Closing Market Report

Star-Bulletin news services

Monday, February 22, 1999

Dow rises 212.73;
techs soar

NEW YORK -- Stocks prices climbed aggressively today, as optimism about lower interest rates and a few high-priced takeover deals encouraged investors to dip back into the market.

The Dow Jones industrial average soared 212.73 points to close at 9,552.68, led by banking and technology issues.

Broader stock indicators were higher, with the Nasdaq composite up 58.41 at 2,342.01, and the Standard & Poor's 500 index up 32.95 at 1,272.14.

Volume was moderate, with 720.6 million shares changing hands on the New York Stock Exchange, up from 730.47 million Friday. Advancers led decliners by 9-to-5 on the Big Board, with 1,967 up, 1,035 down and 538 unchanged. The NYSE composite index gained 13.67 points to close at 600.23; the American Stock Exchange index gained 7.46 to 700.03; and the small-company dominated Russell 2000 index rose 5.52 to 397.82.

Bond prices rose, pushing interest rates down, ahead of Federal Reserve Chairman Greenspan's semi-annual testimony on the state of the economy before the Senate Banking Committee, tomorrow. Tuesday. Greenspan will discuss modernization of the financial-services industry with the same panel later tomorrow, and on Wednesday, he will address the House Banking Committee.

The price of the Treasury's main 30-year bond was up 7/16 point, or $4.371/2 per $1,000 in face value, by late afternoon, while its yield fell to 5.36 percent from 5.38 percent late Friday. Prices and yields move in opposite directions.

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