Closing Market Report

Star-Bulletin news services

Wednesday, November 11, 1998

Dow off 40.16

NEW YORK -- Profit-takers sent stocks lower for a third straight day today, but the damage to Wall Street's fall rally remained modest. Technology shares bucked the trend again after an upbeat update from Intel Corp.

The Dow Jones industrial average fell as much as 71 points after shedding an early 72-point gain before finishing 40.16 points lower at 8,823.82

While the Dow has fallen each day this week, the losing streak has barely put a dent in the blue-chip barometer's rebound. Combined, all three days subtracted just 150 points from the Dow, which had gained 610 during the prior eight sessions and more than 1,500 since it slid below 7,500 on Oct. 8.

Broader stock indicators also posted modest losses today after an early advance fizzled. Decliners led advancers by a 3-to-2 margin on the New York Stock Exchange, with 1,210 up, 1,795 down and 507 unchanged. NYSE volume was 716.9 million shares, up from 667.47 million yesterday.

The NYSE composite index dropped 4.06 to 553.36, and the American Stock Exchange composite index lost 1.28 to 663.81. The Russell 2000 index of smaller companies fell 3.39 to 393.47.

The Standard & Poor's 500 fell 7.29 to 1,120.97, and the technology-heavy Nasdaq composite index fell 3.52 to 1,862.10 despite a 6 percent gain by Intel after the world's largest computer-chip maker said fourth-quarter sales will exceed expectations on strong demand for personal computers.

The U.S. government bond market was closed for Veterans Day.

Japan's Nikkei stock average fell 0.6 percent. Germany's DAX index rose 2.3 percent, and Britain's FT-SE 100 rose 1.2 percent.

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