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Publication: European Stars and Stripes Sunday, June 3, 1990

You are currently viewing page 20 of: European Stars and Stripes Sunday, June 3, 1990

     European Stars and Stripes (Newspaper) - June 3, 1990, Darmstadt, Hesse                                Page 20 a a the stars and stripes sunday june 3,1990stocks, led by ism surge 80 Points for week new York up a the Stock Market got Back on the winning track last week sparked by a rally in bellwether International business machines corp. And a drop in interest rates in the Bond Market. The Dow Jones Industrial average Rose 24.31 Friday to close at a record High of 2900.97. It gained 80.05 Points or 2.8 percent on the week. The key Index hit highs in three of the four trading sessions during the week. The Market was closed for the memorial Day Holiday. Even More encouraging the Advance broadened out sending the Standard amp poor a 500-Stock Index to record highs in each session. It Rose 8.58 on the week to 363.16. The new York Stock Exchange composite Index Rose 4.32 Points to close the week at 198.03. Advances led declines 1,283-694 among the 2,184 issues traded. Big Board volume totalled 690,533,470 shares compared with 817,687,860 a week earlier and 766,971,340 a year ago. After the memorial Day Holiday investors returned tuesday to find the Lead Story in Barrons saying that Market Leader ism May finally be free of the troubles that have weighed on its Stock for the past few years. The Stock Rose 3 v2 tuesday in Active trading and the rest of the Market followed with the Dow industrials surging almost 50  analysts said the Sharp gain last week reflected investors concern with interest rates. A a it a the perception of lower rates that a what going to drive this Market a said Brad Weekes senior vice president in charge of sales and trading at do securities corp. Weekes acknowledged however the role of ism in the rally. A it really looks like ism has turned around a Mutual funds he said. A everyone who thought it was going into the tank was crazy. The company showed How they Felt about it by buying it  Adobe systems a California software company said last week that it expected earnings for the second Quarter of 29 to 37 cents a share far below expectations. The news sparked a sellout in technology issues and the Stock plunged in the Over the counter Market. Texas utilities was the most Active Issue last week unchanged at 36 i. Philip Morris followed Oft i to 43 /4. . Gear a Glamor Stock in recent weeks was third plummeting 13 3/� to 30%. Selling in the Stock reached a Peak Friday after the company said it expected earnings for the Quarter ended May 31 to be slightly More than half what they were a year ago. Among Blue chips at amp to lost is to 433/g, ism jumped a is to 119 v2, Merck gained 4% to 84 Anh coca cola Rose 2 % to 45 Vij on the american Stock Exchange the amex Market value Index Rose 3.99 to close Friday at 363.83. Advances led declines 455-396 among the 1,003 issues traded. Amex volume totalled 58,257,135 shares compared with 79,422,240 traded a week earlier and 53,026,710 traded in the same week a year ago. A Hill Haven led the amex actives up % to 1 i. The National association of securities dealers composite Index Rose 8.45 to end the week at 462.14. Japanese firm buys Calif hotel san Francisco apr a japanese hotel Chain took Over the posh Portman hotel and changed its name after buying it for a reported $ 103 million. Tokyo corp., a Tokyo based conglomerate that owns 75 other hotels through various subsidiaries on Friday formally took Over the 331-room hotel a Block from Union Square. New owners and managers greeted employees at the hotels Back door and handed doormen Pillbox hats bearing the hotels new name pan Pacific. The japanese conglomerate paid $103 million for the Portman and a 96-year lease for the land it occupies according to reports in saturdays san Francisco chronicle. The hotel is the kind of a a trophy property that Japa Nese investors like to buy to establish an immediate presence in the american Market said Jay Scott a consultant for Laventhol amp Horwath. The 3-year-old hotel which built its reputation by offering such upscale amenities As Rolls Royce limousine service has turned in disappointing results analysts said. The previous owner was Atlanta based Portman properties headed by architect Developer John Portman. The new owners plan an advertising Blitz aimed at Southern California and new York said Robert Wilhelm managing director of the pan Pacific hotel. A your advertising budget for this year will be about $650,000, about double what it was under the Portman a Wilhelm said. 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