Wall St rallies
The Wall Street stock market staged a dramatic turnaround, rallying sharply in the afternoon after a broad eary decline. The Dow Jones average of 30 industrials closed with a 1.35 gain at 1,102.59. Declines outpaced advances by about 7 to 6 on the New York Stock Exchange. The Dow Jones average of 20 transportation stocks also gained strongly. Some
analysts attributed the sudden reversa to rumours that Iran had owered its oil price. Those rumours were reflected in the strength of the transportation stocks and in some weakness in oil issues. But brokers also said the upswing drew a great deal of its force from the belief that stock prices had become excessively “oversold” and were due for a rally.
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Press, 1 June 1984, Page 17
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123Wall St rallies Press, 1 June 1984, Page 17
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