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Closing Market Report

Star-Bulletin news services

Tuesday, March 2, 1999

Dow loses 27

NEW YORK -- A last-ditch bid to pull the Dow industrials higher failed, and the blue-chip index ended lower along with other stock indexes, as technology stocks lost ground.

The Dow Jones industrial average dropped 27.17 points to close at 9,297.61. The Dow got as high as 9,420.95, up 96 points, then swung as low as 9,295.71, down 29 points. It popped briefly into positive territory in the final hour before descending into the close.

Decliners beat advancers by 1,557 to 1,410, with 557 unchanged, on the New York Stock Exchange. NYSE volume totaled 748.34 million shares vs. 694.24 million in the previous session.

The Standard & Poor's 500 declined 10.66 to 1,225.50. The Nasdaq composite index lost 36.15 to 2,250.03. The NYSE composite index fell 2.49 to 582.94, but the American Stock Exchange composite index rose 0.92 to 699.21. The Russell 2000 index of smaller companies rose 0.04 to 394.43.

The 30-year Treasury bond rose 25/32, or $7.81 per $1,000 bond, to 94 22/32. Its yield fell 6 basis points to 5.62 percent. Yields yesterday reached 5.68 percent, the highest since July 31.

Shares of computer stocks fell after Micron Electronics Inc. said earnings for the second quarter will be below those of the first quarter because of slower personal computer sales.

Micron Electronics' shares were down $2.621/2 at $11.81 in Nasdaq trading. Shares of its parent company, Micron Technology, were down $3.25 at $54.25 on the Big Board.

Predictions of lower personal computer sales have rattled technology stocks for several sessions. Compaq Computer also fell today.



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