Wall St buoyant as oil prices fall

Press, 23 October 1984, Page 37

Wall St buoyant as oil prices fall

NZPA-AP New York Stock prices opened strongly on Wall Street on Friday; but then swung lower in late trading as Thursday’s strong rally faltered. The Dow Jones average of 30 industrials rose 0.55 points to close at 1255.93, finishing the week with a net gain of 35.23 points. Advances outpaced declines about five to three on the New York Stock Exchange. Volume totalled 186.90 M shares, the third largest total on record, against 149.54 M in the previous session. Trading set a hectic pace early in the day, but then tapered off. The Dow Jones average of 30 industrials jumped 29.49 on Thursday to close at 1225.38, its best showing since it rose 36 points on August 3. As Norway, Britain, and then Nigeria announced oilprice reductions last week, analysts concluded that the

United States economy stood to gain many benefits from lower fuel and petro-chemical-products prices. The Organisation of Petroleum Exporting Countries said its members’ Oil Ministers will meet in Geneva on October 29 to consider the pricing situation. Mr Donald Hodel, the United States Energy Secretary, told a convention in London that he did not believe oil prices could stay “much above” SUS2S a barrel in the next few years. As that sequence ol events began to unfold, energy stocks declined broadly on Wall Street, depressing many of the market indexes. Two news releases on Thursday night reinforced hopes that interest rates would keep falling. After the stock market closed on Thursday, the Federal Reserve Board reported an unexpected SUS 2.9 billion drop in the

basic measure of the United States money supply. On Friday morning, the Commerce Department revised downward its figure for American economic growth in the third quarter of the year. But as the session passed on Friday, some traders evidently decided to cash in profits from the market’s advance while they awaited Sunday night’s second debate between President Reagan and Mr Walter Mondale. Alcan Alu 28%, Alcoa 35%, Amerad Hes 27, ABC 65%, AM Express 38%, ATT 19%, Armco Inc 10%, Asarcolnc 21%, Atlßich 46%, BethStl 17%, Boeing 57%, Borden 62%, Burroughs 55%, Chrysler 33, Citicorp 37%, Coca Cola 64%, Colgate 25%, CBS 81%, ContlGrp 58%, Crane 34%, DarKrft 82, Digital 99%, Disney 58%, Dome Mines 9%, Dow Chem 29%, DuPont 47%, East Kodak 74%, Englhrd 29%, Exxon 42%, Firestone 18%, Fluor 17%, FMCCorp 58%, Ford 50%, FrptMcM 15%, GenDynam 65, GenElec 57%, GM 81%, Goodyear 25%, GraceWß 43%, Greyhound 24%, Grumman 28%, Gulfßes 18%, Haliburton 30%, Homestake 27, Honeywell 59, IBM 126, IntlHarv 6%, Inco 11%, IntlPaper 51%, ITT 30, LeviStrau 27%, Lockheed 47, Manville 7, JhsnJhsn 33%, KaiserAlu 14, KMart 36%, DarKrft 82, McDonald’s 54%, McDonDoug 71%, MGMFiIm 12%, MMM 82%, Mobil 27%, Monsanto 43%, NCR 25%, NewmMin 35%, Pfizer 38, PhelDodge 15%, PhilipMor 80%, Phil Pete 37%, Polaroid 27%, ProctGam 55%, RCA 38%, Raytheon 41%, ReynMetal 32%, RoylDPet 47%, Seagrams 37%, Searsßoe 34%, Shell Oil 56%, ShellTr 29%, Sperry 37%, Chevron 33, StOillnd 56%, Sohio 44%, Texaco 34%, Texaslnst 130%, UnionCarb 50%, USSteel 22%, WestgEle 27%, Woolworth 37, Xerox 38%, Schlumberger 41%, Sedco 43%, MerrylLynch 32, Occidental 28%, Heinze 41%, Clevel’d Cliff 19%, InterNorth 37, Am Airlines 31%.