Oil dip lifts Wall St

Press, 12 September 1988, Page 20

Oil dip lifts Wall St

NZPA-Reuter New York A sudden change in bond prices in the last hour of trading on a collapse in oil prices helped trigger futuresrelated buying and briefly sent prices sharply higher on the New York Stock Exchange on Friday. However, the rally ran out of steam and blue chips closed with only modest gains. Technology issues were the day’s leaders, providing underlying support for the market’s advance.

The Dow Jones industrial index rose six points to 2069, ending its third week of rising. Bond prices were off their highs toward the close, but still held moderate gains. October crude oil futures fell US24c to $14.24 a barrel.

Analysts said the fall in energy prices helped allay inflation concerns.

Prices of a selection of stocks at the close on the New York Stock Exchange on Friday (in points equal to sUS).—Alcan Alu 29%, Alcoa 50%, Amerad Hes 26%, Am Express 29%, Armco 10%, Asarco 23%, Atl Richfield 78%, ATT 25%, Beth Stl 21%, Boeing 60%, Borden 53%, CBS 165, Chevron 43%, Chrysler 24, Citicorp 24%, Clark 29%, Coca Cola 41%, Colgate 43%, Conti Data 23%, Crane 30%, Digital 94%, Dow Chem 85%, Du Pont 81%, East Kodak 43%, Englhrd 17%, Exxon 45%, Fluor Cp 22, Ford 50%, Frpt McMor 25%, Gencorp 21%, Gen Dynamic 51%, Gen Electric 42, GM 73%, Goodyear 59%, Greyhound 31%, Grumman

22, Gulf Res 13%, H J. Heinz 44%, Haliburton 25%, Homestake 14%, Honeywell 61%, IBM 114%, INCO 25%, ITT 48%, J Johnson 84, K Mart 34%, Kaisertech 18%, Kraft 58%, Lockheed 39%, MMM 61%, Manville 2, Mattel 8%, McDon Doug 63%, McDonald’s 46%, Merryl Lynch 26, Mobil 42%, Monsanto 85%, Navistar 5%, NCR 58%, Newm Min 35, Occidental 25%, Pfizer 53%, Phel Dodge 37%, Philips Pe 16%, Polaroid 41%, Raytheon 67%, Reyn Metal 51%, Roy I D Pet 107%, Schlumberger 31%, Seagrams 54%, Sears Roe 36%, Shell Tr 66%, Texaco 45%, Texas Inst 40%, UNOCAL 35%, Union Carb 23%, Unisys 32%, USX Corp 27%, Walt Dis 65%, Westg Ele 51%, Wool worth 50, Xerox 54%.