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Closing Market Report

Star-Bulletin news services

Thursday, June 24, 1999

Dow dives 132
on profit fears

Associated Press

NEW YORK - Stocks tumbled again under the burden of higher interest rates, but investors today found an added catalyst for a selloff: scattered warnings of weakness in second-quarter earnings. The Dow Jones industrial average fell 132.03 to close at 10,534.83.

Broader stock indicators also fell. The Standard & Poor's 500 index lost 17.28 points to 1,315.78, and the Nasdaq composite index dropped 44.13 to 2,553.99.

Decliners led advancers by a 2-to-1 margin on the New York Stock Exchange, with 1,965 down, 949 up and 593 unchanged. NYSE volume was a listless 691.82 million shares vs. 727.28 million yesterday. The NYSE composite dropped 6.78 to 623.97, and the American Stock Exchange composite index fell 2.01 to 769.15. The Russell 2000 index slipped 3.88 to 443.16.

The 30-year Treasury bond fell 9/32, or $2.81 per $1,000 face amount. Its yield rose 3 basis points to 6.17 percent.

While most stock market analysts expect a robust reporting season when the second quarter ends next week, early indications of trouble sent stocks spiraling lower today. After the market closed yesterday, semiconductor maker Advanced Micro Devices said it expects its second-quarter loss to be far worse than analysts had expected, as microprocessor prices have collapsed and the company has lost market share to industry leader Intel. AMD fell today. Also late yesterday, Micron Technology said it lost 10 cents a share in its fiscal third quarter. Analysts had expected the chip maker to break even. Micron shares also fell today.



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