Closing Market Report

Associated Press

Friday, August 29, 1997

Dow off 72
after a bumpy ride

NEW YORK -- Stocks finished mixed today after bouncing around again, with the Dow Jones industrial average erasing an early 87-point slide only to turn lower again in the afternoon.

The Dow Jones industrial average fell 72.01 to 7,622.42, extending the week's decline to 265.49 points, or 3.4 percent. The index has now slid more than 8 percent from its last peak. It remains up more than 18 percent on the year.

Decliners outnumbered advancers by a 9-to-8 margin on the New York Stock Exchange, with 1,328 up, 1,490 down and 553 unchanged. NYSE volume was 406.98 million shares vs. 496.31 million yesterday.

The Standard & Poor's 500-stock list fell 4.19 to 899.48, finishing below 900 for the first time since July 1. The NYSE composite index fell 1.88 to 470.48, and the American Stock Exchange composite index fell 0.53 to 650.16.

The Nasdaq composite index rose 5.92 to 1,587.24, and the Russell 2000 rose 1.84 to 423.43, its third consecutive closing high, as technology and smaller-company shares posted modest gains.

With many players absent because of the holiday weekend, volume was extremely light, exaggerating the market's moves.

Stocks were pressured at the open by the bond market, where interest rates rose after reports of strong consumer spending, home sales and factory output.

The price of the Treasury's main 30-year bond fell 15/32 point, or $4.69 per $1,000 in face value. Its yield, which moves in the opposite direction from price, rose to 6.60 percent from 6.57 percent late yesterday.

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