Small Wall St loss on week

Press, 26 September 1988, Page 11

Small Wall St loss on week

NZPA-Reuter New York United States stock prices finished the week with a small loss, snapping a four-week streak of net gains. For the day, however, blue chips closed with a modest gain. Traders said the market managed to shrug off news earlier that August durable goods orders rose 6 per cent. The Dow rose 11 to 2091. Gainers led decliners by a narrow margin. Volume was moderate. “It looks like people aren’t going to let one number get in their way,” said a trader, referring to the durable goods report. In July, new orders for goods fell 7.4 per cent. “I think people were ready to put some money to work.” A spurt of program buying helped blue chips move higher in late afternoon. Analysts said some institutional buying before the end of the third quarter also helped stock prices advance. “There has been some bottom-fishing in blue chips by institutions partially due to the end of the quarter window dress-

ing,” said analysts Alfred Goldman with A. G. Edwards An easing in oil prices was another encouraging factor, said trader Philip Puccio at Dillon Read and Co. Inc. In 'late trading, the price of crude oil for November delivery fell US47c to SUSI4.IB a barrel. In spite of the flurry of reassuring reports about the U.S. economy, many investors remain hesitant, analysts said, particularly with recent upmoves in short-term rates. “If rates continue to inch up, we can kiss this (stock market) rally goodbye,” Mr Goldman said. Higher yields on bonds would prove to be too competitive for the returns from stocks, analysts said. The NASDAQ Composite Index rose 0.12 to 384.98. The Value Line index rose 0.06 to 232.75 and the futures were off 1.00 to off 0.95. The S and P 500 Composite Index rose 0.58 to 269.76 and the futures were up 0.15 to up 0.20.

The NYSE Financial Index rose 0.35 to 134.02.

Selected Wall Street closing prices for Friday (points equal SUSI) included.— Alcan 29 Alcoa 51, Amerada 2714. AmExp 28%, Armco 10%, Asarco 24%, ARCO 78%, ATT 26%, BethStl 21%, Boeing 61%, Borden 53%, CBS 169%, Chevron 43%, Chrysler 23%, Citicorp 26%, ClarkEqp 28%, Coca Cola 43%, Colgate 44, ContiData 20%, Crane 30%, Digital 93%, Dow Chem 87%, DuPont 80%, East Kodak 443%, Englhrd 18%, Exxon 44%, Fluor 21%, Ford 50%, FrptMcmor 24%, Gencorp 20, GenDyn 50%, GEC 43%, GM 73%, Goodyear 57, Greyhound 34%, Grumman 21, Gulfßes 13%, Heinz 45, Haliburton 26%, Homestake 13%, Honeywell 61%, IBM 112%, INCO 27%, ITT 49%, JandJ 85%, KMart 39%, Kaisertech 18%, Kraft 58%, Lockheed 39%, MMM 64%, Manville 2, Mattel 9%, McdonDoug 66%, Mcdonald’s 46%, MerrLynch 26%, Mobil 42%, Monsanto 77%, Navistar 5%,. NCR 58%, NewmMin 35%, Occidental 25%, Pfizer 54%, PhelDodge 41%, PhilipsPet 18%, Polaroid 383%, Raytheon 69%, Reynmetal 49%, RoylDutch 105, Schlumberger 33%, Seagrams 54%, Searsßoe 37%, ShellTr 67%, Texaco 45%, Texaslnst 42, UNOCAL 36%, UnionCarb 22%, Unisys 32%, UXS 27%, Disney 63%, Westinghouse 53%, Wool worth 53%, Xerox