More records on Wall Street

Press, 9 May 1983, Page 26

More records on Wall Street

Stock prices surged upward in heavy trading last week as Wall Street’s bull market reached new record highs. Analysts said that hopes for lower interest rates and a continuing economic recovery were keeping the bull market going. There has been widespread speculation that the Federal Reserve might soon lower the discount rate from the 8.5 per cent level that has 6 revailed since last Decemer.

Brokers also cited shortcovering by traders who sold borrowed stock earlier, anticipating a decline in the market, and found themselves forced to buy back the stock to cut their losses.

The Dow Jones average of 30 industrials closed at 1,232.59, finishing the week with a net gain of 6.39 points. The previous closing high was 1,226.20 Friday week ago. Closing prices on Friday of a selection of issues were:—

Alcan, 31%; Alcoa, 35; AmeradHes, 26%; ABC, 65%; AmExpress, 70%; AmMotors, 9%; ATT, 69%; Armco, 17%; Asarco, 38%; Atlßich, 45; BethStl, 21%; Boeing, 39%; Borden, 53%; Burroughs, 51%; Chrysler, 28%; Citicorp, 45%; Coca Cola, 55%; Colgate, 23%;

CBS, 77%; ContlGrop, 42%; Crane, 28%; DarandKrft, 73; DigitalEq, 120%; Disney, 81%; Dome Mines, 20%; Dow Chem, 33%; DuPont, 47%; East Kodak, 77%; Englhrd, 32%; Exxon, 35%; Firestone, 22%; Fluor, 23%; Ford, 51%; FrptMcMar, 23%; GenDynam, 49%; GenElec, 111%; Gen Motors, 70%; Gen Tire, 36%; Getty Oil, 64%; Goodyear, 34; Greyhound, 23%; Grumman, 59%; GulfOif, 34%; Haliburton, 36%; Homestake, 30%; Honeywell, 120; IBM, 117%; IntlHarv, 10%; Inco, 15%; ITT, 41%; Manville, 15%; JhsnandJhns, 50%; KaiserAlu, 18%; KMart, 32%; Lockheed, 118%; McDonald’s, 66%; McDonDoug, 60%; MGM, 17%; MMM, 84%; Mobil, 30%; Monsanto, 90%; NCR, 118%; NewmMin, 55%; Pfizer, 84%; PhelDodge, 31%; PhilipMor, 65%; Phil Pet, 33%; Polaroid, 33; RCA, 27%; Raytheon, 51%; ReynMetal, 32%; RoylDPet, 44%; Seagrams, 31%; SearsRoe, 41%; Shell Oil, 42; ShellTr, 30%; Sperry, 38%; StOilCal, 38%; StOillnd, 45; SOilOhio, 46%; Texaco, 36%; Texaslnst, 157%; Union Oil, 33%; UnionCarb, 65%; USSteel, 23%; WestgElect, 48%; Wwths, 33%; Xerox, 47%; AmAirlines, 30; Cleveland Cliffs, 20%; Heinz, 47%; Inter North, 29%; MerrylLynch, 98%; Occidental, .20%; Sedco, 33%; Schlumberger, 45%.