Wall St pulls back interest rates jump

Press, 7 March 1988, Page 13

Wall St pulls back interest rates jump

N2PA-AP New York The United States stock market pulled back a bit on Friday as interest rates jumped following a strbnger-than-expected report on employment. The Dow Jones average of j 30 industrials slipped 5.63 to 2057.86, reducing its | gain for the week to 34.35 points. Declining issues outnumbered advances by abbut 5 to 4 on the New York Stock Exchange, with 670 up, 812 down and 48Q unchanged. Big Board volume totalled 201.41 million shares, against 203.31 million in the previous session. The NYSE’s composite index lost 0.27 to 15Q.43. Before the opening the Labour Department reported that the civilian unemployment rate

dropped a tenth of a percentage point last month to an 8 >/ 2 -year low of 5.7 per cent. Non-farm payroll employment increased by 531,000, considerably more than most advance estimates on Wall Street. The news was seen as an emphatic signal that the economy remains strong Prices of long-term Government bonds fell more than SUSIS for each SUSIOOO in face value, raising their yields to the 8.4 to 8.5 per cent range. Closing prices of selected Wail St shares on Friday (points equal SUSI) included: Alcan 28%, Alcoa 46%, Amerada 28, Am. Exp 27%, Armco 11%, Asarco 23%, RCO 74%, ATT 29, BethStl 21%, Boeing 46%, Borden 55%, CBS 164%,. Chevron 44%, Chrysler 243%, Citicorp 21%, ClarkEqp 26%, Coca Cola 38, Colgate . 45. Contl-

Data 28%, Crane 29%,[Digital 121%, Dow Chem 88%, DuPont 86%, East Kodak 43%, Englhrd 19%, Exxon 41%, [Firestone 49%, Fluor 18%, Ford 46, FrptMcmor 24%, iGencorp 22%, GenDyh 53%, GEC 44%, GM 71%,| Goodyear 61%, Greyhound 30%, Grumman 193%, Gulfßes [13%, Heinz 42%, Haliburton 130, Homestake i 17%, iHoneywell 65, IBM 116%, INCO 23%, ITT 46%,1 JandJ 82, KMart 33%, Kaisertech 11%, Kraft 55%, Lockheed '44%, MMM 57%, Manville 2%, Mattel 6%, McDonDoug 63%, McDonald's I 46%, [MerrLynch 25, Mobil 43%, Monsanto 88%, Navistar 5%, NCR 64%, NewmMiri 35%, Occidental 26, Pfizer 55%, PhelDodge 40%, PhilipsPet 14%, Polaroid 33%, Raytheon 69%, ReynMetal 42%; RoylDutch 1113%, Schlumberger 34%, Seagrams 56%, i SearsRoe 38%,. ShellTr 71%, Texaco 45%, Texaslnst' 54%, Unocal 33%, UnionCarb 24%, Unisys 36%, USX 33%, Disney 603%, Westinghouse 51, Woolworth 453%, Xerox 59.