Wall St closes easy

Press, 13 December 1982, Page 36

Wall St closes easy

Share prices on Wall Street closed easier last week, in heavy trading. The market headed sharply higher on Monday and Tuesday, but then fell steadily to close on Friday well below the level of the previous Friday. Analysts noted that the market ran into a spell of selling as the Dow Jones Industrial Average made a bid to surpass the record closing high of 1065.49 it reached on November 3. Buyers were apparently anticipating further declines in interests rates. Albert Wojnilower, economist at First Boston Corp., predicted that

the Federal Reserve would cut the discount rate from 9 to 8.5 per cent this month. Investors also appeared concerned over prospects for the Christmas shopping season, a period critical to hopes for an economic recovery. “Christmas sales are the key to the whole economy." said an analyst, Alan Poole, of Laidlaw Adams and Peck. He said fears about the outcome of the holiday shopping season were a factor in the market's setback. “The economy still looks far from promising,” he said. The Dow Jones average of

30 industrials ended the week at 1018.76 for a loss of 12.60 points. Closing prices on Friday of a selection of issues were:— Alcan. 24*'z; Alcoa. 29 L 2: Amerad Res. 27 a »: ABC. 56N; AM Express. 61 L i; Amax, 20 x i; AM Motors. 6 3 -i; ATT. 60; Armco Inc. IS Asarco Inc. 29; ATL Rich. 43; Beth Stl. 17'<i; Boeing 32 j m; Borden. 597 b; Burroughs. 42 s s; Chrysler. 14 L i; Citicorp. 35: Coca Cola 52>'4; Colgate. 20‘z; CBS. 64 3 '5; Conti Grp. 34'x; Crane. 26 3 s; Dar and Krft. 70 L s; Digital Eq 106 t z: Disney. Dome Mines. 12V»; Dow Chem. 25 L »; Du Pon 36 3 'i; East Kodak. 90 7 n; Englhrd. 29Vi; Exxon. 29Vi; Eirestone. 17‘n; Fluor. 20 7 s; Ford. Frpt Mcmor, 16 3 s; Gen Dynam, 30*12; Gen Elec. 93Ai; Gen Motors, Gen Tire, 264 i; Getty Oil, 52*A; Goodyear, 32Vi; Greyhond, 18*/ 8 ; Grumman, 46*/j; Gulf Oil; 29%; Haliburton. 3544; Homestake, 50%; Honeywell, 87%; IBM. 92%; Inti Har, 3%; Inco, 9; ITT, 29%; .Manville, 10; Jhsn an Jhsn, 47%; Kaiser Alu. 14%; K Mart, 22%; Lockheed. 75%; Medonald's 56%; McDon Doug, 41%; MGM 6%; M-M-M, 70%; Mobil, 26%; Monsanto! 80%; NCR. 86; Newm Min, 48* i: Pfizer. 73*.'i; Phel Dodge, 25%; Phil Pet, 34; Polaroid. 24%; RCA. 23%; Raytheon. 45%; Reyn Metal, 25%; Royl D Pet. 34%; Seagrams. 70%; Sear Roe. 28%; Shell Oil. 37%; Shell Tr. 26%; Sperry, 31%; Socal, 32%; Sound. 43%; Sohio, 38; Texaco, 31: Texas Inst, 135%; Union Carb. 50; Union Oil. 30%; US Steel, 19; Westg Ele. 37%; WWths, 24%: Xerox. 36%: Cleveland Cliffs. 18; Heinz. 37 3 r, Meryll Lynch. 62%; Occidental, 20%; Sedco, 28%; Schlumberger, 44.