Wall St up in fluctuating week

Press, 1 September 1986, Page 16

Wall St up in fluctuating week

NZPA-AP New York The New York stock market rose slightly over all last week, in sessions of alternate rises and falls. Some analysts said the fluctuations were exaggerated by program trading. On Friday, stock prices were widely mixed as blue-chip issues yielded to a late round of selling. The Dow Jones average of 30 industrials dropped 1.83 points to close* at 1.898,34, trimming its gain for the week to 10.54 points.

Before the market opened, the Government reported a record SUSIB.O4 billion foreign merchandise trade deficit for July. The figure substantially exceeded advance estimates on Wall Street. The bond market responded positively to the news as traders inferred from it that the

Federal Reserve Bonus was likely to ease credit further.

But after a brief advance in the early going, the stock market began to retreat

On Monday, the stock market had closed lower. Analysts attributed this mainly to investor uncertainty over the direction of the economy; as well as some profit-taking. The Dow Jones fell 16.03 points. Helping to depress prices, analysts said, were program sales, in which professional traders, operating with large amounts of money, engaged in a strategy involving stock index futures, individual stocks, and special computer programs.

On Tuesday, prices rose strongly gaining in broad sectors of the market in response to falling interest rates and other factors. And the Dow ■ Jones rose 32.48 points. Analysts attributed some of the advances to program trading. Oil stocks rose strongly on

reports that Norway was considering whether to co-oper-ate with the Organisation of Petroleum Exporting Countries in limiting output to shore up prices. On Wednesday, the stock' market lost its strong upward momentum as hopes fadedtor further, immediate interest rate cuts. But, the market did not move far backward, and it held on to most of its gains of Tuesday, market watchers noted.

Oil, technology and utility stocks were the better performers.

The Dow Jones edged up 0.28 points. On Thursday, the stock market declined slightly, running into resistance around record or near-record levels. The Dow Jones dropped 4.36 points.

Prices of a selection of issues on Friday: AlcanAlu 30%, Alcoa 37, AmeradHes 20%, AmAirlines 55%, AmExpress 65%, AmMotors 2%, Armco 7%, Asarco 14%, Atlßichfld 57%, ATT 24%, BethStl 8%, Boeing 60%, Borden 48%, Burroughs 73%, CBS 141%, Chevron 44%, Chrysler 38%, Citicorp 56%, ClarkEqp 19, Clevel’dCliff 9%, Coca Cola 37%, Colgate 39%, ContlData 25%, Crane 30, Digital 101, Dome Mines 6%, Dow Chem 56%, DuPont 82%, East Kodak 56%, Englhrd 31%, Exxon 68%, Firestone 24%, Fluor 14%, FordM 59%, FrptMcmor 19%, Gencorp 76%, GenDynam 75, Gen Elect 78%, GM 72, Goodyear 34%, Greyhound 31%, Grumman 25%, Gulfßes 13%, HJHeinz 46%, Haliburton 21%, Homestake 25, Honeywell 71%, IBM 138%, INCO 12%, ITTCorp 54, JhnsonJhnson 73%, KMart 51%, KaiserAlu 17, Lockheed 48, 'MMM 112%, Manville 2%, Nattel 10%, McdonDoug 86%, Mcdonald’s 62%, MerrylLynch 37%, Mobil 35%, Monsanto 71%, Navistar 7%, NCR 55, NewmMin 53%, Occidental 29%, Pfizer 68, PhelDodge 20, PhilipsPe 10%, Polaroid 68%, Raytheon 65%, ReynMetal 43%, RoylDPet 89%, SOilOhio 48%, Schlumberger 33%, Seagrams 60%, Searsßoe 45%, ShellTr 55%, SperryCp 76%, Texaco 33%, Texaslnst 121%, UNCALCp 21%, UnionCarb 22%, Walt Dis 45%, WestgEle 57%, Woolworth 43%, Xerox 57.