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Lubbock Avalanche Journal in Lubbock, Texas

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Newspaper

Lubbock Avalanche Journal

Location

Lubbock, Texas, United States of America

Date

May 06, 1966

Page

7

Markets Plunge Sharply After GM Cutbacks Hit Stocks

New York stocks fell sharply as General Motors cut production at four plants amid weak auto sales and high inventories. The Dow dropped to 99.77, its lowest since Kennedy's assassination, with 1089 declines and 180 advances among 1412 issues. The AP composite and S&P also slipped, while bonds rose and Treasuries stayed steady.

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Market Signals From A Turbulent Trading Day

Traders watched a broad market session with mixed results as blue chip issues such as Packard and Texaco showed activity while rail, steel, and cotton-related names moved in thin volume. The report highlights closing levels, price shifts, and notable gains by several corporate issues amid overall volatility.

Wool Market Prices Decline Amid Trading Slowdown

Amid a sparse New York wool market, certificated sales were largely muted as brokers reported subdued bidding and uncertain demand. Several named firms and insurers appear in the scattered listings, including Republic National Life and Southwestern Mortgage, while energy and rail-related names surface in unrelated notes.

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