Wall Street weaker

Press, 11 July 1983, Page 14

Wall Street weaker

The Wall Street stockmarket declined last week, on lower trading volumes. Late on Friday, before the long July 4 week-end, the Federal Reserve reported a SUS6OO million increase in the basic measure of the United States money supply.

The news came as a disappointment to traders who had been looking for a decline in the money supply to help ease fears of credittightening by the Fed.

Interest rates in the credit markets jumped, and speculation mounted that the Fed might be planning a move, such as an increase in the discount rate, to try to slow monetary growth. Last Friday, before the market opened, the Government reported that the civilian United States unemployment rate dropped to ten per cent in June, from 10.1 per cent in May and 10.2 in April. Analysts also noted that nothing had come of two

rumours that unsettled the market yesterday. One was that the Federal Reserve was about to raise its discount rate. The other involved talk of new problems facing Brazil in managing its international debt. Aside from that, brokers said, many traders were involved in the usual Friday guessing game about the money supply report, due after ’ the close, from the Fed. There were hopes that the figures would show a drop of perhaps SUSISOO million in the basic measure of the money supply.

However, the market continued to ease; the Dow Jones index of industrial shares lost more than 18 points to close at 1207.23. Alcan, 32%; Alcoa, 36Vs; AmeradHes, 30; Amßrands, 48%; ABC, 61%; AmExpress 67%; Amax. 27%; AmMotors, 9%; ATT, 62%; Armco, 18%; Asarco, 39; Atlßich, 51; BthStl, 22%; Boeing, 45%; Borden, 59%; Burroughs, 53%; Chrysler, 29%; Citicorp, 37%: Colgate, 22%; CBS, 65%; ContlGrp, 43%; Crane, 32%; DarandKrft, 64%; DigitalEq, 116%; Disney, 64%;

Dome Mines, 17%; Dow Chem. 33%; DuPont, 47%; East Kodak, 70%; Englhrd, 41; PhibroSal, 35%; Exxon, 34%; Firestone, 20%; Fluor, 21%; Ford, 55; FrptMcMor, 24%; GenDynam, 53%; GenElec, 53%; Gen Motors, 71%; Gen Tire, 32%; Getty Oil, 68; Goodyear, 31%; Greyhound, 25%; Grumman, 59%; Gulf Oil, 37%; Haliburton, 40%; Homestake, 34%;. Honeywell, 110%; IBM, 121%; ICNPharm, 13%; IntlHarv, 9%; Inco, 15; ITT, 45%; Manville, 15%; JhsnandJhsn, 49%; KaiserAlu, 20; KMart, 33%; Lockheed, 121%; McDonald’s, 65%; McDonDoug, 57%; MGM, 17%; MMM, 84%; Mobil, 30%; Monsanto, 87; NCR, 109; NewmMin, 55%; Pfizer, 41%; PhelDodge, 29%; PhilipMor, 58%; Phil Pet, 36; Polaroid, 28%; RCA, 28; Raytheon, 49%; ReynMetal, 31%; RoylDPet, 46%; Seagrams, 31%; SearsRoe, 40%; Shell Oil, 50%; ShellTr, 35%; Sperry, 39%; StOilCal, 38%; StOillnd, 53%; SOilOhio, 53%; Texaco, 35%; Texaslnst, 121; UnionCarb, 66%; USSteel, 24%; WestgEle, 47%; Wwths, 35%; Xerox, 46%; Amer Airlines, 35%; ClevelandCliffs, 23%; Heinz, 43; InterNorth, 39%; MerrylLynch, 53%; Occidental, 24%; Sedco, 42%; Schlumberger, 56%.