Closing Market Report

Star-Bulletin news services

Wednesday, November 4, 1998

Dow gains 77

NEW YORK -- Stocks rose for the fifth time in six days, buoyed by optimism for political stability in the United States and a rally in Asian markets.

The Dow Jones industrial average rose 76.99, or 0.9 percent, to 8783.14, after trading above 8,800 for the first time since Aug. 4.

The Dow gave up most of its gains in the afternoon before rebounding a bit in the final hour. With today's gain, the average of 30 blue-chip stocks is up 11 percent from where it began the year but it still is 5.9 percent, or some 555 points, below the July 17 record of 9,337.97.

Advancers beat decliners by a 2-to-1 margin on the New York Stock Exchange, with 2,069 up, 1,015 down and 464 unchanged. NYSE volume was 855.79 million shares, down from 704.42 million yesterday.

The Standard & Poor's 500 index climbed 7.83, or 0.7 percent, to 1,118.67. The Nasdaq composite index jumped 35.14, or nearly 2 percent, to 1,823.57. The NYSE composite gained 3.34 at 55.14; the American Stock Exchange composite rose 1.08 to 665.50 and the Russell 2000 index rose 5.40 points to end at 392.96.

Stocks benefited from expectations that the impeachment inquiry into President Clinton will lose momentum after Democratic victories yesterday.

The price of the Treasury's main 30-year bond was off 1-3/4 point, or $17.50 per $1,000 in face value, by late afternoon, while its yield rose to 5.33 percent from 5.21 percent late yesterday.

Tokyo's Nikkei index closed up 4.1 percent today. Leading indexes were up 3.6 percent in Germany, 2.2 percent in London and 2.8 percent in Paris.

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