Closing Market Report

Star-Bulletin news services

Wednesday, July 7, 1999

Dow gains 52 to record close

Associated Press

NEW YORK - Stocks bobbed and weaved into new record territory today as the beginning of the second-quarter earnings reporting season injected uncertainty into the stock market.

After trading in a narrow range for much of the session, the Dow Jones industrial average closed up 52.24 at 11,187.36. The blue-chip index topped its previous record close of 11,139.24, set last Friday.

The Standard & Poor's 500 and Nasdaq composite index also set records, posting modest gains after shifting in and out of positive territory throughout the session. The S&P 500 rose 7.74 to 1,395.86, and the Nasdaq composite index rose 6.31 to 2,743.09.

Decliners beat advancers by a 4-to-3 margin on the New York Stock Exchange, with 1,685 down, 1,277 up and 569 unchanged. NYSE volume totaled 783.52 million shares vs. 724.02 million yesterday.

The NYSE composite index rose 1.70 to 656.47. But the American Stock Exchange composite index fell 2.75 to 802.14 and the Russell 2000 index lost 3.86 to 452.69.

The yield on the 30-year Treasury bond, meanwhile, was at 6.07, up from 6.03 percent yesterday.

Wall Street analysts expect mostly robust earnings reports from U.S. companies, whose profits continue to grow along with the nation's economy. Analysts surveyed by First Call Corp. expect earnings for the companies on the Standard & Poor's 500 list to rise 11.4 percent for the second quarter. But with market indexes at record levels, analysts say investors may punish any companies that miss or merely meet published estimates.

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