Wall St rises after sluggish trading

Press, 21 April 1984, Page 22

Wall St rises after sluggish trading

NZPA-AP New York Stocks were broadly lower on the New York Stock Exchange in sluggish pre-holiday trading on Thursday but began moving higher towards the close. The Dow Jones average of 30 industrials erased its deficit in the last few minutes and closed up 1.57 at 1158.08. The measure gained 7.95 for the week.

The Dow Jones transportation index also gained slightly, but its utility average lost a fraction. Losers led gainers eight-to-seven but volume slowed to 75.68 million shares from 85.04 million on Wednesday. Prices were under pressure from news that the United States economy expanded at a brisk pace in the first quarter, renewing

Wall Street’s fears of higher interest rates and renewed inflation. The lacklustre trading was attributed partly to the holiday week-end. The American economy, as measured by the infla-tion-adjusted Gross National Product, grew at a surprisingly high annual rate of 8.3 per cent in the first quarter, the Commerce Department said this week. Many economists thought the increase would be about 7 per cent or below, given several March statistics that pointed to a slowing economy. Investors hope slower growth will relieve the upward pressure on interest rates.

Instead, rates rose and bond prices fell after the GNP figure was announced.

The rate on overnight loans between banks, for example, climbed to 10.75 per cent from 10.5 per cent. Selected Wall Street Stocks on Thursday: AlcanAlu, 30%; Alcoa, 36; AmeradHes, 31%; ABC, 59%; AMMotors, 4% ATT, 15%; AMF, 13%; Armcolnc, 19%; Asarcolnc, 31%; Atlßich, 48%; BethStl, 26%; Boeing, 37%; Borden, 52%; Burroughs, 50%; Chrysler, 25%; Citicorp 34; Coca Cola, 54%; Colgate, 22%; CBS, 71%; ContlGrp, 33%; Crane, 33%; DarKrft, 74; DigitalEq, 89%; Disney, 61; Dome Mines, 14%; Dow-Chem, 31%; DuPont, 49%; East Kodak, 62%; EnglhrdCp, 28%; Exxon, 40%; Firestone 17%; FluorCp, 22; Ford Motor, 35%; FrptMcMor, 23%; GenDynam, 48%; GenElec, 54%; GenMotors, 64%; Goodyear, 25%; Greyhound, 25%; Grumman, 23%; Gulf Oil, 78%; Haliburton, 42%; Homestake, 31%; Honeywell 56%; IBM, 110%; ICNf ' 6; " ;1H; 7%

/harm, .. IntlHarv, . Zs; Inco, 13%; ITTCorp, 37%; Manville, 11%; Jhsn’Jhsn, 37%; KaiserAlu, 16%; KMart, 29%; Lockheed, 36; Martin Mar, 32%; McDonald’s, 65%; McDonDoug,so; MGMFiIm, 15%; MMM, 72%; Mobil, 31%; Monsanto, 91%; JPMorgan, 68%; NCR, 100%; NewmMin, 49%; Pfizer, 33%; PhelDodge, 25%; PhilipMor, 63; Phil Pete, 41%; Polaroid, 28%; RCA, 34; Raytheon, 39%; ReynMetal, 33%; RoylDPet, 52; Seagrams, 33%; Searsßoe, 32%; Shell Oil, 57%; Shell, 36%; SperryCP, 39%; StOilCal, 38%; StOillnd, 55%; SOilOhio, 49%; SterlDrug, 25%; Texaco, 40%; Texaslnst, 138%; UnionCarb, 57%; UncalCp, 37%; USSteel, 28%; WestgEle, 44%; Woolwth, 30; Xerox, 40%; Schlumberger, 53%; Sedco, 38; MerrylLynch, 23%; Occidental, 30; Heinze, 35%; Clevel’d Cliff, 20%; InterNorth, 40%; American Airlines, 33%.