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Newspaper
Scottsdale Progress
Location
Scottsdale, Arizona, United States of America
Date
Oct 14, 1974
Page
5
Selected NYSE stocks finish near session highs with many issues showing gains. Major names like Coca Cola and IBM post solid finishes while several industrials and techs trade higher amid mixed sector movements.
E F Hutton says Dow 650 to 680 may resist with a pause likely while the market has advanced rapidly. Fraser Management Associates finds gloom rising with 30 percent predicting a drop under 600 in six months and 30 percent seeing a rise above 750 in six months. A W Zelemek Associates credits Ford’s economic program for lifting sentiment despite bear market tolls and urges maintaining and potentially adding to prime securities.
London gold 154.85 down 2.15 silver 4.57 up .03 platinum 177 down 3.02 wheat 5.19 up .03 corn 3.87 up .10 soybeans 8.68 down .20 live cattle 41.45 down 1 hogs 42.32 down 1.38 fresh eggs 63.55 cents down 1.3 pork bellies 67.50 cattle price noted potatoes 6.15 down 0.05 cotton 46.75 down .37 plywood 102.50 down 3.30.
The Dow Jones averages show gains with the industrials up 26.44 to 684.61, transports 151.77 up 3.63, utilities 70.78 up 1.86, and the overall index at 216.45 up 7.10 while volume reaches 16,540,000 shares.
UPI reports a sharp intraday rally on the New York Stock Exchange with the Dow Jones up 26.59 to 684.76 as advances outpace declines 1,252 to 254. Banks cut prime lending rates to 11 percent amid expectations of further policy loosening from the Fed. Oil firms like Exxon Phillips Getty and service firms Halliburton Schlumberger led gains on stronger oil outlooks and fund manager praise.
Saks Fifth Avenue opens a larger Biltmore Fashion Park store adding 18,000 square feet for youth fashions, bringing total space to 60,000. The redesign blends Southwest Indian with modern architecture. Opening events include a charity benefit for the Arizona Costume Institute.
A reader notes higher earners save less due to spending on upscale living. The adviser explains lower incomes often save more, while wealthier people spend on dining, cars, and homes, reducing savings. The column also addresses potential home buying amid high rates, illustrating monthly costs at different rates and advising on rate outlook.
A second lecture on financing will be shown by video tape at 7 p.m. Tuesday in the Scottsdale Community College cafeteria. Carl Weinberger moderates a panel with an escrow officer, a Realtor and a mortgage banker to discuss creative financing. Licensees will receive certificates good for two hours credit toward relicensing, to be attached to 1975 renewal notices. Contact Dave Froehlich at Henderson Realty for details.
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