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Newspaper
Scottsdale Progress
Location
Scottsdale, Arizona, United States of America
Date
Oct 23, 1974
Page
6
NYSE quotations show varied results with several stocks advancing and others retreating. Notable listings include Am Airlines AmCan and Alcoa with differing highs lows and last prices amid fluctuating fractions and percentages.
Analysts say the market may extend its rally after a digestion period with some retracement likely to test recent gains. Rates outlook and house-building activity will shape near term direction, while institutional managers remain skeptical bulls have secured a lasting turn.
Treasury Secretary William E. Simon told the Electronics Industries Association that talk of a new low mood in the economy is dangerous because it could push policies that worsen inflation. He refused to predict a depression, stressed inflation as the top battle, and noted prices rose again in a predictable turn of events. He foresaw slower growth during anti inflation efforts and echoed Greenspan on a two year horizon to curb inflation.
London gold at 158 dollars rose 50 cents per ounce. Oct platinum up 57 cents. Wheat Dec at 5.24 down 0.05. Corn Dec at 3.77 down 0.05. Soybeans Dec at 8.30 down 0.20. Live cattle Dec 43.80 up 0.13. Live hogs Dec 44.37 down 0.25. Fresh eggs 54.55 cents down 1.80. Pork bellies Feb 70.55 down 1.50. Potatoes Maine May 5.75 up 0.10. Cotton Dec 43.38 down 1.56. Plywood Nov 104.20 down 0.20.
Interim Dow Jones figures show declines across industrials transports and utilities with moderate volume. The Dow Jones Industrial Average sits at 644.09, down 18.77 points. Transports at 149.49, down 3.25. Utilities at 67.84, down 0.64. Volume reached 12.08 million shares.
UPI reports a broad market drop on the NYSE with the Dow down 15.72 to 647.14 as declines outpace advances 1,050 to 262. Trading volume falls while durable goods orders drop 6.4 percent and the consumer price index rises 1.2 percent. Caterpillar, DuPont, and Xerox led losses amid debt offerings. Eastman Kodak and Monsanto also declined.
The article explains how the U S Bureau of Labor Statistics calculates unemployment and compares it with methods used by Canada France Germany Britain Italy Japan and others It notes US rates often appear higher due to survey methods and adjustments while highlighting similarities across systems and historical variations.
The president and the secretary of the Conference Board will address Arizona business leaders at a Thursday luncheon at the Towne House. Alexander B. Trowbridge and Dr. George H. Brown will discuss short-term economic outlook and how the Conference Board analyzes U.S. and global trends.
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