Closing Market Report

Star-Bulletin news services

Monday, January 25, 1999

Dow up 82.65

NEW YORK -- Stock prices gyrated all day today and ended mostly higher, after investors had picked apart every penny and nuance of several high-profile earnings reports and forecasts.

At the close of trading on Wall Street, the Dow Jones industrial average was up 82.65 at 9,203.32.

Advancers trailed decliners by a narrow margin on the New York Stock Exchange, with 1,442 up, 1,517 down and 572 unchanged. NYSE volume was 726.04 million shares.

The Standard & Poor's 500 was up 8.79 to 1,233.98, and the technology-heavy Nasdaq composite index rose 30.43 to 2,369.31. The NYSE composite index was up 2.31 to 586.06 and the American Stock Exchange composite index gained 1.32 to 706.01. The Russell 2000 index of smaller companies fell 0.33 to 422.11.

The 30-year Treasury bond fell 17/32 to 102, with its yield rising to 5.12 percent.

A number of Dow components moved on earnings reports.

Shares of AT&T Corp. rose after reporting fourth-quarter earnings on target with estimates but cautioning analysts to lower their expectations for the first quarter. Minnesota Mining and Manufacturing shares were up. 3M announced earnings of 52 cents a share, down 42 percent from 89 cents a year earlier.

American Express was up after the company reported that its fourth-quarter net income was $1.16 a share, meeting analysts' expectations and up from $1.04 last year.

Citigroup, another Dow component, rose as well, even after the company reported that operating income fell to 60 cents a share from 80 cents a year ago.

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