Advertisement - Click to support our sponsors.


Starbulletin.com


Closing Market Report

Star-Bulletin news services

Friday, July 14, 2000

Dow up 24.04;
Nasdaq jumps 71

Associated Press

Tapa

NEW YORK -- Stocks rose today after the release of new government data that showed inflationary pressures remain under control and despite a landmark ruling against tobacco companies.

The Dow Jones industrial average closed up 24.04 at 10,812.75. Blue-chip stocks fell into negative territory late in the session after a Florida jury ordered the cigarette industry to pay a record $145 billion in damages to Florida smokers. But the Dow ended higher after a late wave of buying.

The Nasdaq composite index gained 71.23 at 4,246.09 and the Standard & Poor's 500 index was up 14.13 at 1,509.97. The Dow is now off 5.95 percent for the year while the Nasdaq is up 4.34 percent and the S&P 500 is ahead 2.77 percent. Advancers beat decliners by a 7-to-6 margin on the New York Stock Exchange, with 1,586 up, 1,280 down and 481 unchanged. Volume was 951.33 million shares, down from 1.03 billion yesterday.

The NYSE composite index gained 4.09 to 663.80, the American Stock Exchange composite index rose 2.95 to 942.38 and the Russell 2000 index fell 0.13 at 542.63. The 30-year Treasury bond fell 30/32, or $9.38 per $1,000 face amount, to 105 6/32. Its yield rose 7 basis points to 5.89 percent.

Meanwhile, the Labor Department reported that the Producer Price Index, which measures inflation pressures before they reach consumers, rose 0.6 percent in June. While that gain was bigger than expected, it mostly was due to a sharp rise in energy costs.

But the core rate of inflation at the wholesale level, which doesn't include energy or food costs, fell an unexpected 0.1 percent in June, the best showing since January. In another report, retail sales rose by a slightly bigger-than-expected 0.5 percent in June, but excluding the volatile automobile category, sales rose just 0.2 percent, weaker than expectations.

In a third report, industrial production at the nation's factories, mines and utilities rose an expected 0.2 percent in June, the slowest pace since September.



E-mail to Business Editor


Text Site Directory:
[News] [Business] [Features] [Sports] [Editorial] [Do It Electric!]
[Classified Ads] [Search] [Subscribe] [Info] [Letter to Editor]
[Feedback]



© 2000 Honolulu Star-Bulletin
http://archives.starbulletin.com