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Newspaper
Scottsdale Progress
Location
Scottsdale, Arizona, United States of America
Date
Feb 23, 1977
Page
5
Dow Jones industrials slip 0.75 to 939.18 while totals for trans. utilities and broad market slide. Various NYSE issues show mixed moves with many leading names trading near prior closes as traders track late prices in a volatile session.
Mobile Enterprises, Inc. offers CycleMeister house calls using two repair vans with tools and parts to service bicycles. The firm provides home service at no extra charge and emergency calls for stranded riders, with plans to expand to four vans and visit schools and retirement communities.
London gold ends at 139.30 dollars up 1.07, May coffee 2.60 up 0.07, cocoa 1.83 up 0.01, sugar 10 4/10 cents down 0.01, MM gold 140.30 up 0.50, Apr silver 4.64 5/10 up 0.62, copper 66 6/10 up 0.07, wheat 2.833 up 0.02, corn 2.5734 up 0.01, soybeans 7.63 up 0.2034, meal 219.30 up 5.50, oil 22.03 up 0.39. Live cattle 37.80 down 0.62, live hogs 36.57 down 0.18, pork bellies 54.90 down 0.67, cotton 76.25 cents unchanged. Market not closed.
AP analysis notes cycles of optimism and gloom. It describes investors avoiding heavy commitments, companies shying from capital outlays, and individuals saving or seeking quick gains in art and antiques. The piece cites concerns from the National Association of Manufacturers and economists predicting downturn.
The Business Mirror notes the United States losing vitality to big government and wary mood toward future growth. It cites falling individual market participation from 30.85 million in 1970 to 25.27 million in 1975, odd lot selling, mutual fund redemptions, lower price earnings ratios, and a Dow around 9.7. Analysts link profits drop to mid 1960s and rising employee compensation.
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