Closing Market Report

Associated Press

Tuesday, March 3, 1998

Dow up 34.38
to yet another record

NEW YORK -- The Dow Jones industrial average notched its fifth straight record close, but stocks were mixed today as interest rates rose amid inflation concerns.

The Dow erased an early 41-point loss and rose 34.38 points to close at 8,584.83. The barometer of 30 blue-chip companies has gained 215 points in the past five sessions.

Advancers led decliners by a 9-to-8 margin on the New York Stock Exchange, with 1,565 up, 1,384 down and 538 unchanged. Decliners held the lead in Nasdaq trading. NYSE volume was 609.15 million shares vs. 590.74 million yesterday.

The Nasdaq market slipped 1.40 to close at 1,757.14 after bellwether technology issues gave back some of February's rally for the second session in a row.

But the Standard & Poor's 500 list rose 4.32 to 1,052.02, wiping out yesterday's small loss and set its fourth record in five sessions. The New York Stock Exchange composite set its fifth straight record, rising 2.26 to 546.89.

The Russell 2000 index of smaller companies rose 0.88 to 462.42, but the small-company dominated American Stock Exchange composite index fell 1.27 to 708.97.

Interest rates rose sharply again in the bond market today as traders bristled at a second straight day of data suggesting that the economic crisis in Asia may not slow U.S. business enough to keep inflationary pressures in check.

The price of the Treasury's main 30-year bond was off 25/32 point, or $7.81 per $1,000 in face value, by late afternoon, while its yield rose to 6.06 percent from 6.00 percent late yesterday.

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