Stock Prices Rise as Markets Assess Crude Availability

THE JOURNAL RECORD, August 9, 1990 | Go to article overview

Stock Prices Rise as Markets Assess Crude Availability


Stocks rose Wednesday as the markets assessed prospects that many oil-producing nations could step into the breach and pump plenty of crude to prevent shortages from further Iraqi militance in the Persian Gulf.

Stock prices gained ground around the world as traders searched for bargains and expressed relief that events in the Persian Gulf appeared to show signs of stabilizing, despite the virtual shutoff of oil from Iraq and its occupied neighbor Kuwait.

``It's not as volatile a situation as it was perceived to be, and (investors) are a little more confident of taking a position,'' said James Schroeder, an analyst at Chicago-based MMS International.

The Dow Jones industrial average, which slipped 5.70 points on Tuesday for its sixth straight loss, gained 24.26 points to close at 2,734.90.

``Clearly the dominant factor in the market. . .was the alleged commitment by the Saudis that they are going to increase oil production,'' said Bob Baker, senior energy analyst at Prudential-Bache Securities Inc.

Stock prices rose on major foreign markets. In Tokyo, the Nikkei index of 225 shares recouped 856.07 points, or 3.10 percent, ending the day at 28,509.14. Traders said the rebound reflected stability in bond and currency markets.

The Nikkei lost 946.46 on Tuesday and had dropped 3,184.92 points since Thursday, when Iraq invaded Kuwait.

Prices got off to a bumpy start in Europe but managed to close higher on the London Stock Exchange. The Financial Times-Stock Exchange 100-share index was up 1.7 points, or 0.08 percent, at 2,237.5 at the close after seesawing throughout most of the session.

In other financial markets, bond prices narrowly mixed. The Treasury's auction of $10.5 billion in 10-year notes went off worse than expected and depressed the credit markets.

In the currency markets, the dollar was down against the Japanese yen but up against most European currencies. The dollar fell 0.60 yen to 150.00 yen in Tokyo but was quoted in London at 150.15 yen. It slipped again in New York, closing at 149.90. The U.S. currency rose against the German mark, the British pound and the Swiss franc.

Elsewhere, gold prices were mostly lower. On the Commodity Exchange in New York, gold bullion for current delivery settled at $383.20 a troy ounce, down $1.30 from Tuesday.

On the New York Stock Exchange, advancing issues outnumbered declining ones by better than 5 to 3, with 1,015 up, 601 down and 406 unchanged.

Trading activity slowed from the brisk pace of recent days. Volume on the floor of the Big Board came to 190.40 million shares, down from 231.58 million in the previous session.

Nationwide, consolidated volume in NYSE-listed issues, including trades in those stocks on regional exchanges and in the over-the-counter market, totaled 237. …

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