Stock Mart Declines Four Days
Wall Street fell for four straight sessions as the Dow Jones average slipped 8.81 points to 961.24. The broad market indices showed stagnation with the New York Exchange Index down .81 to 60.53 and the American Stock Exchange down .21 to 26.46. Volume was light and analysts cited entropy as traders waited for a catalyst. Two events were seen as factors: the Munich massacre of Israeli athletes and subsequent Israeli reprisals in the Middle East.
MENTIONED IN THIS ARTICLE
New York
Wall Street
New York Stock Exchange
American Stock Exchange
Bradbury K. Thurlow
Laidlaw & Co
Tsraeli
Munich
Mideast
Market Drift Toward Higher Rates Ties to Bank Actions
The piece notes a trend toward higher rates on commercial paper and treasury bills, with Mellon Bank and First National City Bank boosting the prime rate to 5 percent. William Nelson of Moody's Investors Service says fears of rising rates are exaggerated, linking them to money demand in a growing economy. The Atlantic Richfield issue leads activity on the Big Board, amid a block sale by Cities Service and profit-taking in Curtiss-Wright and GM related chatter.
MENTIONED IN THIS ARTICLE
Treasury
Mellon Bank
First National City Bank
William Nelson
Moddy
Investors Service
Atlantic Richfield
Cities Service
Justice Department
Curtiss-Wright
General Motors
Amex
Champion Home Builders
Amerada Hess
OKC Corp
Syntex
Cotton futures skid as profit taking dims weekly gains
Active cotton futures on the New York Cotton Exchange closed with net losses from 21 to 95 points as selling pressure rose on Friday. Traders cited profit taking and hedge sales after a holiday-shortened week, ahead of the Agriculture Department's forecast update and a possible higher than August 1 crop outlook of 13,343,000 bales. Trading for the four days totaled about 451,000 bales with open interest rising to 1,902,900 bales.
MENTIONED IN THIS ARTICLE
NEW York
New York Cotton Exchange
Agriculture Department
Godly
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