University Daily Kansan, April 6, 1984 Page 13
NATION AND WORLD
Market hits lowest level in a year
By United Press International
NEW YORK — The stock market plunged to its lowest level in a year yesterday after the nation's leading banks raised their prime lending rate for the second time in less than three weeks.
Analysts bitterly attacked the Reagan administration and Congress for failing to grip to chops with the federal budget. The states' highest rates historically high for two years.
THE SETBACK WAS the worst since the Dow fell 22.82 points on Feb. 28 and brought its six-day loss total to 44.07 points.
The Dow Jones industrial average, up six points at the outset after slipping one-fifth of a point Wednesday, plunged 18.01 points to 1,130.55, the lowest level since it finished at 1,124.71 on April 8, 1983.
The Dow Jones transportation average of airlines, railroads and trucks skidded 16.46 points to 485.39 and the Dow Jones utility average dropped 1.16
points to 124.95.
The New York Stock Exchange index lost 1.38 points to 89.33, and the price of an average share decreased 49 cents. Standard & Poor's 500-stock index routed advances to 155.04. Declines routed advances 1.38-399 among the 2.035 issues traded.
Big Board volume totaled 101,750,000 shares, up from the 92,960,000 traded
An initial buying surge fizzled after most of the nation's leading banks, headed by First National Bank of Chicago, raised their prime lending rate to a 17-month high of 12 percent in March $1.1\%$ per level adopted March 19.
THE INCREASES, while expected by many experts, had an unsettled effect on an already nervous market. Large institutions, seeing no letup in sight, threw in the towel as the day wore on and averages sank.
The overnight federal funds rate that banks charge one another rose to 10/15/16 percent this week. Several banks raised their broker-loan rates to $11\%$
percent from 11 percent.
"Wall Street is saying interest rates are too high to support the market," said George Keith of Paine Webber. President Reagan could change that, but it remains too early in the election process for him to act. The budget deficit must be cut."
William Gillard of Kidder Peabody said, "I think Congress is fooling around because the White House is not taking the leadership role in pushing through legislation to reduce the budget deficit.
"IF YOU STEP back and look at this, the market slump has been under way for nine months. It is a whistle blowing and it is getting louder and louder."
Reagan said nothing at his Wednesday night news conference about plans to cut the federal budget. The House will work on several budget measures.
After the market closed, the Federal Reserve Board reported the nation's money supply rebound. Many on the Fed said it was waiting to see whether the Fed would raise the rate.
LATIN AMERICAN FILM FESTIVAL 1984
FRIDAY, APRIL 6
7:00 P.M. LUCIA (Cuba)
Spanish with English subtitles
Directed by Humberto Solas
SATURDAY, APRIL 7
1:00 P.M. ALAMBRISTA (Mexico/U.S.A.)
Spanish and English
3:00 P.M. LUCIA
Directed by Robert M. Young
8:00 PM - 11:00 PM
8:00 P.M. BYE BYE BRAZIL (Brazil)
Portuguese with English Subtitles
Directed by Carlos Diegues
SUNDAY, APRIL 8
1:00 P.M. BYE BYE BRAZIL
3:00 P.M. LUCIA
FREE ADMISSION
CORA DOWNS AUDITORIUM, DYCHE HALL
THE COLLEGE OF LIBERAL ARTS AND SCIENCES
DEAN'S STAMP
9-12 and 1-4
102 STRONG HALL
THRU APRIL 6th ONLY
PRENURSING STUDENTS Advisors Will Be Available
Date Time Place
Wed., April 11 9-12 & 1-4 106 Strong
Thurs., April 12 9-12 & 1-4 106 Strong
Fri., April 13 1-4 p.m. 106 Strong
Thurs., April 19 9-12 & 1-4 106 Strong
Fri., April 20 9-12 & 1-4 106 Strong
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Sandwiches
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The Special 1.79 3.99
Spicy Italian 1.79 3.99
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Soft Drinks The Beverages Potato Chips 40 Potato chips 40 Large 1.09
Baskin Roft 49.59 79 Baskin Roft 49.59 79 Milk 40 Cup of Coffee 40 Cup of Coffee 1.29
Coffee 40
Salads
Italian 2.29 Cheese 2.29 Tara 2.39 Enseeded 1.49 Cheese 1.49 Cheese 1.49 Desserts
Lemonade French, Black Chocolate, Ranch, Chocolate & Oil Treatment Meal 59 Lemonade French, Black Chocolate, Ranch, Chocolate & Oil Treatment Meal 99 Kid's Stuff
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