Closing Market Report

Star-Bulletin news services

Friday, October 23, 1998

Dow off 80.85

NEW YORK -- Smaller-company stocks rose for an eight straight session, but the Dow industrials and other popular measures ended their winning streaks as investors secured some gains before the weekend.

The Dow Jones industrial average fell 80.85 points to 8,452.29, giving back most of its slim 116-point gain from the past four days and trimming the week's gain to 35.53.

The Dow had risen nearly 600 points during the preceding seven trading days, posting its first winning streak of that length since June 1997.

By finishing lower today, the Dow missed out on its first eight-session winning streak since December 1996.

Most broad-market indicators also succumbed to some profit-taking from Wall Street's big two-week rebound, but the Russell 2000 index of smaller companies rose as investors continued to hunt for bargains in that battered sector.

The Standard & Poor's 500 fell 7.81 to 1,070.67, and the technology-heavy Nasdaq composite index fell 8.78 to 1,693.86.

Decliners outnumbered advancers by a 4-to-3 margin on the New York Stock Exchange, with 1,285 up, 1,709 down and 515 unchanged.

NYSE volume totaled 632.31 million shares, down from 742.64 million yesterday.

The NYSE composite index fell 3.18 to 529.82, and the American Stock Exchange composite index fell 0.66 to 628.21.

The Russell 2000 index of smaller companies rose 0.65 to 367.05.

The 30-year Treasury bond fell 18/32 to 104 31/32, with the yield rising to 5.17 percent.

Overseas, Tokyo's Nikkei stock average fell 1.1 percent.



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