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Newspaper
Press Telegram
Location
Long Beach, California, United States of America
Date
Jun 25, 1973
Page
8
A volatile trading day on the New York Stock Exchange saw broad declines and gains across many sectors. Investors reacted to mixed economic signals with notable activity in technology and industrials as analysts reassessed earnings forecasts and interest rate expectations.
In New York the Dow fell 10.69 to 869.12 as trading ran slow on the NYSE with 283 declines vs 42 advances. Analysts cited Watergate hearings involving John W. Dean and ongoing economic worries as major downward forces, while traders awaited Phase 4 clarity and headlines tonight.
Industry spokesmen warn farmers face higher costs and tighter supplies as grain prices soar. Poultry producer Abil Massey cites pressure to pay out more than received, while Bruce Hettle predicts slower meat markets and possible shortages. Cost of Living Council probes the 60 day price freeze amid broader farm cutbacks and rising feed costs.
Rubber workers at most Firestone Tire plants nationwide returned to work while the United Rubber Workers delayed ratifying a tentative contract. Only one local vote, in Pottstown Pennsylvania, approved the deal by about four to one. Picket lines remained at Decatur Illinois and Bloomington Illinois as other locals awaited Thursday vote results.
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