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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Jan 09, 1978
Page
17
United Press International reports a broad U.S. stock picture with Abbott, Allied, AMAX, Amex and Ford among major names listed. Prices show varied highs and lows in New York trading with multiple firms posting gains and losses as analysts track late quotes and indexes.
The Dow Jones industrial average dropped 9.01 points in the first hour to 784.48, its lowest level since October 1, 1975. Advancers trailed decliners by about seven to one on the NYSE as trading remained heavy with 8.33 million shares changing hands.
Cedar Rapids hog market rose 50c with butchers 200-230 lb at 43.50-44.00, sows 300 lb 35.50-36.00, lighter and heavier ranges varied by weight. Sheep steady 60-61 for lambs, 55-60 for wool lambs. soybeans and corn futures mixed. Sioux City and Omaha reports show higher hogs and steady to firm cattle, with quoted prices and delivery details.
The U S dollar gained strength in most Western European markets at opening but slipped in London and Paris. The pound traded around 1.9170 dollars in London, while the dollar bought 2 1535 West German marks in Frankfurt and 875 8 lire in Milan. Gold softened in Zurich and London with Zurich at 168 875 dollars and London at 169 dollars.
Livestock trade slow with moderate demand. Butchers and sows up to 1.00 higher with varying grade ranges for weights. Estimated receipts 60,000. eggs and poultry markets show light offerings, steady undertone, and prices mostly steady to lower across egg grades.
The article notes rising short interest on the New York Stock Exchange and names the six stocksBethlehem Steel Du Pont Eastman Kodak International Paper Union Carbide United States Steelas part of Yale Hirsch’s “slaughtered six” list. It cites potential per-share gains from short selling and discusses risks and market context with references to Bear and Bull funds.
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