New York Stock Exchange Transcends on Broad Trading Activity
A dense OCR ledgers snapshot shows NYSE transactions with varied securities and fluctuating prices. Amid a flood of tickers and figures, major names and indices surface, reflecting a busy trading day with pronounced activity across many issues.
Gloomy economy outlook drags down stock market
New York stocks closed lower after a bleak economic forecast for the year. The Dow Jones average fell 11.51 to 843.01 as traders cited the President’s Council of Economic Advisers predicting a sluggish economy and high inflation. Analysts warned about employment and inflation pressures amid GM’s weak first quarter outlook.
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Big retail chains see sales rise ahead of feared downturn
New York reports show January sales by the nation's largest discount and department store chains rose about 9.5 percent from a year earlier. Analysts note inflation and energy shortages were expected to curb demand, yet strong December and January results exceeded forecasts. Profit figures for the month and year were not yet released, but analysts project earnings to remain ahead of last year. Many stores posted record January sales following a stronger than expected Christmas season.
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