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Newspaper
Scottsdale Progress
Location
Scottsdale, Arizona, United States of America
Date
Mar 15, 1977
Page
5
AP analysis notes CPI may look grim but consumer behavior such as cutting back, substituting items, and limited fuel use can offset higher prices. The index uses a fixed 1960s basket and excludes choices shoppers actually make, potentially dulling total dollar expenditures despite a rise in the CPI.
The piece questions how housing starts and single family unit forecasts signal economic health while stock indices are read in nominal terms. It notes 1.8 million starts in 1977 with 6.3 million single family units, and observes the Dow's nominal highs mask a real decline from its 10 year ago level, urging caution in interpreting numbers.
Arizona households bought $2.34 billion in ordinary life insurance in 1976, up $206 million from 1975, with $24.5 billion in force and an average of $30,900 per family. State rankings place Arizona 15th nationally, with national averages near $29,800. Benefit payments totaled $228 million in 1976, up from $215.5 million in 1975.
John H. Doede vice president of First Chicago Investment Corp will discuss The Role of the Private Equity Market in Acquisitions and Divestitures at the Arizona chapter meeting. Dinner at Paradise Valley Country Club highlights growth equity activities of First Chicago Corp and First National Bank of Chicago.
NYSE afternoon quotations show mixed moves with Dow and select industrials rising while transports and utilities show uneven strength. AP notes varied percentage changes across Comsat ComEd Transamerica and many major stocks, signaling a cautious session.
New York stocks climbed as investors bought heavily after a steady session. The Dow Jones Industrial Average rose 7.81 to 966.17 by 2 p.m. on heavy volume of 16.78 million shares and broad gains led by Sony Corp up as much as 10 percent. The NYSE composite and AMEX indices advanced as institutional buying returned.
The Senate unanimously adopted a resolution honoring author Alex Haley for exceptional achievement. Senator John Glenn praised Roots and its television adaptation for advancing racial understanding in the United States.
London gold at 146.50 up 1.75 per ounce. IMM June gold 149.70 up 2.40. London May coffee 3.15 up 0.08. Cocoa 7.03 up 0.18. Wheat 2.7034 down 0.ac. Soybeans 8.27 up 0.04. Oil 26.6 cents. Cattle 39.17 down 0.05. Hogs 36.25 up 0.58. Pork bellies 53.45 up 1.28. Cotton 0.806 up 0.01. Market not closed.
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