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Newspaper
Press Telegram
Location
Long Beach, California, United States of America
Date
Jul 26, 1977
Page
6
Daily 1 PM quotations show broad activity across sectors. Investors watch price movements for major firms including banks and energy companies as market breadth remains mixed amid shifting demand signals.
Renewed concern over the economic outlook kept spirits weak and stock prices lower for a second straight session in New York. The noon Dow Jones average fell 6.50 to 1077.74 as losers outpaced advancers on the NYSE. The Dow’s dip ended a six day run of gains, Exxon led activity with a modest drop after reporting weaker second quarter earnings. The NYSE composite dipped .31 to 54.98 and the American Stock Exchange index fell .63 to 122.78 as volume reached 1.7 million shares by noon. Polarvid raised its quarterly dividend and gained slightly.
Dry weather and spring rains drive a wheat surplus as Kansas elevators fill and prices fall. National carryover tops 7 billion bushels while Kansas production nears a 1974-like 481.3 million bushels. U S wheat output exceeds 2.64 billion, with bread costs mostly set by milling and farming in western Kansas. Wendell White, farming 2,500 acres near Gooland, notes overproduction.
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