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Newspaper
Scottsdale Progress
Location
Scottsdale, Arizona, United States of America
Date
Apr 04, 1977
Page
5
AP reports housing sales and prices hit records as buyers pull from equities savings and easier loans. Lenders like savings and loan associations quote a February loan surge, while analysts raise 1977 starts to about two million and 1976 existing home sales hit 3 million with 32 percent higher dollar volume.
The article notes total market value reaching 166 billion dollars with resale home medians at 39000 and projections to 42000 by year end 1977. It cites John Hardin of the U S League of savings Associations explaining rising incomes and the fact that 60 percent of married couples work.
Dow Jones at 2 PM fell 4.74 points to 922.62 as 20 Trans, 15 Util and 30 Industrials show mixed moves. The napkin list of NYSE issues reveals widespread price quotes with many gains and losses across sectors and names.
Closing quotations show London gold at 150.00 up and IMM June gold at 150.90 down 1.50. Coffee 2.85, cocoa 1.72 down 5c Ib. Grains May wheat 2.68 and May corn 2.50 down 23 and 34 cents respectively. Treasury: soybeans 9.19 down 32, soybean meal 258.50 down 50, soybean oil 28.65 down 23. Cattle 38.20 up 18, hogs 35.40 down 5, pork bellies 54.07 down 43. Cotton 79.55 down 45. Market not closed.
New York AP report shows American Exchange and Dow listings with mixed gains and losses. Several issues like Allied Super and Seabird Air moved up, while names such as GiantYel and Goodrich declined.
The Dow Jones average fell to 922.62 by mid afternoon as declines edged gains about 3 to 2 on the NYSE. Volume was 10.29 million shares while inflation worries were reinforced by a purchasing managers index showing higher raw material prices. Molycorp jumped to 49 percent, Union Oil proposed a merger exchange, and Babcock & Wilcox fell on a bid by United Technologies.
The Travel Research Association will host its eighth annual conference at Mountain Shadows June 12 15 with the theme The 80s Its Impact on Travel and Tourism Marketing. Sessions cover destinations transportation marketing and travel delivery led by speakers from Best Western Continental Airlines and Saturday Review World.
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