The Palm Beach Post from West Palm Beach, Florida on January 1, 1977 · Page 3
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The Palm Beach Post from West Palm Beach, Florida · Page 3

West Palm Beach, Florida
Issue Date:
Saturday, January 1, 1977
Page 3
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Dow Ends Year Above 1,000 For First Time Since 1 972 Stock market Profile Palm Beach Post-Times. Saturday, January 1, 1977-A3 Social Security Tax Maximum To Go Up Volume 19.1 million 1,124 397 NEW YORK (UPI) - The stock market closed out its busiest year ever yesterday with a rally on the New York Stock Exchange that left the Dow Jones Industrial Average above the 1,000 level at year-end for the first time since 1972. The blue-chip Dow rose 5.56 points to 1,004.65, picking up steam in the last half hour. In 1972, the closely watched average finished at 1,020.02, the highest year-end closing in its history. The Dow reached an all-time high of 1,051.70 on Jan. 11, 1973. Its high this year was 1,014.79 on Sept. 21. A 4.16-point winner Thursday, the Dow battled throughout the day with profit taking pressures that blunted 12 previous attempts at the 1,000 level. Wall Street cheered as the Dow finished with a gain of 152.24 points, or 17.8 per cent, for the year, includ-. ing 19.03 this week. Other measurements of the market also registered gains. The NYSE common stock index gained 0.32 to a 1976 high of 57.88 and the average price of a common share increased by 19 cents. Standard & Poor's 500-stock index, which includes some over-the-counter stocks, gained 0.95 to close at a 1976 high of 108.38. Advances routed declines, 1,124 381, among the 1,902 issues crossing the tape. The turnover of 19,170,000 shares, compared with 23,700,000 traded Thursday, pushed the total for the year to approximately 5.4 billion shares. This topped the previous record of 4.6 billion set in 1975. In addition, the 534,580,240 shares traded in December, the best turnover since February, was the third heaviest in NYSE history. Some buying was sparked by indications the economy was improving. November's leading indicators registered their best gain in five months and new construction registered a sharp gain. The hectic trading indicated institutions, who completed tax selling, were reinvesting. Tax selling remained a factor, however, because the deadline is this session. Texaco led the Big Board active list, up V8 to 27 on 166,100 shares. Simplicity pattern followed, up 1 to 15 on 148,700 shares. Coca Cola Bottling Co. of New York was third, up Vz to 8 on 143,000 shares. Prices closed higher on the American Stock Exchange with the AMEX Market Value Index rising to its highest level since Sept. 4, 1973 when the indicator was first introduced. The price of an average share rose 12 cents. Volume was 3,900,000 shares, compared with 3,790,000 shares Thursday. 381 unchanged WASHINGTON (AP) - Millions of Americans will pay as much as $70.-20 more in Social Security taxes in the new year. By law, the maximum annual tax payment increases from $895.05 in 1976 to $965.25 in 1977. Forty years ago, in 1937, the maximum tax was $30 a year. But only the 19 million or so Americans earning more than $15,-300 will pay a higher tax in 1977. The tax rate on a worker's income will remain at 5.85 per cent, so persons who earn less than $15,300 will not pay any more than they paid on the same amount of earnings last year. In 1976, a worker had paid all Social Security tax obligations by the time he reached the $15,300 salary level, and income over this was not subject to additional tax. Persons for whom tax deductions stopped in 1976 after they reached the cutoff point will find the tax is being deducted from their checks longer. The cutoff for wages and salaries in 1977 has been raised to $16,500, above which no additional Social Security tax will be collected. About 16 million workers earn more than $16,-500. The increase in the tax is automatic in the year after which there has been an increase in Social Security benefits, which rose 6.4 per cent in 1976. The maximum Social Security tax on self-employed persons will rise from $1,208.70 to $1,303.50 in 1976. The increases, which have to be matched by employers, will produce an estimated $2.3 billion NYSE .32 ASE 1.18 S & P .95 Dow Jones 5.56 o (?Cy BjiIG AND (7 (7 SAVE 20 TO 50 AND MORE ON SUNDAY, We're kicking off the new year with a giant clear-out of bargains! Hurry in. We've reduced prices even more on women's fashions, men's clothing and accessories. Buys for the children. Toys. Sporting goods. Stereo. TV. Carpeting. And furniture. In fact, every department in every Burdines store has a super group of floor samples and one-of-a-kind treasures. Better be early for best selection. Oh, and don't forget your Burdines credit card MISSES' SPORTSWEAR. Wow! A kaleidoscope of tops and pants galore! Skirts and sweaters, too! Come early for best selection save 30 to 50 MISSES' DRESSES. A choice of pants, dresses, cocktail dresses too. Tunic tops, dressy skirt sets save 30 to 50 and more JUNIOR SPORTSWEAR has tops and pants and sweaters and dresses. Lots of new looks to fill out your wardrobe. What values! save 30 to 50 JUNIOR JEWELRY. Young and contemporary. Bangles and bracelets and necklaces, even shoulder bags at the craziest low prices ever save 30 to 50 INTIMATE APPAREL. Our coveted designer sleepwear collection includes long and short . gowns, slips and bikinis. Famous names! save 30 to 50 MEN'S CLOTHING. Suits, leisure suits and stacks of slacks. Famous names and Florida-weight fabrics in the group save 30 to 50 MEN'S CONTEMPORARY SLACKS. From Jupiter of Paris. All with their famous body-conscious fit. All belted. Wanted colors and sizes will go fast save 20 GIRLS' SPORTSWEAR. Stock up on dress pants, jeans, long and short sleeve shirts. Limited quantities, so hurry! Sizes 4-6x, 7-14 save 25 to 40 GIRLS' DRESSES. We've frilly and fancy and grown-up type dresses for girls, 2-4, 4-6x, and 7-1 4. Easy care fabrics in group save 30 to 50 HOME FURNISHINGS. Come in for lamps, rugs, carpeting-by-the-yard. Sofas, sleepers, recliners, dining rooms, wicker pieces, too save 20 to 50 shop Sunday 12:00 to 5:30 p.m... enjoy our free parking WEST PALM BEACH: CLOSER TO YOU AT CLEMATIS AND DIXIE

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