The South Bend Tribune from South Bend, Indiana • 39

BUSINESS Sputh Bend Tribune, Sunday, June 27, 1982' 39 Summer warming stock market but still leaves investors cool it, tew IKS if Wall Street By JAMES PELTZ AP Business Writer NEW YOftK No one was happier to see summer arrive than the stock market, which responded with a. sizable rebound from its plunge of late spring. But many market watchers are having ble warming up to the thought that a sustained rally is just ahead. There are some signs for encouragement. A 10 percent cut in federal income tax rates is scheduled for July 1, along with a boost in Social Security payments.

Both should put more cash in consumers and investors pockets. That could help lead to economic recovery, which could provide companies with badly needed liquidity and perhaps enable interest rates to fall. A major uncertainty on Wall Street, the fiscal 1983 federal budget, could soon be eliminated now that Congress has approved a budget outline. Indeed, it was that approval by the House this past Tuesday and the Senate the next day that fueled the markets sharp gains in those two sessions, according to some The Dow Jones average of 30 industrials, off more than 80 points since early May when the week began, climbed 23.22 points Tuesday and Wednesday. It spent the next two sessions digesting some of those gains but finished the week up 14.46 points at 803.08.

The New York Stock Exchanges Charles Jensen, technical analyst with MKI Securities Corp. in New York. The most recent average yield on the Standard Poors index of 500 stocks was 6.35 percent. But on money funds, the latest average 30-day yield was 13.02 percent, according to the Money Fund Report, an industry newsletter. And many bonds are yielding in excess of 10 percent.

Such a spread between stocks and such other investments is not news, but remains a competitive disadvantage for stocks so long as rates stay high. And that could derail any sustainable rally, some analysts contend. Tyler Refrigeration names coporations systems engineer NILES Jim Beehler has been named systems engineer for Tyler Refrigeration according to Fayez Fi Ibrahim, vice president of re- search and der velopment. Beehler will be in charge of compression engineering. He joined Tyler last September after operating his own heatmg, air conditioning and refrigeration business for five years.

Beehler, an Osceola resident, is a part-time instructor at Indiana Vocational Technical College-North-central. He is a graduate of Purdue University with a bachelor of science in education. i NEW NEWS CENTER -WNDU engineer Jim Siem, left upper photo, and George Mol-nar, a consultant from WIPB in Muncie, operate the television control board in the recently completed WNDU studios at U.S. 33 and Dorr Road. The news studio, at left, is ready to debut with the evemng newscast on Monday, culminating a four-day move of studio cameras, videotape machines, film projectors and technical equipment.

The news set is part of a newsroom that doubles as a studio with lighting and microphone connections throughout the room. Channel 16 expects to continue normal television broadcasts while completing the move this weekend. The stations AM and FM radio affiliates moved to the new building earlier this year. Newscasts late last week from the old station were remote broadcasts using portable equipment. Tribune Staff Photos by.

Jim Kelly TRS-80 48K 2-Disk Model III new LOW PRICE! DESKTOP BUSINESS COMPUTER CUT $200 Hollys, Inc Hook Drugs 17 Indiana Financial 2 Indiana Fla. 7 Indianapolis Water 21 Kimball IntL :..18 liberty Homes 11(4 I. yon Metal Products 174 Marsh Super 13 Mayflower MCI Communications ,.45 McCormick Foods 19 McGill Mfg. ..........28 Nobility ......5 Nuclear ......11 odyssey Parkwood Homes Patrick Industries ,.2 Precious Metals 1 Preston Trucking 14 Robinson-Nugent ,13 '7 17 24 2 8 2H4 19 11 18 13. na 45 19 30 5 12 na 1 8 15 13 Area market trends Goshen Livestock Monday HOGS Fat hogs, 661.20; feeder pigs, sows, boars, $48.

CATTLE Fat cattle $68; Holstein steer, butcher cow, $52; feeder steers and heifers, $65; veal, $95; Holstein, springer heifers, $11.50. i HAY $95 Topeka Livestock Auction TUESDAY HOGS Butcher hogs, $62; butcher sows, $55. CATTLE Butcher steers, dairy cows, dairy heifers, butcher heifers, $66; Holstein steers, $63; butcher bulls, $58.50, veal calves, $90; butcher ldmbs, $59. Shipshewana Livestock Wednesday HOGS Fat hogs, $61.5063.25: feeder pigs, $45-74; sows, boars, $50.50 CATTLE Steer, butcher bulls, Holstein steer, $5664; heifers, $6568; butcher cows, $3654; feeder steers and heifers, $5268; veal, $93. LAMB Wooled lambs, $61.

HAY $4660. lleinold (Kouts) Friday HOGS Fat hogs; feeder, pigs, $40-44; sows, $49-51; boars, $44-46CATTLE Steers, $6668; heifers, $64-68; butcher cows. bulls, $53-56; feeder steers, $6062; feeder heifers, $55-57; veal, $75-80. LAMBS Wooled lambSt $5562. lleinold (Jones) Friday HOGS Fat hogs, sows, boars, $4446.

Michigan Livestock HOGS Fat hogs, feeder pigs, $51-58; sows, boars, $44-46. Silver Lake Livestock Center Friday HOGS Fat hogs, feeder pigs, $48; sows, boars, $49.75. CATTLE Steers $68.25 and heifers, $66.50: butcher cows, butcher bulls, $55; feeder steers, $5767; feeder heifers, $5465; veal $85 LAMB Wooled lambs, $56. composite index rose 0.98 to 62.72, and the American Stock Exchanges1 market value index climbed 6.05 to 252.43. Big Board turnover rose to a daily average 52.59 million shares from 48.88 million the previous week.

Despite the advance, however, some analysts doubt whether the market is poised for a sustained advance. Consider those "encouraging signs above. It is assumed that whatever budget is finally implemented, it will include a record deficit that the Treasury must finance I keeping upward pressure on interest rates. There are worries, too, that the tax cut will fuel inflation. Many investors, of course, do not invest in stocks to see how they will perform for one or two weeks.

They invest with the thinking that their stocks will improve over a period of outperforming the market. Yet for those interested in the short term, many stocks in a high interest-rate environment can look like a wrong turn from a standpoint of return on investment. One must be aware of relative yields in money market funds and bonds vis-a-vis what they may attain in the stock market, says 17.91 11.73 22.23 7.86 na 10.21 9.05. 2.70 13.31 603 531 10.38 na 1422 990 24.65 na 4.70 na na 12.06 7.04 9,25 5.17 19.15 814 8.49 739 7.40 600 16.07 5.13 Fidelity Fund Puritan Trend Fund Hamilton Funds: FHDA 4.30 Growth Income Investors Group: IDS Growth 11.10 IDS New Dimension 8.48 Mutual 8.51 Progressive 4.75 Stock 17.62 Var. Pay 7.49 Invest.

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