Closing Market Report

Star-Bulletin news services

Tuesday, June 15, 1999

Dow up 31.66

NEW YORK - Stocks rose moderately today as investors scooped up Internet, pharmaceutical and oil company shares at bargain prices yet waited anxiously for tomorrow's report on consumer prices.

The Dow Jones industrial average was up 31.66 at 10,594.99.

Broader stock indicators were also modestly higher. The technology-laden Nasdaq composite index rose 16.36 to 2,414.67 and the Standard & Poor's 500 index was up 7.16 at 1,301.16.

Advancers outnumbered decliners by a 6-to-5 margin on the New York Stock Exchange, with 1,634 up, 1,357 down and 551 unchanged.

NYSE volume totaled 697.09 million shares vs. 671.38 million yesterday. The NYSE composite index rose 2.68 at 622.28 and the American Stock Exchange composite index rose 1.23 at 763.92. The Russell 2000 index of smaller companies rose 2.48 at 434.01

The 30-year Treasury bond fell 3/32, or 94 cents per $1,000 security, to 88 09/32. Its yield rose 1 basis point to 6.11 percent, yet is down from Friday's 19-month high of 6.17 percent.

Treasuries rose earlier today, pushing yields down as low as 6.06 percent.

"It's the calm before the storm," said David Orr, chief economist at First Union Capital Markets Group in Charlotte, N.C.

Tomorrow's consumer price report for May is expected to provide important clues about inflation and whether the Federal Reserve will raise interest rates to slow the economy's growth when its Open Market Committee meets June 29-30. Traders were also looking forward to Fed Chairman Alan Greenspan's testimony before Congress Thursday for hints about what action the Fed will take.

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