Utilities were the only stocks showing gains during the continued downward spiral of the stock market, according to Irving Katz, director of research at San Diego Securities.
San Diego Gas & Electric hit a new high of 37 1/2 as traders moved into secure, high-dividend-paying stocks, which stand to benefit next year from the proposed tax law, Katz said.
With economists predicting that interest rates will move lower as the Federal Reserve attempts to stimulate the sluggish economy, savings and loan stocks held their own. Imperial Corp. of America hit a new high of 19 3/8 on a spectacular recovery in quarterly earnings to 80 cents per share, compared to 3 cents last year, Katz said.
Home Federal Savings & Loan rose five-eighths and Great American First Savings Bank increased one-quarter on improved earnings.
Earnings reports caused most of the movement in local stock prices last week, Katz said.
Issco reached a new all-time low of 7 5/8 as it reported second-quarter earnings of $166,000, which included a pre-tax gain of $967,000. That's down from last year's comparable $613,000.