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Newspaper
Press Telegram
Location
Long Beach, California, United States of America
Date
Apr 02, 1966
Page
2
A turbulent market week sees cautious gains in industrials amid a firemen strike and thin volume. Dow Jones advances partially recover losses while a broader S&P index rallies, with Dow theorists citing spring dynamics and potential retracements for near term recovery and buying opportunities.
A chaotic market report shows mixed signals with February decline easing bid activity improving for growth stocks while blue chips stay weak. Investors weigh tax increase talk and inflation fears as several large industrial names are highlighted among assorted prices and market movers.
Easter sales rise nationwide with retailers reporting gains of 2 to 5 percent over 1965. Department store sales up around 9 to 19 percent, aided by brighter fashions, cheaper prints, and promotional buys. Executives note higher prices but solid consumer money flow, with pockets like New Orleans and Boston showing strong activity despite tax changes.
In New York and Ohio reports, two Italian made cars designed for safety draw praise and show sales gains. Stores in Cleveland Columbus and Cincinnati report up to 30 percent higher sales amid warm weather and improved consumer finances. An official notes rising spending while others describe cautious optimism about new safety features like ejectable windows and reinforced doors.
A fragmentary report notes a Russ Singapore agreement aiming at an intraday trade setup with 75 percent recovery targets. It mentions figures around 977 and 974.13 and a goal for each country to establish a trade basis, with references to the Soviet Union and Singapore in the capital locations.
Dr Albert W Dent head of the National Tuberculosis Association says smog is a contributory factor in a substantial rise in tuberculosis incidence in Los Angeles County over 20 months. He spoke after the Tuberculosis and Health Association meeting noting LA had 100 more cases in 1965 than 1964.
California's March business activity reached a record $83.49 billion, with spending rising 1.2 percent from February and personal income up 1.57 percent. The Bank of California noted a longer work week in industry and a 8.94 percent seasonally adjusted annual rise in government spending, while firms and individuals contributed to the record pace.
Rail strike slows national commerce with about 260000 workers idled and widespread disruptions. Automotive plants curtail shifts at GM and Ford, while Los Angeles operations nearly halt and mail delays spread. Other industries face layoffs and backlogs across Pacific Northwest to Georgia, with total production losses in the auto sector reaching tens of thousands of cars.
The Office of Education announced six month work study grants starting July 1 totaling 7.1 million across 127 California colleges. Long Beach State College received 405610 for 33 students, second only to UC Berkeley's larger award. Other grants include Irvine 79727 for 192 students and Cerritos 17100 for 85 students among many listings.
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