WALL STREET Market at new highs

Press, 1 July 1985, Page 29

WALL STREET Market at new highs

NZPA New York The stock market closed the second quarter on Friday with a small gain that improved on the record close of the previous session. Analysts said trading was generally quiet and most issues ended with little change. Some were disappointed that there was not a more enthusiastic response to Thursday’s finish. On Thursday, the Dow Jones closed at 1332 points, six points higher than its previous record, set on June 6.

The Dow Jones industrial average gained three points to 1335, topping the record close set on Thursday. Broader indicators also bettered records set in the previous session. Advances led declines eight to seven. American Medical International was the most active issue, gaining ¥4 to 26. Volume was more than SM, most of which was represented by a block of 4.6 M shares which the company sold through Goldman Sachs.

American Hospital Supply rose 1% to 41. The company is the object of a take-over bid from Baxter Travenol Laboratories, which improved its offer late on Thursday. Baxter Travenol rose ¥4 to 15%. Hospital Corporation of America, which previously agreed to merge with American Hospital, eased % to 14%. Richardson-Vicks jumped 2¥z to 36 on take-over speculation. General Foods, which rose recently on take-over speculation, added % to 81. General Mills jumped 2% to 63% after a rise of 1% on Thursday. NWA, parent of Northwest Airlines, skidded % to 54% after rising earlier this week on take-over speculation.

The Commerce Department said the U.S. index of leading indicators rose 0.7 per cent in May, encouraging some investors that a rebound in the economy could be in store.

However another report showed the United States merchandise trade deficit

widening to $12.67 billion in May. “The indications are that the stock market is going to make further new highs during the summer,” said Mr Harry Laubscher, of the Paine Webber Group. But he added that the manufacturing segment of the economy still had problems, and while there were signs of selling pressure beginning to develop in stocks that had gained recently.

Union Carbide jumped one to 46% after a gain of 1% on Thursday. The stock has recently risen to its highest level since December’s accident at the company’s pesticide plant in India.

CitiCorp jumped 1% to 49% on 718,000 shares.

Schlumberger, mentioned favorably in a published article, gained % to 38%. General Motors added ¥4 to 72, Chrysler % to 36% and Ford % to 45% in a stronger auto group. Technology issues were generally lower, IBM slipping ¥4 to 123¥4, Digital Equipment 1% to 93%, Cray Research 1% to 84¥i, and Data General % to 37%.

Cummins Engine, which declined recently after the company announced lay-offs, rebounded 2% to 63%.

B.A.T. Industries led the Amex actives, unchanged at 4 3/16 The NASDAQ composite index gained 0.86 to 296.20.

Apple Computer shed % to 18 in over-the-counter trading. The Standard and Poor’s index of 500 stocks gained 0.62 to 191.85, also a record. The old mark was 191.23 yesterday. The Value Line index rose

0.78 to 200.35 and futures contracts were off 0.15 to off 0.55 The S. and P. 500 index gained 0.62 to 191.85 and futures were off 0.30 to off 0.40.

The N.Y.S.E. composite index rose 0.39 to 111.11. The N.Y.S.E. financial index gained 0.55 to 120.08. Prices of a selection of stocks on Friday: Alcan Alu 25%, Alcoa 34¥«, Amerad Hes 28%, ABC 113%, Am Express 47%, Am Motors 3%, ATT 24%, ARMCO 8%, ASARCO 20, Atl Rich 59%, Beth Stl 16%, Boeing 44%, Borden 42, Burroughs 58%, Chrysler 36%, Citicorp 49%, Coca Cola 69%, Colgate 26%, CBS 116¥4, Conti Grp 25%, Crane 37, Dar and Krft 35%, Digital 93%, Disney 93%, Dome Mines 7%, Dow Chem 35%, Du Pont 58%, East Kodak 44¥<, Englhrd 26%, Exxon 53%, Firestone 21%, Fluor 17%, Ford 45%, Frpt McMor 19%, Gen Dynam 74%, Gen

Elec 61%, Gen Motors 72, Goodyear 29%, Greyhound 29%, Grumman 30%, Gulf Oil 14%, Haliburton 29%, Homestake 24%, Honeywell 61%, IBM 123%, Inti Harv 8%, INCO 13%, ITT 32, Levi Strauss 35¥<, Lockheed 51%, Manville 6„Jhsn and Jhsn 46%, Kaiser Alu 13%, K Mart 38%, McDonald’s 68%, McDon Doug 75%, MGM 14%, M M M 78, Mobil 30%, Monsanto 48%, NCR 30%, Newm Min 41¥4, Pfizer 49%, Phel Dodge 17, Phil Pete 38%, Polaroid 31%, RCA 47%, Raytheon 50, Reyn Metal 34%, Royl D Pet 58%, Seagrams 42%, Sears Roe 38%, Shell Rt 36%, Sperry 53, Chevron 37%, Sohio 46%, Texaco 37%, Texas Inst 95%, Union Carb 46%, US Steel 27%, Westg E1e.34%, Woolworth 47, Xerox .52%, Schlumberger 37%, Merryl Lynch 32%, Occidental 34, Heinz 54%, Clevel’d Cliff 20, Int-nth 44%, Am Airlines 47%.