Record trading on Wall Street

Press, 13 November 1985, Page 50

Record trading on Wall Street

NZPA-Reuter New York Wall Street stocks soared to record heights yesterday as a broad-based rally entered its eighth week- on hopes that the United States Congress is serious about curbing Government spending. The Dow Jones industrial average — the most closelywatched stock market barometer — rose 27.52 points to a record of 1431.88, surpassing the previous mark of 1404.36, set last Friday. It was the biggest one-day rise since a jump of 34.01 points on January 21. The New York Stock Exchange composite index gained 1.88 to a record 113.82. The old record was 113.49, set on July 17.

Mr John Connolly, co-chair-

man of the investment policy committee at Dean Witter Reynolds, said investors hoped Congress would approve limits on federal spending this week. “It would affect the economy for years to come,” he said.

Other analysts said that, after seven weeks of rising share prices, more investors jumped on the bandwagon yesterday. ,

An analyst, Mr Alan Ackerman, of Herzfeld and Stern, said: “A lot of people are beginning to feel they may have missed the train and they don’t want to sit by and wait for retrenchment.”

He said foreign investors, Site the decline in the r, are finding United States markets “offer the biggest reward for the least risk.”