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The Daily Dow LEXINGTON, KY. (November 11): With the bond market closed for Veterans Day, stocks went it alone today, and even though it was a somewhat quiet day, by the time the closing bell rang, all three major indices were again in record territory.
This week is a jam-packed one, though, so expect some gyrations. The traders will be rejoicing or fretting over both Consumer and Producer Price Indices later in the week as well as Wednesday's Federal Reserve Open Market Committee meeting.
3M continues to advance nicely, but the real powerhouse today was Eastman Kodak, which tagged on more than two points after First Boston named it as their featured stock of the week.
Chevron announced its capital spending plans for 1997 today at the American Petroleum Institute meeting. After spending approximately $5 billion this year, Chairman and CEO Kenneth Derr believes Chevron will invest some $5.5 billion in 1997.
Chief among Chevron's proposed investments are international exploration and production operations, as well as deep-water projects in the Gulf of Mexico. Derr also claimed that the company is close to an agreement with government authorities in Kazakhstan on a new pipeline plan to export crude oil from the Tengiz field.
Looking ahead, Chevron and General Motors both go ex-dividend tomorrow. Chevron is paying 54 cents per share and General Motors is paying 40. In case you're not sure, if you already own the stock at tomorrow's opening bell, you will get the dividend, even if you were to sell the stock tomorrow. If you buy those stocks tomorrow, you are getting them literally "without dividend" so you'll get your first quarterly pay-out in three months. The price will also be dropped at the open tomorrow an amount equal to the dividend. Today's Dow Numbers
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