Closing Market Report

Star-Bulletin news services

Thursday, November 18, 1999

Dow rises 152.6
to top 11,000

NEW YORK -- Stocks soared today as a stronger-than-expected profit report from Hewlett-Packard Co. propelled the Dow industrials to their first close above 11,000 in more than two months.

The Dow Jones industrial average soared 152.61, 1.4 percent, at 11,035.70, its highest close since Sept. 9. The Dow's last close above the milestone came on Sept. 13, when it finished at 11,030.33.

Broader stock indicators also rose sharply, finishing the session at records. The Standard & Poor's 500 rose 14.23 to 1,424.94, and the Nasdaq composite index gained 77.72 to 3,347.11.

Decliners barely beat advancers on the New York Stock Exchange, with 1,526 down, 1,512 up and 501 unchanged. NYSE volume totaled 1.009 billion shares vs. 941 million yesterday. The NYSE composite index rose 4.39 to 648.90; the American Stock Exchange composite slipped 0.66 to 822.74; the Russell 2000 index rose 4.97 to 462.04.

Thirty-year bonds fell 14/32, or $4.38 per $1,000 face amount; yields rose 3 basis points to 6.16 percent, the highest level since Nov. 1.

Hewlett-Packard drew the Dow higher, adding nearly 65 points to the blue-chip average. The company said late yesterday it had operating earnings of 75 cents a share in the quarter ended Oct. 31, beating analysts' reduced expectations of 73 cents a share. HP's good news extended to its new spinoff, a testing and measurement business dubbed Agilent Technologies. Agilent made its debut as a publicly traded stock today, benefiting from HP's strong report and jumping from an offering price of $30.

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