Closing Market Report

Star-Bulletin news services

Friday, February 26, 1999

Dow off 59.76

NEW YORK -- Stock indexes fell today, led by a sell-off in technology shares, after Compaq Computer Corp.'s warning of soft sales raised concerns of a slowdown in the computer market.

At the close of trading on Wall Street, the Dow Jones industrial average was down 59.76 at 9,306.58, expanding yesterday's 33.33-point decline.

Broader stock indicators were lower as well. The Standard & Poor's 500 index was down 6.69 at 1,238.33, and the technology-heavy Nasdaq composite index was down 38.79 at 2,288.03.

Decliners outnumbered advancers by 1,492 to 1,445 on the New York Stock Exchange, with 576 unchanged. NYSE volume totaled 766.48 million shares vs. 737.17 million yesterday.

The NYSE composite index fell 0.97 to 586.46, and the American Stock Exchange composite index gained 4.82 to 698.29.

The Russell 2000 index of smaller companies fell 0.43 to 392.26.

The 30-year Treasury bond was up 26/32, with its yield falling to 5.58 percent.

Compaq, the world's biggest maker of personal computers, warned analysts that sales in its small- and medium- business market have slowed this quarter. That prompted Merrill Lynch and Credit Suisse First Boston to cut their first-quarter earnings projections for Compaq, whose shares tumbled $5.621/2 to $35.371/2 on the New York Stock Exchange.

Also lower in the technology sector was Intel Corp., which fell $7.81 to $119.94 on the Nasdaq after PC Data reported that Advanced Micro Devices Inc.'s AMD-K6 processor-based computers outsold all Intel-based desktop PCs in the U.S. retail market.

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