Closing Market Report

Associated Press

Friday, February 20, 1998

Dow climbs 38

NEW YORK -- A late rebound lifted some stock measures to record highs today as a pricey market grew more attractive after a second day of profit-taking on Wall Street's month-long rally.

The Dow Jones industrial average rose 38.36 points to close at 8,413.94 after erasing an early 57-point extension to yesterday's 75-point decline.

The blue-chip index had a gain of 43.84 points for the week.

Advancers led decliners by an 8-to-7 margin on the New York Stock Exchange, with 1,553 up, 1,364 down and 577 unchanged. NYSE volume was 591.58 million shares, on par with the brisk pace seen all week.

Other popular indicators also reversed course after falling at the open as investors secured some more gains from the market's record-setting advance.

In keeping with the theme of that rally, the blue-chip dominated indexes attracted the most buying. The Standard & Poor's 500 and the New York Stock Exchange composite wiped out yesterday's losses to finish at record highs.

The S&P 500 rose 5.93 to 1,034.21, its ninth record close in three weeks. The NYSE composite gained 2.48 to 537.49, squeaking past Wednesday's record close of 537.23 for its 10th record in that 14-session span.

The Nasdaq composite rose 1.12 to 1,728.13, inching toward its Oct. 9 record close of 1,745.85. The Russell 2000 fell 0.22 to 453.99, while the small-company dominated American Stock Exchange composite index rose 0.33 to 689.19.

The benchmark 30-year Treasury bond fell 1/4, or $2.50 per $1,000 in face value, pushing its yield up to 5.87 percent from 5.85 late yesterday.




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