Closing Market Report

Star-Bulletin news services

Tuesday, December 22, 1998

Dow up 55.61

NEW YORK -- Blue-chip stocks lifted the S&P 500 to a second straight record, but the broad market was weighed down by profit-

taking in the technology group and another dismal showing by smaller-company shares.

The Dow Jones industrial average rose 55.61 points to 9,044.46, pushing its winning streak to four sessions and about 250 points. The technology-heavy Nasdaq composite index fell modestly after setting new highs on Friday and yesterday.

Decliners led advancers by a 4-to-3 margin on the New York Stock Exchange, with 1,288 up, 1,750 down and 530 unchanged. NYSE volume totaled 678.36 million shares, down from 742.30 million yesterday.

The Standard & Poor's 500 rose 0.73 to 1,203.57, extending this year's gain to 24.1 percent. The Nasdaq composite index fell 17.04 to 2,120.99, trimming 1998's gain to 35.1 percent, after gaining 128 points the prior three sessions. The NYSE composite index rose 1.05 to 578.15, and the American Stock Exchange composite index gained 1.23 to 655.35. The Russell 2000 index of smaller companies fell 1.59 to 400.24.

The price of the Treasury's main 30-year bond was down 11/4 point, or $12.50 per $1,000 in face value, by late afternoon, while its yield rose to 5.14 percent from 5.06 percent late yesterday. Prices and yields move in opposite directions.

The profit-taking in the technology sector was rather selective, however, with IBM rising sharply to lead the Dow's advance for a second straight day.

With just seven sessions to go, the Dow is up 14.4 percent for the year, but still 330 points shy of the Nov. 23 record of 9,374.27.



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