Closing Market Report

Star-Bulletin news services

Friday, February 19, 1999

Dow up 41.32

NEW YORK -- Stock indexes ended the day higher but pulled back from substantial gains in the final 15 minutes of trading today after President Clinton reiterated that Serbian leaders will be "held accountable" if peace talks on Kosovo collapse and a NATO bombing campaign is needed there.

The Dow Jones industrials ended the day up 41.32 at 9,339.95, but a 97-point gain at 3:45 p.m. EST dwindled to nothing before the market picked up again.

The technology-heavy Nasdaq composite index gained 23.05 at 2,283.60, and the Standard & Poor's 500 composite index added 1.91 to 1,239.19.

Decliners outnumbered advancers by 1,525 to 1,390 on the New York Stock Exchange, with 608 unchanged.

NYSE volume totaled 700.55 million shares vs. 738.56 million yesterday. The NYSE composite index rose 0.10 to 586.56, and the American Stock Exchange composite index rose 2.75 to 692.57.

The Russell 2000 index of smaller companies rose 1.21 to 392.30.

The 30-year Treasury bond fell for the second straight day, dropping 7/32 to 98, pushing its yield up to 5.38 percent.

Meanwhile, technology stocks, which have been battered in recent weeks, rose for the second straight day. The Nasdaq gained 15 percent in January, but most of those gains were lost amid a steep sell-off in technology shares this month. The Nasdaq is now up only 4 percent for the year.

Fueling today's gains was CIBC Oppenheimer analyst Henry Blodget's prediction that Internet stocks would hit new highs this year. Among the stocks he thought would do especially well was Amazon.com Inc. and Yahoo! Inc.



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