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Closing Market Report

Star-Bulletin news services

Wednesday, July 26, 2000

Dow tumbles 183;
Nasdaq off 42

Associated Press


NEW YORK -- Stocks closed sharply lower today on another batch of disappointing earnings reports and fears that earnings will shrink in the second half of 2000. The Dow Jones industrial average closed down 183.49 points, or 1.7 percent, at 10,516.48.

The Standard & Poor's 500 index fell 22.05, or 1.5 percent, at 1,452.42, and the Nasdaq composite index lost 41.85, or 1 percent, at 3,987.72, after rebounding from a loss of more than 100 points early in the session.

Decliners beat advancers by a 7-to-6 margin with 1,474 down, 1,363 up and 512 unchanged on the New York Stock Exchange, where volume came to 1.18 billion shares, up from 969.63 million yesterday.

The NYSE composite index lost 7.75 to 644.81. The American Stock Exchange composite index rose 4.92 to 915.19; and the Russell 2000 index slipped 0.52 at 513.81.

The 10-year Treasury note yield held at 6.03 percent. The 30-year bond yield was also unchanged from yesterday, at 5.81 percent.

Stock investors' worst fears for the future seemed justified when car maker DaimlerChrysler said 2000 profits would fall below 1999 figures, despite solid first-half results. In spite of the dismal forecast, DaimlerChrysler's stock rose.

All of the Dow Jones indexes technology components lost ground, led by computer maker Hewlett Packard, down $5.375 to $110. But the tone was set long before trading began today.

Semiconductor maker LSI Logic Corp. and business software company BMC Software Inc. announced after the close of trading yesterday that second-quarter earnings were analysts' forecasts.

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