. 25; Xerox. 37 3 -i.