Closing Market Report

Star-Bulletin news services

Wednesday, August 11, 1999

Dow soars 133;
Nasdaq up 75

NEW YORK -- Stocks made their broadest, sharpest gains of August today as the Federal Reserve offered calming words on the growth of the U.S. economy and Cisco Systems provided proof of strong corporate earnings.

The Dow Jones industrial average gained 132.65 points, or 1,24 percent, to close at 10,787.80. The blue-chips gained momentum over the course of the session, breaking a recent pattern of starting strong only to sputter late in the day.

The Standard & Poor's 500 rose 20.50, or 1.6 percent, to 1,301.93 and the Nasdaq composite index climbed 74.87, or 3 percent, to 2,564.98.

Advancers led decliners by an 8-to-5 margin on the New York Stock Exchange, with 1,870 up, 1,127 down and 544 unchanged. NYSE volume totaled 789.56 million shares vs. 837.20 million yesterday.

The NYSE composite index rose 6.85 to 610.22; the American Stock Exchange composite index climbed 6.60 to 777.37; and the Russell 2000 index of smaller companies rose 5.37 to 428.19.

The benchmark 30-year bond rose 14/32, or $4.38 per $1,000 security, to a price of 87 2/32. Its yield fell 4 basis points to 6.21 percent.

Traders said the stock market was ripe for a minor rally following a slump that has left every major market index well below the lofty records reached in mid-July.

But most Wall Street players said the advance was fragile.

Cisco helped spark buying today. Late yesterday, the company reported fourth-quarter earnings that beat analysts' estimates.

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