WALL STREET

Press, 24 June 1985, Page 32

WALL STREET

Big rally at close

Wall Street staged a sharp rally on Friday after a sluggish week, and the Dow Jones recovered 24.42 points to close 23.19 points higher for the week, at 1324.15 — only 3.13 points beyond the record high reached on June 6. Wall Street was bracing for quick price swings in the final hour because of the expiration of several stockindex futures and options contracts. On previous expiration elates, stock prices have fluctuated wildly near the close as sophisticated traders unwound their positions in the contracts and in the stocks underlying those index contracts. At the same time, Wall Street is trying to determine the impact of the Commerce Department’s report on Thursday that the United States economy was expanding at a 3.1 per cent

annual rate in the current quarter. Business growth was a meagre 0.3 per cent in the first quarter. Although stronger growth would bolster corporate earnings, it also could halt the recent decline in interest rates that helped stocks rally a few weeks ago, analysts said. On Tuesday the prime lending rate fell to its lowest • level in nearly seven years. Closing prices in United States dollars of a selection of issues were: Alcan, 25; Alcoa, 33%; AmeradHes, 27%; ABC, 112%; AMExpress, 47%; AmMotors, 3; ATT, 24%; Armco, 8%; Asarco, 23%; Atlßich, 57%; BethStl, 16%; Boeing, 43%; Borden, 38%; Burroughs, 57; Chrysler, 35%; Citicorp, 47; Coca Cola, 69%; Colgate, 26%; CBS, 121; Crane, 34; DarandKrft, 36%; DigitalEq, 89%; Disney, 89%; Dome Mines, 7%; Dow Chem, 35%; DuPont, 57%; East Kodak, 43%:

Engihrd, 26%; Exxon, 53; Firestone, 21%; Fluor, 17%; Ford. 45%; FrptMcMor, 18%; GenDynam, 74%; GenElec, 60%; GenMotors, 79%; Gen Tire, 49%; Goodyear, 30; Greyhound, 29%; Grumman, 32; Gulf Oil, 15%, Haliburton, 29; Homestake, 25; Honeywell, 60; IBM, 119%: IntlHarv,-8; INCO, 12%; ITT. 30%; Levi Strauss, 35: Lockheed. 50%; Manville, 6%; JhsnandJhsn, 46%; KaiserAlu, 13%; KMart, 36%; McDonaldls, 67%; McDonDoug, 76%; MGM, 15; MMM, 75%; Mobil. 30%; Monsanto, 47%; NCR, 29%, NewmMin, 42%; Pfizer, 49%; PhelDodge, 17%; Phil Pet, 37%; Polaroid, 31%; j RCA, 47%; Raytheon, 50%; ReynMetal, 32%; RoylDPet, 56%; Seagrams, 41%; Seasßoe, 38%; Shellßt, 35%; SperryCp, 53%; Chevron, 36%; StOillnd, 47%; SOilOhio, 46%; Texaco, 37%; Texaslnst, 100; UnionCarb. 43%; USSteel, 27%; WestgElect, 33%; Wwths, 46%; Xerox, 50%; Schlumberger, 37%; MerrylLyncb, 30%; Occidental, 33%; Heinz, 53%; Clevel’dCliff, 19%; Inter-North, 44%; Amer Airlines, 27%.