Dow Jones close to 1200 mark
The Dow Jones average of 30 U.S. industrial stocks closed at a new peak on Friday — the second record in one week. However, the index was unable to break through the critical 1200 level.
Reuter reported that analysts said some profittaking was inevitable after the recent surge, particularly as the Dow approached the 1200 level for the first time.
“Round numbers always represent a psychological barrier for the market,” said an analyst, Hildegarde Zagorski, of PrudentialBache Securities.
Profit reports from the automobile industry, reflecting a long-awaited recovery, and an encouraging government report on inflation, helped to keep a faltering rally alive.
The Commerce Department reported a 3.1 per cent rise in first-quarter gross national product, the strongest quarterly result since the first quarter of 1981. The Secretary of Commerce, Malcolm Baldridge, predicted three to four per cent growth for secondquarter GNP.
Alcan, 31; Alcoa, 32%; Amerad Hes, 24%; ABC, 67; Am Express, 68%; Am Motors, 8; ATT, 66%; Armco, 18; Asarco, 35%; Atl Rich, 42%; Beth Stl, 21%; Boeing, 41%; Borden, 56%; Burroughs, 46; Chrysler, 25%; Citicorp, 43%; Coca Cola, 57; Colgate, 23%; CBS, 72%; Conti Grp, 43%; Crane, 30%; Dar and Krft, 76%; Digital Eq 120%; Disney, 80%; Dome Mines, 18%; Dow Chem, 30; Du Pont, 45; East Kodak, 82; Englhrd, 32%; Exxon, 33%; Firestone, 21%; Fluor, 20%; Ford, 47%; Frpt McMor, 20%; Gen Dynam, 47%; Gen Elec,
109%; Gen Motors, 65%; Gen Tire, 35%; Getty Oil, 64%; Goodyear, 33%; Greyhound, 23%; Grumman, 61%; Gulf Oil, 33; Haliburton, 31%; Homestake, 29%; IBM, 117%; Inti Harv, 9%; Inco, 14%; ITT, 38%; Manville, 12; Jhsn and Jhsn, 48%; Kaiser Alu, 18; K-Mart, 34%; Lockheed, 123%; McDonald’s 73%; McDon Doug, 57%; MGM, 14%; MMM, 85%; Mobil, 28%; Monsanto, 91%; NCR, 119%; Newm Min, 53%; Pfizer, 81%; Phel Dodge, 29%; Phil Pet, 33%; Polaroid, 33%; RCA, 25%; Raytheon, 49%; Reyn Metal, 30%; Roy D Pet, 41%; Seagrams, 31%; Sears Roe, 39%; Shell Oil, 38%; Shell Tr, 30%; Sperry, 36%; St Oil Cal, 36%; St Oil Ind, 43%; S Oil Ohio, 45%; Texaco, 34%; Texas Inst, 145%; Union Carb, 61%; Union Oil, 31%; US Steel, 23%; Westg Ele, 44%; Wwths, 35; Xerox, 45; Am Airlines 28; Cleveland Cliffs, 20%; Heinz, 44; Intern-North, 27%; Merry 1 Lynch, 99%; Occidental, 20%; Sedco, 32%; Schlumberger, 41%.
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Press, 26 April 1983, Page 42
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385Dow Jones close to 1200 mark Press, 26 April 1983, Page 42
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