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Newspaper
Scottsdale Progress
Location
Scottsdale, Arizona, United States of America
Date
May 16, 1977
Page
5
The market section shows the Dow Jones at 934.45 with a 6.11 rise as NYSE late prices list numerous stocks with mixed moves. Major names such as Amex, Ampex, AT&T, Boeing, Coca-Cola, and Disney appear among a broad roll of corporate prices and percentages, reflecting a wide spectrum of investor activity at 2 PM.
London gold at 147.60 dn, May coffee 2.44, cocoa 1.95. IMM June gold 148.40, May silver 8.772. July copper 0.671, wheat 2.52. corn 2.404, soybeans 9.79. soybean meat 270.50, oil 31.8. Live cattle 43.65, hogs 44.65, pork bellies 60.05, cotton 0.7295. Market not closed.
The New York market rose as the Dow Jones average gained 6.11 to 934.45 while gainers outpaced losers about 9 to 5 on the NYSE. Volume reached 14.37 million shares as analysts noted Friday's small Dow rise despite a 6 percent prime rate increase. The NYSE composite dipped 0.24 to 54.37 and the ASE index rose 0.43 to 114.47.
Investors led by large institutions push for cash dividends now, dumping growth shares that miss yield goals. Firms raising payouts include McDonald’s, Coca Cola, IBM and Johnson & Johnson as inflation fears and prudent man rules steer portfolios toward security over growth. Some analysts foresee higher rates from the Fed delaying expansion, while a minority see a forthcoming market rebound.
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