WALL STREET Jobless number pulls index down
NZPA-AAP New York
Stock prices drifted I downward in New York on Friday as interest rates I rose in the credit I markets.
The Dow Jones average of 30 industrials dropped 5.06 points to close at 1886.53; reducing its gain for the week to 8.72. Before the market opened, the Government reported that the American civilian unemployment rate held at 7 per cent in October. The
figures also showed an increase of 298,000 in non-farm payroll employment.
The rate was above expectations on Wall Street, and analysts said that prompted weakness in the bond market.
Prices of long-term Government bonds, which move in the opposite direction from interest rates, dropped SUSS to SUSIO for every 1000 in face value.
While the employment numbers bolstered hopes for improving economic growth, analysts said, they
also prompted questions about the inflation and interest-rate outlooks for stock traders, who had already begun to cash in on the market’s recent gains.
Declining issues slightly outnumbered advances on the New York Stock Exchange, with 737 up, 797 down and 447 unchanged. On Monday, prices had gained ground, extending the previous week’s advance as interest rates fell. The Dow Jones rose 16.45 points. On Tuesday, prices closed mixed, reflecting indecisive trading in the bond market
On Wednesday, the market gained ground, surprising analysts who had thought investors might respond with caution to the outcome of Tuesday’s elections. The Dow Jones rose 6.60 points to close at 1,899.04, a two-month high.
On Thursday, the market fell, running into resistance from sellers. The Dow Jones dropped 7.45 points. AlcanAlu 30%, Alcoa
36, AmeradHes 24%, AmExpress 58%, AmMotors 3%, Armco 5%, Asarco 16, Atißichfield 58, ATT 25%, BethStl 5%, Boeing 52%, Borden 50%, Burroughs 78, CBS 136%, Chevron 44%, Chrysler 38%, Citicorp 51%, ClarkEqp 20%, Coca Cola 36%, Colgate 40%, ContlData 25%, Crane 33%, DartKraft 57%, Digital 102%, Dome Mines 7%, Dow Chem 57%, DuPont 87%, East Kodak 62%, Englhrd 31%, Exxon 68%, Firestone 27%, Fluor 12%,' Ford Motor 58%, FrptMcmor 19%, Gencorp 81, Gen Dynamic 72%, GenElec 78, GM .72%, Goodyear 48, Greyhound 33%, Grumman 26, Gulfßes 13%, HJHeinz 43, Haliburton 223%, Homestake 26, Honeywell 72%, IBM 121%, INCO 12%, ITTCorp 53%, JnsnJnson 69%, KMart 51%, KaiserAlu 17%, Lockheed 45%, MMM 109%, Manville 2%, Mattel 10%, MedonDoug 80%, Mcdonald’s 64%, MerrylLynch 42, Mobil 39, Monsanto 78, Navistar 6, NCR 47%, NewmMin 62%, Occidental 28, Pfizer 62%, Phel-
Dodge 21%, PhilipsPe 10%, Polaroid 69%, Raytheon 64%, ReynMetal 47%, RoylDPet 88%, Sohio 49%, Schlumberger 33%, Seagrams 63%, Searsßoe 43%, ShellTr 54%, Texaco 363%, Texaslnst 116%, UNCAL 24%, UnionCarb 23%, USXCorp 23%, Walt Dis 44%, WestgEle 58, Woolworth 44%, Xerox 58.
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Press, 10 November 1986, Page 28
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446WALL STREET Jobless number pulls index down Press, 10 November 1986, Page 28
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