Wall St slips

Press, 23 September 1983, Page 8

Wall St slips

NZPA New York Wall Street prices declined yesterday, running into resistance after Wednesday's rise to a record high in the Dow Jones industrial average. The Dow Jones average of 30 industrials fell 6.00 to 1243.19. Declines held a small edge bn advances. The market’s strength in recent sessions has been attributed to falling United States interest rates and hopes for continuing economic recovery. The American dollar fell in United States trading yesterday, reversing earlier gains in Japan and Europe, amid concern over interest rates and international turmoil. Gold prices also were mixed. Currency traders said the

/American dollar, a traditional (haven for money in times of ■unrest, began rising late on .(Wednesday amid apprehension :over intensified fighting in ■Lebanon. But the currency was also pulled downwards by fallring interest rates in the United i States, which make returns less attractive on dollar-de-nominated investments. ' The interest rate uncertainty was fueled by a Commerce Department estimate that ; economic activity was growing ’at an annual rate of 7 per cent tljis quarter. . Un New York, the dollar closed at 242.58 Japanese yen, down from 242.68 late on Wednesday. The pound sterling fell to 1.5009 dollars from 1.5038.