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Newspaper
Press Telegram
Location
Long Beach, California, United States of America
Date
Jul 06, 1977
Page
16
Trading on the New York Stock Exchange featured broad declines across sectors as investors reassessed earnings and macro signals. Major names in finance and industry saw mixed shifts with some gains offset by widespread selling, signaling continued volatility in afternoon prices.
The Justice Department challenged a major power equipment merger claiming it would eliminate actual and potential competition. The case centers on United Technologies and Space conglomerate firms that manufacture gas turbines and sell to utilities for power generation.
New York stocks showed slow progress as the Dow fell to 510.70 at noon after a 0.94 rise on Tuesday. Losers outpaced gainers on the NYSE by six to three, with investors awaiting Friday’s wholesale price index data and wary of a slower growth outlook. Book of the Month Club surged 3% after announcing a merger with Time Inc. on Tuesday.
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