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Newspaper
Scottsdale Progress
Location
Scottsdale, Arizona, United States of America
Date
May 11, 1976
Page
6
AP analyst notes a two month narrow Dow range around 960 to 1010 points with no clear trend. Forecasters warn of a 10 to 20 percent correction possibly in May or June while investors await Fed moves and insider selling signals.
Market briefing notes Dow Jones averages surged by double digits with gains across major stocks. Investors watched volatility ease as tech and industrials led early momentum while daily breadth improved and the index hovered near session highs.
The Dow Jones industrial average rose to 1,007.95 at 2 p.m. trading, up .47, after briefly touching 1,010. Gainers led losers 7 to 6 among NYSE issues. Brokers say many investors see 1,010 as a sell point to lock in profits from the earlier surge.
The 56th annual ITT stockholders meeting will be held Wednesday in the Grand Ballroom of the Adams Hotel in Phoenix. Harold S. Geneen will address the gathering. ITT, with 1,758 shareholders and 389,000 shares in Arizona, reports Arizona activities totaling 13 million dollars in sales and revenues and 21 million dollars in insurance premiums and finance revenues from 17 units.
The Stargas additive developer William Amster seeks volunteers for testing at a 7 p.m. meeting May 17 at 4133 N. 7th St. The program aims to reduce emissions and boost mileage with lead free gasoline. Studies from Scott Research Laboratories and Arizona Health statistics show emissions reductions, while other reports note mileage gains and timing adjustments for some vehicles. Summer jobs pledge seeks 1,200 openings as part of a youth employment drive led by Phoenix business leaders and 4,000 area employers.
The bulletin lists closing prices for gold, silver, platinum, copper, grains, meats, eggs, potatoes, plywood, cotton and sugar. Notable moves include London gold at 179.00 down 5.00, IMM June gold 128.50 down 0.20, June live cattle 44.25 down 0.40, June live hogs 51.92 up 0.95, and July cotton 64.72 down 0.95 cents per pound.
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