Closing Market Report

Star-Bulletin news services

Wednesday, April 7, 1999

Dow soars 121.82
to 10,085

NEW YORK -- The Dow Jones industrial average soared in the last hour of trading today and hit a record close as investors, nervous about upcoming earnings reports, sought the relative safety of blue-chip stocks.

The Dow Jones industrial average gained 121.82 points, or 1.2 percent, to close at 10,085.31. It was the Dow's third close above 10,000, and eclipsed the previous high close of 10,007.33, reached Monday.

Broader stock indicators were mixed, reflecting the fact that investors for the time being are turning away from unpredictable technology stocks and moving their money to blue-chips that are seen as surer bets.

The Nasdaq composite index, heavily weighted in technology issues, fell 18.74 to 2,544.43, and the Standard & Poor's 500 index rose 9.00 to 1,326.89.

Decliners beat advancers by an 8-to-7 margin on the New York Stock Exchange, with 1,596 up, 1,372 down and 565 unchanged. NYSE volume totaled 817.81 million shares vs. 790.91 million yesterday. The NYSE composite rose 3.91 to 616.23, and the American Stock Exchange composite gained 2.09 to 717.30. The Russell 2000 index fell 3.31 to 397.77.

The benchmark 30-year U.S. Treasury bond, rose 5/32, or $1.56 per $1,000 security, to 96 7/32, pushing its yield down to 5.51 percent from 5.52 percent yesterday. Today's yield was the lowest since March 18.

Stocks opened strongly as aluminum maker Alcoa Inc. released first-quarter earnings that soundly beat analysts' expectations.

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