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Newspaper
Scottsdale Progress
Location
Scottsdale, Arizona, United States of America
Date
Jan 12, 1976
Page
4
The NYSE at 2 p.m. shows broad movements with many major names like Disney, Ford, RCA, Coca Cola, and McDonald's fluctuating. Leaders include DuPont and Exxon while declines touch diverse industries, reflecting mixed market sentiment and shifting investor activity.
London gold at 136.25 up 0.25. IMM Mar. gold 137.20 unchanged. Silver 4.30 up 4.2c. platinum 143.80 down 1.20. Copper 57.3c up 1. wheat 3.61 4 up 10c. corn 2.69 4 up 3c. soybeans 4.80 4 up 13c. Live cattle 41.12 up 40c. hogs 47.82 up 72c. pork bellies 72.42 down 48c. Eggs 51.75c up .15. Maine potatoes 14.25 up 13c. plywood 156.30 down 90c. cotton 62.9 up .5. sugar 14.18 up .09. Market not closed on above items.
The Dow Jones average rose to 918.06 as of 2 p.m., lifting its year start gain to over 65 points. Brokers cited steady economic news and a quarter-point cut in the bank prime rate to 7 percent as encouraging the market while profits were being pared in spots.
The American Stock Exchange released selected noon prices from its trading floor in New York. Prices for listed securities showed modest movement as traders assessed market signals and earnings expectations.
Wall Street enjoyed a stellar week as the Dow rose 52.42 points and volume on the NYSE reached 141.9 million shares, second only to the week ended January 31, 1975. Inflation worries and higher rates loom as the market faces ongoing questions about sustainability.
Goldwaters promotes Donald W. Helms to manager of the Scottsdale Fashion Square location where he began as the original store manager in 1961 and helped open the Metrocenter branch in 1973. He has 14 years with the company and participates in the Orpheus Men's Chorus.
Armour and Co restructures its businesses into four units. Armour Dial Co. furnishes new leadership with Donald J. Shaughnessy as president and CEO, while Armour Food Co. is led by Albert S. Drain. Armour Pharmaceutical Co. is headed by John W. Keays and Armour International by Oswaldo J. Ponce.
A seminar on the Magnuson Moss Warranty Act and its application to the air conditioning industry will be held at First Federal Savings in Phoenix. Sponsored by the Air Conditioning Contractors of Arizona, the event invites licensed contractors to reserve by calling 254-0175. Attorney Richard A. Steiner will speak, and his manual with warranty regulations and compliance procedures is included in the $12.50 registration fee.
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