WALL STREET ‘All over the place but mostly down’

Press, 27 April 1987, Page 28

WALL STREET ‘All over the place but mostly down’

Wall Street ended a volatile week on a sharp down note, with the key Dow Jones index dropping 45 points on Friday because of new declines for the dollar and Government bonds and an unwelcome uptick in inflation. The dollar closed very weak in highly nervous trading as concerted central bank intervention throughout the day in Tokyo, Europe and New York failed to scare off speculative selling, dealers said. “The market was all over the place this week, but the dominant direction was down,” analyst Alfred Goldman, of St Louis-based A.G; Edwards and Sons, said. ; For the week the Dow fell a total of 40.62 points.

But Friday’s close also marked a decline of some 101 points from its peak for the week of 2337.07, set on Tuesday. Tuesday’s gain was 66.47, the second biggest one-day gain in points ever, but the next day the Dow reversed direction and gave up 51.13 points. On Thursday the market resumed its wavering course and the Dow went up and down throughout the day and ended only five points lower. But analysts said Friday’s market had no tentativeness whatever. "The most disconcerting thing about today was that the selling was steady, unrelenting and not very emotional,” Goldman said. “We were not seeing the ‘get me out at any price’ syndrome, and the fact that it was an unemotional sell-off indicates to me that there Is more to come.” Closing sales in United States dollars of a selection of issues were:— Alcan, 40; Alcoa, 46%; Am-

eradHes, AmerExpress, 66; Amer Motors, 4%; Armco, 10%; Asarco, 25U; AURichfield 84%; ATT, 24%; BethStl, 13%; Boeing, 48; Borden, 56%; CBS, 163; Chevron, 56%; Chrysler, 36%; Citicorp, 51%; ClarkEqp, 23%; Coca Cola, 42; Colgate, 43; ContlData, 33; Crane, 38; DigitEq, 162%; Dome Mines, 16%; Dow Chem, 83%; DuPont, 112%; East Kodak, 73%; Englhrd, 24%; Exxon, 86%; Firestone, 35%; Fluor, 14%; Ford, 82%; FrptMcmor, 23%; Gencorp, 115%; Gen Dynamic, 66%; Gen Electric, 103; Gen Motors, 86%; Goodyear, 57; Greyhound, 33%; Grumman, 25%; Gulfßes, 16%; HJHein, 42; Haliburton, 32%; Homestake, 37%; Honeywell, 77; IBM, 151%; INCO, 16%; ITT, 54; JohnsonandJohnson, 87; KMart, 58%; KaiserAlu, 17; Kraftinc, 52 %; Lockheed, 47%; MMM, 126%; Manville, 2%; Mattel, 9%; McdonDoug, 70%; Mcdonalds, 76%; MerrylLynch, 37%; Mobil, 47%; Monsanto, 83%; Navistar, 6%; NCR, 68%;NewmMin, 98%; ReynMetal, 69%; RoylDPet, 119%; Schlumberger, 40%; Seagrams, 72%; Searsßoe, 53%; ShellTr, 75%; Texaco, 31%; Texaslnst, 192%; UNOCAL, 36%; UnionCarb, 29%; Unisys Corp, 113%; USXCorp, 29; Walt Dis, 61%; WestgElect, 62%; Wwth, 49; Xerox, 76%.