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Newspaper
Press Telegram
Location
Long Beach, California, United States of America
Date
Jul 28, 1977
Page
15
New York stocks were mixed as the Dow 40 industrials rose 43 to 988.85 while losers outweighed gainers on the NYSE. After a 75-pt drop Wednesday, the index hovered near the support level traders expected, with Beechime Steel down 1 to 225 and earnings and dividend cuts weighing on sentiment.
Standard Oil Co. of California reports first half 1970s earnings up 20 to 50 percent from a year earlier, with total first-half profits around 505 million on 10.2 billion in sales. Domestic oil and gas earnings rose, while overseas profits tailed by currency and markets. Chairman Harold Haynes cites gains in refinery throughput and higher prices across products and natural gas.
Jacob Marschak, 79, UCLA economist and pioneer of information theory in economics, died of a heart attack at UCLA Medical Center. He served as president of the American Economic Association and was the first UCLA faculty member to hold the past presidency.
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