Closing Market Report

Star-Bulletin news services

Monday, November 15, 1999

Dow slips 8.57

NEW YORK -- Stock prices were little changed today as investors refrained from building major new positions on the eve of the Federal Reserve's meeting on interest rates. The Nasdaq snapped its latest streak of records, closing with a slim loss.

The Dow Jones industrial average fell 8.57 to close at 10,760.75.

Broader stock indicators also were slightly lower. The Nasdaq composite index slipped 1.61 to 3,219.54, its first loss since Nov. 9.

The S&P 500 index dropped 1.67 to 1,394.39; the Russel 2000 index rose 3.28 to 452.97; the American Stock Exchange composite climbed 7.59 to 830.66; and the New York Stock Exchange composite gained 0.64 to 637.31. Advancers beat decliners by a roughly 4-to-3 margin on the NYSE, where 903.5 million shares changed hands vs. 884.55 million Friday.

The Treasury's 30-year bond price rose 4/32 point, or $1.25 per $1,000 in face value; its yield held steady at late Friday's 6.03 percent.

Traders marked a quiet session as many investors appeared willing to wait for the outcome of the Fed's Open Market Committee meeting tomorrow. Economists are divided over whether the Fed will raise interest rates for the third time this year.

Qualcomm sank on Nasdaq today as investors locked in profits. The company, a large developer of wireless phone technology, has surged in recent sessions, helped along by a J.P. Morgan report Friday that said shares could hit $60 within a year.

Oak Industries soared on the NYSE after Corning Inc. agreed to acquire it for $1.8 billion. Oak makes devices that are used as timing references in wireless, wireline and fiber-optic applications.

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