Closing Market Report

Star-Bulletin news services

Monday, February 8, 1999

Dow down 13.1

NEW YORK -- Stocks were mixed today as an early rally was deflated by two analysts' predictions of a market correction.

Technology stocks, which have set the pace for the broader market in recent months, stemmed last week's losses but failed to regain much momentum. Gains by some of the industry's blue-chip companies were matched by steep losses by younger, more volatile Internet businesses.

The Dow Jones industrial average closed at 9,291.11, down 13.13 points from Friday's close.

Decliners beat advancers by a 9-to-8 margin on the New York Stock Exchange, with 1,561 down, 1,398 up and 599 unchanged. NYSE volume totaled 706.88 million shares vs. 870.15 million yesterday.

The Standard & Poor's 500 rose 4.37 points to end at 1,243.77, and the technology-heavy Nasdaq composite index rose 31.30 to 2,404.92. The NYSE composite slipped 0.65 point to 586.64, and the American Stock Exchange composite fell 3.36 points to 702.90. The Russell 2000 index lost 1.39 to 411.33.

The price of the Treasury's main 30-year bond was off 1/32 point, or 31.25 cents per $1,000 in face value, by late afternoon, while its yield held at Friday's 5.35 percent.

Today's choppy stock market was due, in part, to a warning from one of Wall Street's most persistently bullish analysts. Ralph Acampora, director of technical research at Prudential Securities, said a correction of 5 to 10 percent in the Dow is likely. Separately, Richard McCabe, chief market analyst at Merrill Lynch & Co., said he expects the Dow to drop to the 7,500-8,000 range. Those cautious outlooks were enough to end the brief buying spree that occurred when the market opened.

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