Wall Street traders pulled back some last week as they waited for the Federal Reserve Board to make its next move. The Fed had disappointed traders early in the week when it failed to cut the discount rate to 9 percent, from 9 1/2 percent. Many traders had been hoping for such a cut to help keep the bond market rally intact. But comments in midweek by Paul Volcker, the Fed chairman, indicated interest rates would be trending lower. This helped stocks to rally on Wednesday and Thursday. By the end of the week the Dow Jones industrial average had fallen 18.67 points, closing at 1021.25.
AT&T was active after it announced its big stock offering.