Rally continues on Wall Street

Press, 10 January 1983, Page 24

Rally continues on Wall Street

Stock prices continued to firm in busy trading on the New York Stock Exchange on Friday, continuing the rally that had carried the market to a record peak on Thursday.

The Dow Jones average of 30 industrials rose 5.15 points to 1076.07, for a net gain on the week of 29.53 points. Wall ■ Street opened the 1983 trading year on Monday in easy, cautious trading. The Dow Jones lost 19.50 points to close at 1027.04.

On Tuesday, the stockmarket made some big gains in moderately active trading, after a rally in oil issues spread across the board, but on Wednesday stock prices turned mixed after the market was unable to sustain early gains. However, the market rallied strongly on Thursday as analysts noted increasing confidence that the economic recession in the United States might be ending.

Turnover totalled 129.41 million stocks, the biggest volume since • a record 149.35 M stocks were traded on November 4. Basic industry stocks such as chemicals and metals were particularly strong — a sign to many market-watchers that professional investors believed that the recovery would begin to spread through the economy.

One bit of evidence to back up hopes of a recovery came from Labour Department figures which showed that new claims for unemployment compensation had declined in four of the past five weeks.

The Dow Jones rose 26.03 points to close at 1070.92, beating the previous peak of 1070.55 points set on December 27.

Closing prices on Friday of a selection of stocks were:-

Alcan. 29%; Alcoa. 33%: Amerada Hess. 28*2: ABC. 51‘a; Amax. 25%: Am Motors. 8: ATT. 64%: Asarco. 32 3 i; ARCO. 47; Beth Stl. 23; Boeing. 35: Borden. 48 s s; Burroughs, 41%; Chrysler. 16%; Citicorp. 35%; Cleve Cliffs. 21 %; Coca Cola. 51%; Colgate. 19%; CBS. 59%: Conti Grp. 35%; Crane. 25%: Dart Krft, 69%; Digital. 95%; Disney. 61%; Dome Mines, 17%; Dow Chem, 29; Du Pont. 40%; East Kodak, 85%; Englhrd Cp. 32%; Exxon, 30%; Firestone. 20; Fluor, 23V 2 ; Ford. 39%; Frpt McMor, 20%; Gen Dynam. 32%: GEC, 96%; Gen Tire, 33%; Getty Oil. 55%; Goodyear, 35%; Grace WR. 40%; Greyhound. 18%; Grumman. 46%; Gulf Oil. 30%; Haliburton. 37%; Heinze, 39%: Homestake. 59%; Honeywell. 89%; IBM, 96%; IH. 4%; INCO. 13%; Manville. 12%; Jhsn Jhsn. 49%; Kaiser Alu. 17%; K-Mart. 22%; Lockheed. 78%; McDonald's. -58; McDon Doug. 41%; Merrill Lyn. 62%; MGM. 7%; MMM. 75%; Mobil, 26%; Monsanto. 83; NCR. 88%; Newm Min. 58%; Occidental. 20%; Pfizer. 68%; Phelps Dodge. 32%; Phil Pet. 34; Polaroid. 27%; RCA. 24; Raytheon, 46; Reyn Metal. 27%; Royl Dutch, 38%; Schlumberger, 50%; Seagrams. 79%; Sears Roe. 29%: Sedco. 31%; Shell Oil. 41%: Shell Trans. 28: Sperry Cp. 33%: Socal. 34%: Soind, 44%; Sohio. 40%; Texaco, 31%; Texas Inst, 136; Union Carb, 56%; Union Oil. 30%: US Steel. 22; Westinghouse. 39%; Woolworths. 25%; Xerox. 38%.