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Closing Market Report

Star-Bulletin news services

Monday, June 28, 1999

Dow up 102.59

Associated Press

NEW YORK - Stocks moved higher today as investors, regaining their optimism about interest rates, decided that the Federal Reserve will implement only a small increase when it meets this week.

The Dow Jones industrial average climbed 102.59 points to close at 10,655.15 in light trading ahead of the Fed meeting.

Broader stock indicators also were higher. The Standard & Poor's 500 index gained 16.04 to end at 1,331.35, and the Nasdaq composite index climbed 49.79 at 2,602.44, boosted by a late recovery in some Internet stocks.

Advancers trounced decliners by a 12-to-7 margin on the New York Stock Exchange, with 1,863 up, 1,124 down and 529 unchanged.

NYSE volume totaled 645.31 million shares vs. 613.30 million Friday.

The NYSE composite index rose 5.55 to 628.89, and the American Stock Exchange composite index gained 2.08 at 774.10. The Russell 2000 index of smaller companies rose 5.50 to 448.61.

Volume remained light but was up from Friday's session, which had the lowest volume of the year. Many traders are unwilling to make big commitments in advance of the Fed's Open Market Committee meeting on Tuesday and Wednesday. The Fed is widely expected to increase short-term interest rates by a quarter percentage point to slow the economy and prevent inflation from accelerating. Analysts say that increase is already reflected in stock prices.

A drop in interest rates in the bond market lent support to stocks. The 30-year bond yield dropped 5 basis points to 6.10 percent; its price rose 19/32, or $5.94 per $1,000 face amount, to 88 13/32.



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