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Newspaper
Scottsdale Progress
Location
Scottsdale, Arizona, United States of America
Date
Dec 22, 1976
Page
5
New investors, many with no prior market memory, watch steady Dow levels around 970 and 1052 in 1972 history, hopeful that inflation is tamed and rates fall. They seek low price earnings stocks, growth prospects, and a confidence boost from the new president’s fiscal stimulus and programs.
William T. O'Donnell of Scottsdale becomes marketing manager for Motorola Government Electronics Division in Scottsdale. He will lead Mini-Ranger sales for geophysical surveying. James R. McKirchy promoted to assistant branch manager at The Arizona Bank Scottsdale Main. Edward C. Wagner marks 25 years with Mountain Bell Scottsdale. A $26,260 Defense contract to Motorola covers 101 power controls.
Late trading on the New York Stock Exchange shows mixed national prices with the Dow Jones averages hovering around unchanged. Investors weigh utilities and consumer goods while notable leaders like Coca Cola, Boeing, and General Mills post varied figures on a volatile afternoon.
The New York Stock Exchange shows varied moves with many listed companies posting mixed results. Notable entries include American Hycel, Instrum Sys, Nat Paraga, NProc, EarthRes, and many others with small percentage shifts.
Federal Reserve Chairman Burns told the Senate Banking Committee that price stability remains his focus amid high unemployment. Senator Proxmire urged expanding money supply and deficit spending to spur jobs, signaling potential congressional pressure to loosen the Fed.
The New York market rose solidly with the Dow advancing 9.48 to 987.87 by 2 p.m. and volume at 22.65 million shares. GM led gains to a three year high near 77 while A B Dick slipped to 7 percent as advancers outpaced decliners 5 to 2 on the NYSE.
London gold holds at 133.25 while IMM Mar gold falls 70 cents to 134.80. February silver 4.38 1 2 remains. copper at 41.9 cents. Mar corn 2.49 up 13 4. soybeans 4.89 up 14 cents. Soybean meal 201.20 down 20 cents. soybean oil 21.35 up 0.09. Live cattle 40.45 up 53. live hogs 35.72 up 22. Lumber 193.40 up 70 cents. cotton 75.45 up 0.03. sugar 7.97 up 0.14. Market not closed.
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