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Modest Uptur Fails To Pull Market Out Of Down Trend
In New York on Friday the stock market remained in a downtrend as a modest uptick in blue chips failed to lift the market. The Dow Jones industrial average slipped 6.81 points to 335.43 for the week, with transportation and utilities down and volume at 17.61 million on the NYSE. Major blue chips such as Eastman Kodak, Procter & Gamble, General Motors and Ford rose modestly while Xerox and Texas Instruments gained, IBM held steady, and Houston Oil & Minerals fell despite a small earnings rise. The market cited rising interest rates and inflation fears, with activity subdued overall as investors waited on Fed commentary from Chairman Arthur Burns.
MENTIONED IN THIS ARTICLE
New York
Dow Jones
New York Stock Exchange
Salume
Wall Street
Arthur Burns
Federal Reserve Boar
Standard & Poor
S&p
Galitsan
Eastman Kodak
Procter & Gamble
General Motors
Ford Motor
Ford
Xerox
Texas Instruments
Minnesota Mining & Manufacturing
IBM
Sony
Fey
Houston Oil & Minerals
American Stove Exchange