Another poor week on Wall Street

Press, 30 January 1984, Page 21

Another poor week on Wall Street

NZPA New York New York share prices struggled to hold their ground on Friday after prices fell in the previous seven sessions. Analysts said traders hoped that the market climate would improve this week, after an announcement on Sunday (American time) by Mr Reagan about his political plans. The markets took a tumble earlier in the week amid rumours that Mr Reagan might decide against running for a second term. But the White House said no decision of that kind had been made. And brokers noted that the President talked very much like a candidate for re-election in his state-of-the-Union message on Wednesday night. Results of polls on Wall Street have rated Mr Reagan a strong favourite to win the November election. Some analysts have said that if he were to step aside this would upset the markets, given the widespread approval he and his economic measures enjoy on the Street. The Dow Jones average of 30 industrials edged up

0.31 points to close to 1230.00. The average finished the week with a net loss of 29.11 points. The week began with a drop of 14.66 points in the Dow Jones average of 30 industrials shares, bringing the loss since January 6 to 42.19 points. Analysts attributed the fall to the announcement on January 20 of a rise in the United States money supply of SUS3.B billion.’ The market was little changed on the Tuesday of last week, but in late trading on Wednesday prices fell sharply. The Dow Jones’ industrial average, up more than seven points at noon, closed 10.99 points down for the day. On Thursday, the market appeared to be trendless. Closing prices on the New York Stock Exchange on Friday included:— Alcan Alu, 35%; Alcoa, 43%; Amerad Hes, 31%; ABC. 57%; Am Express, 30%; Am Motors, 7; ATT, 65%; Armco, 21%; Asarco, 28%; Atl Rich, 45%; Beth Stl, 26%; Boeing, 46%; Borden, 57%; Burroughs, 52; Chrysler. 30%; Citicorp. 37%; Coca Cola, 51%; Colgate, 21%; CBS, 65; Conti Grp, 52%; Crane, 32%; Dar and Krft,

69%; Digital Eq, 88%; Disney. 54; Dome Mines. 12%; Dow Chem. 31%; Du Pont. 51%; East Kodak, 73; Englhrd Cp, 34%; Exxon. 39%; Firestone. 18%; Fluor Cp. 18%; Ford. 42%; Frpt McMor, 21%; Gen Dynam. 53%; Gen Elec. 53%; GM. 75. Gen Tire. 35%; Getty Oil. 119%; Goodyear. 28. Grevhound. 23%; Grumman, 23%’; Gulf Oil. 53%; Haliburton, 36; Homestake. 29%; Honeywell. 116%; IBM. 114%; Inti Harv, 12%; INCO, 14%; Mansville, 12%; Jhsn and Jhsn. 38%; Kaiser Alu. 19%; K Mart, 32; Lockheed, 36%; McDonald's. 67%; McDon Doug, 59; MGM, 14%; M-M-M. 76%; Mobil, 30%; Monsanto, 97; NCR. 119; Newm Min. 46%; Pfizer. 35%; Phel Dodge. 25%; Phil Pete. 39%; Polaroid, 30%; RCA. 33%; Raytheon. 45%; Reyn Metal, 37%; Royl D Pet. 50%; Seagrams. 35%; Sears Roe. 36%; Shell Oil. 54%; Shell Rt. 37%; Sperry. 46%; St Oil Cal, 35%; St Oil Ind, 51%; St Oil Ohio, 45%; Texaco, 37%; Texas Inst, 131%; Union Carb. 56%; US Steel, 31%; Westg Ele, 52%; Wwths, 33%; Xerox, 49%; Schlumberger, 48%; Sedco, 35%; Merryl Lynch, 36%; Occidental, 25%; Heinze. 34; Clevel'd Cliff. 23%; Int-Nth. 38%; Am Airlines, 29%.