Wall Street rallies

Press, 4 July 1983, Page 16

Wall Street rallies

Share prices on the Wall Street stockmarket recovered in the last three days of the past week, as confidence in the economy outweighed earlier fears of rising interest rates. On Friday a week ago the Federal Reserve reported a SUS32OO million drop in the basic measure of the United States money supply for the week ended June 15. The decline was larger than expected, but analysts noted that longer-term figures showed the money supply still growing at double-digit rates, far exceeding the Fed’s targets. Speculation was widespread bn Wall Street that the central bank planned some credit-tightening soon to try to rein in monetary growth and avert a revival of inflation. The United States Government reported on Wednesday that the index of leading economic indicators rose 1.2 per cent in May. It was the eleventh straight rise in the index, which is designed to detect future trends in United States economic activity.

On Thursday the Commerce Department said that new factory orders increased 1.9 per cent in the same month. There was also speculation that the Federal Reserve’s report on the money supply, due after the close on Friday, would show a second straight weekly decline, that would presumably help ease recent fears that the “Fed” would be forced to tighten credit.

Alcan, 32%; Alcoa, 37; AmeradHes, 29%; ABC, 62%; AMExpress, 72%; AMMotors, 9%; ATT, 64%; Armco, 17%; Asarco, 39%; Atlßich, 48%; BethStl, > 23%; Boeing, 45%; Borden, 59%; Burroughs, 56%; Chrysler, 31%; Citicorp, 40; Coca Cola, 50; Colgate, 23; CBS, 66%; ContlGrp, 4%; Dar and Krft, 66%; DigitalEq, 121; Dome Mines, 17%; Dow Chem, 33%; duPont, 47%; East Kodak, 73%; Englhrd, 40%; Exxon, 34%; Firestone, 20%; Fluor, 21%; Ford, 56%; GenDynam, 55%; GenElec, 54%; Gen Motors, 79; Gen Tire, 53%; Getty Oil, 69%; Goodyear, 31%; Greyhound, 26%; Grumman, 63; Gulf Oil, 36%; Haliburton, 40%; Homestake, 33%; Honeywell, 114%; IBM, 121; IntlHarv, 8%; Inco, 14%; ITT, 43%; Manville, 15%; Jhnson and Jhnsn, 49%; KaiserAlu, 20%; K-Mart, 34%; Lockheed, 123; McDonalds, 65%; McDon-

Doug, 59%; MGM, 17%; MMM, 83%; Mobil. 31%; Monsanto, 90%; NCR, 115%; NewmMin, 54%; Pfizer. 44%; Phil Pet, 35%; Polaroid, 30; Raytheon, 50; ReynMetal, 32%; RoylDPet, 46%; Searsßoe, 41%; Shell Oil, 48%; ShellTr, 36; StOilCal, 38%; StOillnd, 52; SOilOhio, 50%; Texaco, 34%; Texaslnst, 118%; UnionCarb, 67%; Uncal, 35%; USSteel, 124%; WestgEle, 49%; Wwths, 35%; Xerox, 47%; AmAirlines, 37%; ClevelandCliffs, 23%; Heinz, 44; InterNorth, 38%; MerrylLynch, 54%; Occidental, 24%; Sedco, 41; Schlumberger, 54%.