Closing Market Report

Star-Bulletin news services

Friday, April 9, 1999

Dow off 23.86; Nasdaq,
S&P reach records

Associated Press

NEW YORK -- A rally in technology shares today helped two broad stock market indicators set records for a fourth time this week while the Dow industrials faltered for the first time in two days as traders paused to take profits on blue-chip stocks.

The Dow Jones industrial average fell 23.86 points to close at 10,173.84. The average of 30 blue-chip stocks soared to record levels three times this week, including yesterday, when it closed at 10,197.70. Despite today's decline, the Dow is up 341.33 since last Friday and by nearly 11 percent so far this year.

The Nasdaq composite index added to yesterday's record with its 19.66-point climb to 2,593.05. Also vaulting to a new high was the Standard & Poor's 500-stock index, rising 4.37 to 1,348.35. It was the fourth closing record for the S&P 500 this week.

Advancers beat decliners by an 4-to-3 margin on the New York Stock Exchange, with 1,692 up, 1,270 down and 575 unchanged. NYSE volume totaled 712.04 million shares vs. 845.66 million yesterday. The NYSE composite index rose 2.31 at 626.59; the American Stock Exchange composite index gained 5.57 at 727.50; and the Russell 2000 index advanced 5.97 at 405.86.

The 30-year Treasury bond fell 3/32, or 93 cents per $1,000 bond, boosting its yield 1 basis point to 5.45 percent

Airline stocks advanced today after Continental Airlines' announced it had raised its fares 1-to-3 percent.

After the market closed, Compaq Computer Corp. announced its first quarter earnings would be about half analysts forecast because of plummeting computer prices.

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