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Closing Market Report

Star-Bulletin news services

Wednesday, April 14, 1999

Dow up 16.65

Associated Press

NEW YORK -- Investors anxious about earnings dumped technology shares once again today, nearly spoiling a rally in blue chip stocks that sent the Dow Jones industrials to another closing high.

The Nasdaq composite index, which is heavily weighted with technology issues, fell sharply in what was expected to be record-

high volume. The Standard & Poor's 500 index also retreated.

But as investors sold tech shares for a second day, they replaced them with manufacturing, transportation and basic-materials stocks that have been out of favor for some time. That buying sent the Dow past 10,500 for the first time, but the index gave up ground before closing up 16.65 points at 10,411.66, its third straight record high close.

The S&P 500 fell 21.38 to 1,328.44, and the Nasdaq composite lost 76.22 points to 2,507.28.

Advancers led decliners by an 11-to-7 margin on the New York Stock Exchange, with 1,769 up, 1,282 down and 532 unchanged. NYSE volume totaled 955.70 million shares, vs. 813.61 million million yesterday.

The NYSE composite index fell 6.00 to 625.67, and the American Stock Exchange composite index declined 1.68 to 736.12. The Russell 2000 index of smaller companies rose 0.15 to 417.39.

The 30-year Treasury bond fell 4/32, or $1.25 per $1,000 bond, to 96 9/32, pushing its yield up to 5.50 percent from 5.49 late yesterday. Prices and yields move in opposite directions.

In Tokyo, the Nikkei index shed .30 percent. In Europe, the DAX index in Frankfurt slipped 0.33 percent, the CAC in Paris fell 0.42 percent, and the FTSE 100 index in London declined 0.45 percent.



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