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Wall Street slips as Nixon inflation moves weigh market
Stocks closed sharply lower on Friday after four days of gains as investors reacted to President Nixon's inflation actions. The Dow fell 8.13 to 951.01 amid broad declines with 864 losers to 547 winners on the Big Board and a 13.74 million volume. Analysts cited profit taking and only mildly disappointing presidential remarks as reasons for losses, with traders noting potential rate hikes and inflationary pressures ahead. Continental Oil led volume while Martin Marietta and International Telephone also moved.
MENTIONED IN THIS ARTICLE
New York
Stoe
Nixon
Bij
Sears
Danis Abt « Granger & Co
Robert Stovall
Reynold Securities
Arthur F. Burns
Federal Reserve Board
Tomncey
Tabor
Enoug
Stovall
Continental Oil Gown
Martin Marietta