Good gains on Wall Street

Press, 5 September 1983, Page 21

Good gains on Wall Street

Share prices on the Wall Street stock market made good gains last week, although they closed on Friday below the week’s highs.

the Dow Jones industrial share index rose 23.38 points during the week, to 1215.45. After rising steadily in the first three days of the week and apparently heading for one of its biggest gains, the market fell back on Thursday, when analysts noted that interest-rate uncertainties persisted in spite of the burst of enthusiasm shown by stock traders Wednesday. Rates actually rose, and prices declined, in the bond market. Brokers also said that the disappearance of a Korean Airlines jumbo jet on a flight from Anchorage, Alaska, to Seoul, South Korea, cast a pall of uncertainty over the market. On Wednesday the Government reported that the index of leading U.S. economic indicators rose just 0.3 per cent last month. It was the smallest increase in the index since it began to

climb last September, accurately signalling the approach of an upswing in business activity.

Conjecture has been increasing lately that the recovery is due for a pause. But one school of thought holds that such a slowdown would be beneficial, in that it might allow interest rates to fall from their present troublesome levels and thereby pave the way for further economic growth.

On Friday the market regained almost all the ground lost on Thursday. Analysts said that some traders were encouraged by the market’s calm response to. all the news on Thursday and about the reports that a Russian fighter plan had shot down a Korean passenger jet with 269 people aboard. The most clear-cut impact of the news showed

up in gains by defence and aerospace stocks.

Alcan, 38%; Alcoa, 46%; Amerada Hes, 34%; Am Express, 40%; Amax, 26%; Am Motors, 8%; Att, 66; Armco, 19%; Asarco, 41%; Atl Rich, 48%; Beth Stl 23%; Boeing, 40; Burroughs, 53%; Chrysler, 29%; Citicorp 35%; Coca Cola 51%; Colgate 21; CBS, 67%; Conti Grp, 46; Crane, 33%; Dar Krft, 66%; Digital Eq, 103%; Disney, 58%; Dome Mines, 17; Dow Chem, 36%; Du Pont, 52%; East Kodak, 67; Englhrd Cp, 39%; Exxon, 37%; Firestone, 19%; Fluor Cp, 21%; FMC Corp, 42%; Ford, 60%; Frpt McMor, 24%; Gen Dynam, 50%; Gen Elec, 50%; Gen Motors, 72%; Gen Tire, 32%; Getty Oil, 65%; Goodrich, 35%; Goodyear, 31; Grace, 44%; Greyhound, 22; Grumman, 28%; Gulf Oil, 41%; HaLiburton, 45; Homestake, 36%; Honeywelf 120%;

IBM, 119%; ICN Pharm, 10%; Inti Harv, 9; Inco, 17; ITT, 44; Manville 13; JhsnandJhsn, 41%; Kaiser Alu, 21%; K Mart, 34; Lockheed, 112%; Martin-Mar,' 61; McDonald’s, 60%; McDon Doug, 51%; MGM, 15%; M-M-M, 79%; Monsanto, 111%; NCR, 121%; Newm Min, 59%; Pfizer, 37%; Phel Dodge, 28%; Philip Mor, 63%; Phil Pet, 37; Polaroid, 26%; RCA, 29; Raytheon, 49%; Reyn Metal, 39%; Royl D Pet, 46%; Seagrams, 34; Sears Roe, 37%; Shell Oil, 45%; Shell Tr, 37; Sperry 45%; St Oil Cal, 37%; St Oil Ind, 51%; S Oil Ohio, 57; Texaco, 37; Texas Inst, 115, Union Carb, 70%; US Steel, 27%; Warner-lam, 28%; Westg Ele, 45%; Wwths, 37%; Xerox, 44%; Schlumberger, 57%; Sedco, 44%; Merryl Lynch, 42%; Occidental 28, Heinz, 44%; Clevel’d Cliff, 23%; Inter-North, 39%; American Airlines 32.