Closing Market Report

Associated Press

Thursday, July 2, 1998

Dow off 23.41

NEW YORK -- Stocks finished the day slightly lower, pulled down by a slump in technology stocks and some profit-taking by investors looking to cash in on the market's recent climb.

The Dow Jones industrial average fell 23.41 points to close at 9,025.26.

Advancers led decliners by a 10-to-9 margin on the New York Stock Exchange, with 1,545 up, 1,430 down and 542 unchanged. NYSE volume totaled 509.4 million shares vs. 682.87 million yesterday.

Broad-market indicators were also down today, especially the technology-laden Nasdaq composite index.

The Standard & Poor's 500 fell 2.14 to 1,146.42, and the technology-heavy Nasdaq composite index fell 20.46 to 1,894.00. The NYSE composite index rose 0.20 to 585.80, and the American Stock Exchange composite index fell 1.39 to 721.92. The Russell 2000 index of smaller companies fell 1.54 to 458.31.

The benchmark 30-year Treasury bond rose 14/32, or $4.38 per $1,000 bond, in a holiday-shortened session, driving its yield down 3 basis points to 5.60 percent. Yields fell as low as 5.57 percent, matching the record low reached June 15.

Stocks slipped back today amid some profit-taking, with many investors looking to end the week with gains in their portfolios.

Financial markets will be closed Friday for the observance of Independence Day.

The Dow rose six of the past seven sessions, gaining 337 points, and now sits only about 180 points from May 13's record close of 9,211.84.

The blue-chip gained more than 96 points yesterday, its first close above 9,000 in three weeks.



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