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Closing Market Report

Star-Bulletin news services

Friday, February 22, 2002


Dow gains 133.47 but
can’t hold 10,000 level


By Amy Baldwin
Associated Press

NEW YORK >> Lured once more by lower prices, buyers returned to Wall Street late today, shrugging off earlier concerns about an earnings warning from Circuit City and a federal probe into Computer Associates' books. Rising blue chips lifted the Dow Jones industrials more than 130 points and tech stocks managed a modest advance.

Still, analysts don't expect the gains to hold, given investors' string of worries about corporate earnings and bookkeeping.

The Dow Jones industrial average finished up 133.47 at 9,968.15, having fallen 106.49 yesterday. For the second day in a row, the index topped 10,000, hitting 10,002.54 intraday, but was unable to hold that level. The Nasdaq composite index rose 8.30 to 1,724.54 after falling 59.33 yesterday to its lowest close since Oct. 31. The Standard & Poor's 500 index advanced 8.89 to 1,089.84.

Advancers outnumbered decliners 3 to 2 on the New York Stock Exchange, with 1,961 up, 1,155 down and 205 unchanged. Volume was 1.39 billion shares.

The NYSE composite index rose 4.70 to 568.28, the American Stock Exchange compositge index gained 8.34 to 856.31 and the Russell 2000 index rose 6.63 to 465.07.

The Treasury's 2-year note was unchanged at 100 18; its yield remained at 2.92 percent. The 10-year note rose 6/32 to 100 12/32; its yield fell 3 basis points to 4.83 percent. The 30-year bond rose 12/32 to 100 1/2; its yield fell 3 basis points to 5.34 percent.

Computer Associates fell $2.91, or 15.4 percent, to $15.99 after the software maker confirmed it is being examined by federal investigators. The investigation reportedly focuses on whether the firm deliberately overstated earnings.

Circuit City's profit warning for its fourth quarter and fiscal 2003 sent its stock diving 30 percent, or $7.04, to $16.55. Competitor Best Buy fell $3.04 to $67.61.

J.P. Morgan Chase fell 95 cents to $28.19 after the Wall Street Journal reported Friday that the Federal Reserve Bank of New York was looking into the bank's books for commodity-related trades with Enron.



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