Closing Market Report

Star-Bulletin news services

Monday, March 1, 1999

Dow up 18.20

NEW YORK -- Investors swapped technology shares for those of financial and manufacturing concerns today, propelling the Dow Jones industrials out of a morning loss but leaving the broader indexes nearly flat.

On Wall Street, the Dow Jones industrial average was up 18.20 at 9,324.78, after erasing an 83.40-point loss that was tied to an increase in interest rates.

In the broader market, the Standard & Poor's 500 index was down 2.17 at 1,236.16, but the technology-heavy Nasdaq composite index was up 7.15 at 2,295.18.

Decliners outnumbered advancers by an 8-to-7 margin on the New York Stock Exchange, with 1,399 up, 1,571 down and 554 unchanged.

NYSE volume totaled 694.24 million shares vs. 762.90 million yesterday. The NYSE composite index fell 1.03 to 585.43 and the American Stock Exchange composite index was unchanged at 698.29.

The Russell 2000 index of smaller companies rose 2.13 to 394.39.

The 30-year Treasury bond was down 1 12/32, pushing its yield up to 5.68 percent from 5.57 percent late Friday.

While investors continued last week's strategy of jettisoning of technology issues, they picked more aggressively today at the shares of large financial and smokestack companies.

Worsening the picture in the technology sector, Donaldson, Lufkin & Jenrette Securities downgraded Intel Corp. to "market perform" from "buy," saying March personal-computer sales won't grow as previously expected. Intel was down $2.871/2 to $117.06 in leading volume on the Nasdaq.

Overseas, the Nikkei fell 146 points to 14,222.

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