Closing Market Report

Star-Bulletin news services

Tuesday, December 1, 1998

Dow up 16.99

NEW YORK -- Blue-chip stocks bounced back today from a steep slide, with the profit-taking behind yesterday's sharp downturn easing just as the Dow slipped below 9,000.

The Dow Jones industrial average initially extended yesterday's 214-point plunge by another 128 points, but reversed course before midday and finished 16.99 points higher at 9,133.54 The morning slide had pulled the Dow as low as 8,987 and 400 points from last Monday's record mark of 9,374.27.

The blue-chip rebound lifted most popular indexes into positive territory, but declining issues still outnumbered advancers by a small margin at the closing bell.

The Standard & Poor's 500 rose 11.65 to 1,175.28, and the technology-heavy Nasdaq composite index rose 54.21 to 2,003.75.

Decliners beat advancers by a slim margin on the New York Stock Exchange, with 1,504 up, 1,593 down and 477 unchanged.

NYSE volume totaled 781.97 million shares, up from 685.98 million yesterday.

The NYSE composite index rose 1.83 to 573.33, and the American Stock Exchange composite index fell 0.58 to 663.00.

The Russell 2000 index of smaller companies rose 0.99 to 1,175.28.

The 30-year Treasury bond rose 13/32 to 103 4/32, with its yield falling to 5.05 percent.

The profit-taking yesterday and this morning followed a week of sharp gains that lifted the Dow, S&P 500 and Nasdaq composite to new highs for the first time since July.

Japan's Nikkei stock average fell 0.3 percent. Germany's DAX index fell 4.8 percent, Britain's FT-SE 100 fell 3.6 percent, and France's CAC-40 fell 4.0 percent.

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