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Closing Market Report

Star-Bulletin news services

Wednesday, November 24, 1999

Dow up 12.54

NEW YORK -- Technology stocks bounded higher today, driving the Nasdaq composite index to a record close and lifting the broader market in a quiet session ahead of the Thanksgiving holiday. The Dow Jones industrial average rose 12.54 to close at 11,008.17. Broader indicators bounced back from early losses to finish higher. The Nasdaq gained 77.62 to finish at 3,420.49. The Standard & Poor's 500 rose 12.44 to 1,417.08.

Volume was low over as market players got an early start on the holiday. The market will be closed tomorrow and operate for a half-day on Friday.

Decliners beat advancers today by an 8-to-7 margin on the New York Stock Exchange, with 1,676 down, 1,411 up and 475 unchanged. NYSE volume totaled 732.97 million shares, vs. 914.93 million yesterday. The NYSE composite index gained 2.49 to close at 639.63; the American Stock Exchange composite rose 2.29 to 825.15; the Russell 2000 rose 1.48 to 455.93.

The price of the benchmark 30-year Treasury bond dipped 6/32 point, or $1.871/2 per $1,000 in face value, in a shortened session. The long-bond yield, which moves in the opposite direction, edged higher to 6.21 percent from late yesterday's level of 6.19 percent.

Stocks initially fell after the Commerce Department reported the gross domestic product soared by 5.5 percent in the third quarter, the best showing since the end of last year. The revised third-quarter increase, fed by strong consumer spending and a buildup of business inventories, was stronger than the 4.8 percent rate the government previously estimated and even higher than the 5.2 percent rate many analysts predicted.



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