Closing Market Report

Associated Press

Monday, July 14, 1997

Dow stumbles,
closes up 1.16

NEW YORK -- Computer-related stocks boosted the Nasdaq market to a record close for the eighth straight session, but the broad market stumbled to a mixed finish after an early foray toward new highs.

The Dow Jones industrial average rose 1.16 to close at 7,922.98 after swinging from a nearly 30-point gain to a 61-point loss before recovering over the final hour.

Advancers outnumbered decliners by a small margin on the New York Stock Exchange, with 1,480 up, 1,378 down and 573 unchanged.

NYSE volume totaled 485.85 million shares vs. 509.89 million Friday.

The Standard & Poor's 500-stock list rose 1.69 to 918.37, and the NYSE composite index slipped 0.02 to 478.10.

The Nasdaq composite index rose 21.25 to 1,523.87, and the American Stock Exchange composite index fell 2.84 to 632.63.

Most broad-market measures also finished nearly Friday's closing levels after turning lower in the afternoon and then recovering.

But the technology-rich Nasdaq composite index rose nearly 1.5 percent, bringing its gain over the past eight sessions to nearly 6 percent.

There were no major economic or earnings reports scheduled for today, giving the session a fairly uneventful tone.

The price of the U.S. Treasury's main 30-year bond fell by 9/32 of a point to 101, while its yield rose to 6.55 percent from 6.52 percent late Friday. Friday's yield was the lowest since the 6.49 percent of Dec. 10, 1996.

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