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Newspaper
Press Telegram
Location
Long Beach, California, United States of America
Date
Feb 19, 1974
Page
14
Traders watched a volatile session on the New York Stock Exchange with mixed readings as the market closed. Several names moved modestly, while questions lingered over the day’s broader direction for investors and analysts.
New York stocks rose briefly on hopes of Arab oil embargo easing as Nixon met with Saudi and other ministers, but the Dow closed down 18 at 819.54. Volume rose, with Admiral Corp leading the Big Board decline after merging terms with Rockwell International. Amex leaders included Giant Yellowknife.
DETROIT reports a record 10-day supply of unsold cars, enough to last into May even if plants close. Hot selling small cars remain scarce and fetch full sticker prices, while standard size models offer deep discounts. Factory layoffs pace continues, with one week furloughs and permanent reductions in large car production.
Sebring Vanguard announced plans to mass produce an electric car recharged by plugging into a wall outlet. They aim to build 2,009 cars this year, with a top speed of about 50 miles per hour and an eight foot length.
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