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Newspaper
Scottsdale Progress
Location
Scottsdale, Arizona, United States of America
Date
Dec 29, 1976
Page
5
New York AP reports at 2 p.m. Dow Jones averages show a mixed session with declines in Industrials and several major issues. Traders monitor broad stock prices as late national quotes list gains for AMBAC AmR and AmEx amid fluctuating values across energy, finance, and tech groups.
A market wrap showing varied fractional changes across many equities. Names like Aegis Corp, AtlasCM, AMIC Sarg, and Norada figure in brief price moves amid an overall drift, with spot quotes and intraday shifts indicating a volatile trading session.
AP reports the Gift Exchange in West Los Angeles, founded 19 years ago by Marlene Lyons, remains busy after Christmas. The exchange offers lifetime credit equal to the gifted item’s price minus a 20 percent service charge, with 29 percent inventory turnover weekly and consignment for items valued higher than offered.
A columnist outlines how to treat worthless securities for capital loss purposes. Losses depend on holding period, with long term if owned over six months and short term otherwise. The piece also covers deductible debt losses to relatives and travel expense deductions when traveling for work, including limits and employer reimbursement rules.
Litton Industries electron tube division wins an $18.5 million Army contract to manufacture about 2,700 night vision goggles. Work runs through 1978 from Litton’s Tempe plant, with development by Fort Monmouth and Fort Belvoir labs.
Quotations courtesy of Madda Trading Company list London gold at 134.00 up 1.75, IMM Mar gold 135.80 up .70, Feb silver 4.4399 up .07, copper 63c down 3c, Mar wheat 2.79 2 down 1, Mar corn 2.5634 up 2, Jan soybeans 7.00 down 5.4, soybean meal 207.20 down .20, soybean oil 21.25 down .29, Feb live cattle 40.22 down .06, Feb live hogs 37.60 down .62, Mar lumber 194.10 down 1.80, cotton 73 up .03, sugar 7.77 up .06. Market not closed.
AP Business Analyst John Cunniff notes a rapid shift in outlook from the President-elect, who saw the economy as bad and worsening to a more encouraged view. Oil prices, indicators, monetary policy, personal income, and retail sales show improvement, yet market analyses continue to influence opinions daily.
A Smith Barney analysis highlights a larger October retail sales revision boosting November activity and lifting Real GNP growth estimates to about 4 percent. The piece notes revisions often drive mood more than the underlying events and cautions about premature conclusions.
The Dow Jones average dipped to 998.01 as profit taking cooled a recent surge above 1000. At midafternoon the index stood with 8 losers to 7 gainers on the NYSE, volume at 15.51 million shares, while the government index of leading indicators rose 1 percent for the month, signaling possible economic strength.
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