Wall St extends slow decline

Press, 2 May 1988, Page 14

Wall St extends slow decline

NZPA-AP New York Stock prices lost more ground in New York on Friday, extending Thursday’s slow-motion decline in continued quiet trading. Riggs National Bank of Washington raised its prime lending rate from 8.5 to 8.75 per cent. Analysts said the move came as no real surprise, given the recent rise of open-market money rates that help determine banks’ cost of funds. In fact, interest rates in the credit markets showed signs of steadying after rising on Thursday. The market showed little reaction to the Commerce Department’s report that the

index of leading United States economic indicators rose 0.8 per cent in March. The figure came in close to advance estimates. The Dow Jones average of 30 industrials dropped 8.95 to close at 2032.33, finishing the week with a net gain of 17.24 points.

Advancing issues and declines were evenly balanced in the daily tally on the New York Stock Exchange, with 736 up, 725 down and 499 unchanged. NYSE volume totalled 135.62 million shares, against the 1988 low of 128.68 million recorded on Thursday. The NYSE’s composite in-

dex lost 0.46 to 147.87. Selected Wall St closing prices for Friday include (points equal SUSI). — Alcan 28, Alcoa 43%, Amerad 30%, AmExp 24, Armco 11%, Asarco 23%, RCO 88%, ATT .26%, Beth Steel 20%, Boeing 48, Borden 54%, CBS 150%, Chevron 48%, Chrysler 23, Citicorp 20, ClarkEqup 31, Cocoa Cola 38%, Colgate 44, ContlData 24%, Crane 29%, Digital 104%, Dow Chem 81%, DuPont 85%, East Kodak 40%, Englhrd 20%, Exxon 44%, Firestone 79%, Fluor 18, Ford 47%, FrptMcmor 27%, Gencorp 17%, GenDyn 54%, GEC 40%, GM 75, Goodyear 62%, Greyhound 29%, Grumman 21, Gulfßes 14%, Heinz 41, Haliburton

33%, Homestake 14%, Honeywell 70%, IBM 113%, INCO 28%, ITT 46%, JandJ 75%, KMart 33%, Kairsertech 14%, Kraft 53%, Lockheed 45, MMM 59%, Manville 2%, Mattel 7%, McdonDoug 63%, Mcdonald’s 43%, MerrylLynch 23%, Mobil 46%, Monsanto 81, Navistar 6%, NCR 61%, NewnMin 35%, Occidental 27, Pfizer 55, PhelDodge 37%, PhilipsPet 17%, Polaroid 30%, Raytheon 66%, ReynMetal 44%, RoylDutch 122%, Schlumberger 37%, Seagrams 53, Searaßoe 35%, ShellTr 79%, Texaco 50%, Texaslnst 47, UNOCAL 37%, UnionCarb 23%, Unisys 34%, USX 32%, Disney 57%, Westinghouse 52%, Woolworth 563%, Xerox 54.