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Newspaper
Scottsdale Progress
Location
Scottsdale, Arizona, United States of America
Date
May 23, 1977
Page
5
Dow Jones industrial average at 2 pm stood at 921.90 down 8.56 points while transport and utilities showed minor changes. The AP report lists late national prices for NYSE issues with many company names and fluctuating bid and last prices across sectors.
Selected national prices for American Stock Exchange issues listed by symbol with diverse moves. Notable shifts include AllegAir, Asamera, AutmRad, and Canal among others, reflecting varied performances across sectors.
The NYSE and AMEX list the stocks and warrants with the biggest percentage gains and losses for Monday. Names include Libty Loan 4% YM, Cadence Ind, ComEd Bh, Rex Noreco, Pioneer Tex, Int Folve, AMAX, and others, with notes on last price and percent change. No securities below $2 are included.
London gold 146.20 dn 9c 62. London May coffee 2.76 dn 1c Ib. London May cocoa 2.42 unchanged ib. London Mar 78 sugar 10.1 dn tc tb. IMM June gold 145.20 dn 1.70 oz. May silver 4.57 dm 6.3¢ oz. July copper 60.8c dn tc tb. July wheat 2.49 2 up 1ac bushel. July corn 2.43 up 3c bushel. July soybeans 9.16 dn Jac bushel. July soybean meal 250.50 up 4.50 fon. July soybean oil 30.25 dn 97¢ Ib. June live cattle 41.82 dn 22c cwt. June live hogs 45.47 up 22c cwt. July pork bellies 56.70 up 42c cwt. July cotton 70.15c dn 34c Ib. Market not closed.
AP analysis notes April consumer prices increased as expected, challenging the Carter administration’s target of cutting inflation to about 4 percent by 1978. Last year’s rise hit 4.8 percent, while earlier targets climbed from 5.3 to 6.7 percent, with current wholesale inflation running around 12 percent, signaling potential pass through to retail.
The administration warns against rosy inflation forecasts while inflationary expectations fuel fear. Weather and food costs push CPI up. experts doubt voluntary wage price restraints will curb trends. Analysts question credibility of optimistic projections and warn of temporary gains.
The New York market declined as inflation fears and higher interest rates weighed on investor sentiment. The 2 p.m. Dow stood at 921.90, down 8.56, with volumes around 11.82 million shares as traders digest a Labor Department CPI report showing April prices up 0.8 percent.
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