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Publication: European Stars and Stripes Sunday, December 9, 1990

You are currently viewing page 16 of: European Stars and Stripes Sunday, December 9, 1990

     European Stars and Stripes (Newspaper) - December 9, 1990, Darmstadt, Hesse                                Page 16 a a the stars and stripes sunday december 9,1989market improves slightly during week new York up a stocks gained ground last week but fears about the Economy reasserted them selves and Cut Shott a midweek rally which had been fuelled by peace overtures in the Mideast. The Dow Jones Industrial average lost 12.38 Friday to end the week at 2590.10. It Rose 30.45 for the week or 1.19 percent. Among broader Market indexes Standard amp poor s 500-Stock Index Rose 5.53 to end the week at 327.75 and the new York Stock Exchange composite Index added 3.01 to end the week at 179.07. Advances led declines 1,285656 among the 2,182 nose issues traded last week. Weekly big Board volume totalled 990,005,470 shares compared with 757,693,840 a week earlier and 757,800,300 shares a year ago. The Market see sawed last week gaining monday tuesday and wednesday closing mixed thursday and lower Friday. A a after an uneventful monday dovish signals from the Mideast sustained the Market s rally tuesday and wednesday. Prices gained tuesday thanks to a British television report that Iraq had outlined a proposal for withdrawal from Kuwait even though the state department said it knew nothing about the report. Stocks rallied wednesday in heavy trading As optimism grew that the persian Gulf crisis would be solved diplomatically. The state department announced that Iraq had accepted president Bush a offer to hold talks on the Mideast crisis. The Dow surged 30 Points to close above the 2600 level for the first time since sept. 12. The most dramatic news from the Mideast came thursday when iraqi president Saddam Hussein said he would release All foreign hostages being held by Baghdad. While the Dow bolted 30 Points on the opening the Advance faded and the Blue Chip average turned lower by the afternoon when in my a Stock tumbled. Big Blue was done in by Market rumours that the com pm no huh he pit i Orlino  Par nines pct maps i optimism fear about How company earnings would fare in the faltering Economy. The government s report on november employment Friday Only served to add to the nervousness. Stocks closed lower Friday despite an interest rate Cut by the Federal Reserve and a prime rate Cut by a few Small Banks after the government reported a Rise of 0.2 percent in the jobless rate and an unexpectedly Steep drop in the number of non farm jobs. A even though we were up this week its a Little disturbing because i done to believe we could have had better news than the peace offensive a the offer to Exchange negotiators and the offer to release the hostages a said Hugh Johnson chief economist at first Albany corp. In Albany . A a it a Clear that we re headed toward a peaceful Reso Lution in the Mideast and that a been a real dark Cloud Over the Market for a Long time a he continued. A now despite the fact that we be removed the ominous dark Cloud the Market has not sustained its up move from earlier in the week and that Means the focus has shifted Back to the  Johnson said the forces last week that helped bring about that shift were a weak purchasing managers Survey the gloomy report on car sales for the latest 10-Day period and last but certainly not least the Job figures riday. On the trading floor last week at amp to was the most Active Issue off 2% to 29% in a week when it launched a hostile $90-a-share bid for nor which catapulted 35 to 91%. Citicorp followed up 2% to 14% As financial issues recover Etc from their recent battering when the fed said it would ease some Bank Reserve requirements. First Bank system was third up 2% to 14%. Among the other Blue chips ism lost 1% to 112%, american express Rose 1% to 21%, general electric added 2% to 57% and Philip Morris gained 1% to 50. On the american Stock Exchange the amex Market value Index Rose 4,66 to close Friday at 306.45. Advances led declines 459-357 among the 998 issues traded. Amex volume totalled 64,409,155 shares compared with 60,448,405 traded a week earlier and 64,199,330 traded in the same week a year  funds from Pago 15 Nolc Tolat group v Mich a a a 36.07 no. A cell  no .03a Chen 3.09 my. A Chat v 11.88 no .05. Node tvs 682 no .01. Neon Var 23.86 23.86 .03 Mel nver a 0.16 8.16 Nodurf 15.30 15,30 ,59 North am set to a Agap. 6.09 6.39 01 a Knaap 8.75 9.19 .05 go the 8.88 9.32 .02 a Damp 7 01 7.36 .02 a sgt p 9,71 10,19 .06 Nuveen fund a a Casic 9.85 10.34 .01 Cains a 9.63 10.11ins Nat 9.63 10.11 .01 Mund. 8.84 9.28 ,01 Nyit 9.28 9.74 .0 Ohof. 9.57 1005tama 8 81 9.25tony a 9.40 9.87 a a brews. 11 45 11 93 .07 of Euln 10.69 no .08. 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