Gen. Electric buy-back plans boost Wall St

Press, 20 November 1989, Page 14

Gen. Electric buy-back plans boost Wall St

NZPA-Reuter New York

Wall Street gained ground on Friday (early Saturday N.Z. time), responding to word of General Electric’s plans to buy back as much as (USIO billion of its shares. General Electric helped stir revived interest in blue-chip issues, reporting plans for its repurchase of stock over the next five years and an increase in the quarterly dividend from 41c a share to. 47c.

The session got off to a sluggish start as interest rates rose in the bond market. Prices of longterm United States Government bonds dropped more than SUSS for each SUSIOOO in face value, increasing their yields to the 7.92 to 7.97 per cfent range. i

The Dow Jones average of 30 industrials rose 17 to close at 2652.66, finishing the week with a net gain of 27.05 points. Advancing issues outnumbered declines by about eight to seven on the New York Stock Exchange, with 770 up, 683 down and 505 unchanged.

NYSE volume totalled 151.02 million shares, against 148.37 M in the previous session.

The NYSE’s composite index rose 0.53 to 189.28.

On Thursday stock prices hovered in a narrow range in an unenthusiastic response to news :of a smaller-than-expected United States foreign trade deficit. The business day began with a report from the Commerce Department that the nation’s trade contracted to 5U57.94 billion in September from (USIO.IB the month before.

The margin by which imports exceeded exports was the smallest in nearly five years and well below most advance estimataes.

The Dow Jones average of 30 industrials rose 3.08 to close at 2635.66. But declining issues slightly outnumbered advances on the New York Stock Exchange, with 728 up, 739 down and 501 unchanged. The NYSE’s composite index slipped 0.01 to 188.75. ’

On Wednesday share prices had closed higher after a late rally, sparked by firmer bond prices and the belief the Federal Reserve is easing credit policy.

The Dow Jones industrial average closed up

about; 22 to 2633 with advances leading declines by a margin of nine to six. Volume was moderate at 155.7 M shares.

Stock prices had retreated broadly on Tuesday, with blue chip issues leading the way.. Uncertainty about the outlook for lower interest rates and uneasiness about the American economy’s condition discouraged buyers. The Dow Jones average of 30 industrials dropped 16.18; to close at 2610.25.

Declining issues outnumbered advances by about 4 to .3 on the New York Stock Exchange, with 622 up, 818 down and 513 unchanged. .

NYSE volume totalled 143.17 M shares. The NYSE’s composite index closed at 187.51.

The market had started the week little changed in a meandering session. The Dow Jones rose 0.82 to 2626.43.

Selected Friday closing prices (points equal JUSI) include.— Alcan 21 y 2 , Alcoa 70%, Allied Sig 35, AMAX 23%, AMBrands 68%, AmEx 34%, AmHomeProd’ 104%, Amerada 45, Armco 9%, Asarco 33%, ARCO 98%, ATT

43%, Avon Prod 36%, Bankarner 30, BethStl 16%, Boeing 58, Borden 32%, BristolMy 55%, Caterpillar 57%, CBS 201%, Chrysler 19%, Citicorp 30%, ClarkEqp 35%, Coca Cola 75%, Colgate 61%, ComwEdison 38%, ContlData 18, Crane 22, Corning Glass 40, Digital 88%, Dow Chem 93%, DuPont 114%, East Kodak 42, Englhrd 22%, Exxon 46%, Fluor 30%, Ford 44%, FrptMcmor 29%, GenDyn 49, GenElec 59%, GM 43%, Gencorp 13%, Goodyear 45%, Grace 29, Greyhound 30%, Grumman 18%, GTE 65%, Gulfßes 10%, Heinz 33, Haliburton 39%, Homestake 18, Honeywell 83, IBM 99%, INCO 30, IntlPaper 49%, ITT 58%, JandJ 55%, Morgan 43%, KMart 34, Lockheed 39%, Mattel 18%, MedonDoug 69%, Mcdonalds 31%, MerrylLynch 26%, Merck 76%, MMM 75, Mobil 57%, Monsanto 115%, Navistar 3%, NCR 60%, NewmMin 42%, Occidental 30, PacGasEl 20%, Pfizer 70%, PhelDodge 59%, PhilipMor 41%, PhilipsPet 22%, Polaroid 465/ 8 , ProctGam 129%, Raytheon 75%, ReynMetal 51%, Seagrams 85%, Searsßoe 38%, ShellTr 41%, Schlumberger 43%, Tandy 41%, Tenneco 59%, Texaco 52%, Texaslnst 30%, Timken 28, UnionCarb 23%, Unisys 14%, UnitedTec 54%, UNOCAL 26%, USX 34%, Disney 130, Warner-Lam 109%, Westinghouse 72%, Woolworth 59%, Xerox 58.