European Stars and Stripes (Newspaper) - October 21, 1990, Darmstadt, Hesse                                Page 16 a a the stars and stripes sunday october 21,1990market bounces Back Oil prices plunge new York up a the Dow industrials surged last week posting their fourth largest weekly gain Ever As a plunge in Oil prices and some Good earnings reports gave Rise to a More optimistic View of the Economy. The Dow Jones Industrial average surged 68.07 Points Friday its second largest gain this year to end the week at 2520.79. It soared 122.77 for the week a or 5.12 percent. The weekly rally was the biggest since the Blue Chip Index bolted More than 220 Points for the week of nov. 2,1987, the week following the oct. 19 crash. Among broader Market indexes Standard amp poor a 500-Stock Index rallied 12.45 Points to end the week at 312.48, and the new York Stock Exchange composite Index Rose 5.98 Points to end the week at 170.40. Advances led declines 1,141-801 among the 2,175 nose issues traded last week. Weekly big Board volume totalled 901,650,030 shares compared with 780,919,910 a week earlier and 1,170,216,180 shares a year ago. Analysts said that what started out As a technical Bounce monday after a bad week the previous week turned into a True rally once Oil prices broke what seemed to be an endless upward spiral. Over the past six trading sessions Oil prices have plummeted 16,4 percent from $40,42 a barrel closing Friday at $33.79 a , Home building dips to 7-year Low Sacramento up a californians Home building slump deepened in August to a seven year Low As requests for residential building permits dropped 4.6 percent in one month a statewide builders group has said. During the first eight months of the year Home builders have pulled permits for 127,370 units Down More than 21 percent from the 161,628 permits drawn during the same period last year. The slide prompted Industry analysts to Cut their housing production estimates for 1990 and 1991. The construction Industry research Board now projects 176.000 housing units will be built in California this year and 168,000 units will be constructed next year. The Burbank group initially estimated More than 200.000 new housing units would be built both years. The downturn in construction is entered in los Angeles and Riverside counties which account for nearly half of the statewide decline in building permit requests this year. A we started the week on a Good technical foundation but ended on Good fundamentals a said Hugh Johnson chief economist at first Albany corp. In Albany . A when we started the week the Market was Ripe for a rally. It was oversold stocks looked cheap and institutional investors with Large Cash positions were itchy. The Only thing missing was the event to Start the  that event Johnson said was the break in Price of Oil which also helped bring Down Long term interest rates in the Bond Market he added that if the budget negotiations were successful a and he cited a be Elm in the Market that they would be a the Federal Reserve might Cut Short term rates this week. The House and Senate will be in negotiations Over the weekend to reconcile their differing budget Bills. Federal Reserve chairman Alan Greenspan has said that if a a a credible plan to Cut the budget deficit is reached it could mean lower Short term interest rates just the thing for an Economy Many say is already in a recession. A what this Means is that the Outlook for the Economy May still be grim but May have brightened some As the week progressed a he said. Both Johnson and Kenneth Ducey senior vice presi Dent of institutional trading at . Warburg said some better than expected earnings reports last week helped lift investors spirits. On the trading floor last week Citicorp was the most Active Issue off % to 13% but above the 52-week Low it set during the week after reporting a Sharp drop in third Quarter earnings. Philip Morris followed up 3% to 48% after a Strong earnings report wednesday. Ism was third rallying 7$ to 107% after plunging the previous week amid reports that it would delay its new entries into the Laptop computer Market. Among the other Blue chips at amp to added mfr to 33%, general electric jumped 2% to 55%, Boeing rallied 4 to 48%, coca cola jumped 4% to 45% and Eastman Kodak bolted 43a to 39% on the american Stock Exchange the amex Market value Index lost 0.26 to close Friday at 293.71. Declines led advances 431-387 among the 998 issues traded. Amex volume totalled 56,890,405 shares compared with 56,459,070 traded a week earlier and 85,011,500 traded in the same week a year ago. Continental air led the amex actives up 1% to 5%. The National association of securities dealers composite Index gained 9.81 to end the week at 337.37. Record farm income predicted Washington up banners Are Likely to Post a record net Cash income of $60 billion in 1991, the government said Friday in refining its estimates. However the agriculture department issued a warning that expenses would be higher in coming months. A abundant crops lacklustre commodity prices the Oil Shock and a weaker global economic Outlook Are putting downward pressure on banners a receipts and boosting expenses for this Quarter and into next year a the agriculture department said. The estimate of $60 billion in net Cash income was the departments most specific projection yet. One month ago it forecast that net Cash farm income would fall in the Range of $59 billion to $63 billion. The record is $58.4 billion in 1988. Net farm income continues to be forecast at $47 billion to $52 billion. Last years $49 billion was a record. Estimates of farm income and expenses in 1991 will not be released for a few More weeks although the economic research service has cited factors Likely to affect Farmers in the new year. In a report thursday it said farm Energy costs would be 10 percent to 15 percent higher in 1991, if world Oil rices average $30 a barrel for the year. An average of 40 a barrel would mean an increase of about 25 percent. Farmers Are spending about $7.2 billion on diesel fuel gasoline liquefied Petroleum Gas and electricity this year or about 6.2 percent of total Cash production expenses. The ers said High income this year and the painful financial restructuring of the past few years has put Farmers a in a stronger position to withstand a drop in income than in the Early 1980s, which were marked Fay recession and Oil shocks. World Grain production is at record Levels which will mean lower demand for . Grain in the coming year. A global Grain stocks will Rise for the first time in four years a the ers said. A wheat will account for most of the gain while feed Grain stocks Are expected to drop  . Wheat prices have slumped since Midsummer. 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