Closing Market Report

Star-Bulletin news services

Wednesday, May 26, 1999

Dow up 171

Associated Press

NEW YORK - Stocks rebounded strongly today as bargain-hunters returned to a turbulent market following the biggest losing streak since late March.

The Dow Jones industrial average shot up 171.07 points, a rise of 1.6 percent, to close at 10,702.16. At one point late in the session, the Dow was up 190.

Going into today's trading, the Dow had fallen four straight sessions, including a combined 298-point drop in the past two days, and was off 5 percent from its May 13 record of 11,107.19.

Meanwhile, the Standard & Poor's 500 index rose 20.36 to 1,304.76, and the technology-heavy Nasdaq composite index rose 46.28 to 2,427.18.

Decliners barely outnumbered advancers on the New York Stock Exchange, with 1,486 down, 1,459 up and 572 unchanged. NYSE volume totaled 876.74 million shares vs. 816.28 million yesterday.

The NYSE composite index rose 7.50 to 624.84, and the American Stock Exchange composite index rose 3.82 to 782.66.

The Russell 2000 index of smaller companies rose 0.96 to 435.41.

The 30-year bond fell 25/32, or $7.81 per $1,000 security, to 92 7/32. Its yield rose 6 basis points to 5.80 percent.

"The market was oversold," said Tony Dwyer, chief equity strategist at Ladenburg Thalmann & Co. "It's ready for a bounce."

Investors today returned to some conventional favorites that have faltered in recent sessions. IBM Corp., which had tumbled along with the entire technology sector, was the strongest of the Dow components today as it rose $15.06 to $236.25. A 2-for-1 split of Big Blue's stock took effect after the close of the market.

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