Wall Street
The New York stockmarket closed on a mixed note in active trading after an erratic trading session. The Dow Jones average for 30 industrials closed 1.91 points down to 875.69, for a net gain on the week of 13.51 points. The market began the week on a bearish note because of renewed energy worries, caused in part by the problems with the Three Mile Island nuclear plant, near Harrisburg, Pennslyvania.
However, stock prices rallied on Tuesday as it became apparent that the crisis at the Harrisburg nuclear plant were abating. The market also benefited from the continued strength of the U.S. dollar in foreign exchange, and expectations of an early message from President Carter later in the week, which would include the decontrol of domestic oil prices. The market continued to rally on Wednesday, with volume reaching a fivemonth high of 41.9 M stocks traded.
On Thursday, the market was firm despite news ■ of
another sharp rise in the wholesale prices. The U.S. Government reported that the wholesale prices of finished goods rose 1 per cent last month, making a net increase of 3.3 per cent for the first quarter. Closing prices on Friday of a selection of stocks were:
Alcan, 362; Alcoa, 54*; All. Stores, 234; Amax, 544; Amerada Hess, 332; Am. Mtrs, St; Armco, 221; Asarco, 19*; Anaconda, 134; ARCO. 644; Bethlehem, 241; Boeing, 654; Boise Case, 351; Burroughs, 711; Colt, 401; Cont. Oil, 34|; Cyprus, 281; CBS, 451; Crane, 312; Dome, 89; Dow, 28S; Engelhard, 38; Firestone, 131; Ford, 432; Freeport, 421; G.M.C., 58J; Gen. Dyn., 34; G.E.C., 472; Gen. Tyre, 25g; Goodyear, 171; Greyhound, 421; Gulf Res., 122;lHomestake, 324; IBM, 318; 1.H., 401; Inco, 20*; Johns Manv., 241; Jand J., 704; Kaiser, 21; Kennecott, 23J; Kerr McGee, 301; Lockheed. 232; Louisiana Land, 272; Luken, 143; Martin Marietta, 34g; Merrill Lynch, 192; Mobil, 751; N.C.R., 692; Newmont, Mining, 253; Occ. Oil, 21?; Phelps Dodge, 271; Phillips Pet., 361; Pittson. 21J; Proler. 26s‘; Pullman, 321; Rep- Steel, 272; Reynolds Metal, 382; Royal Dutch, 68; St Joe Min, 273; Seaboard, 28; Shell Oil, 40: Shell Trans., 62 J; Socal, 49'■ Soind. 632; Soldo. 503; Exxon, Texaco, 26J; Texas Gulf, 2 • Union Oil Cal, 68g; Union < , 39J; U.S. Steel, 242; Westinghouse, 19; Wwth, 25g.
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Press, 9 April 1979, Page 27
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376Wall Street Press, 9 April 1979, Page 27
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