Closing Market Report

Star-Bulletin news services

Wednesday, March 10, 1999

Dow up 79
to another record

NEW YORK -- Stock indexes shot to record highs today as oil stocks rose with oil prices, but concerns about earnings at technology companies limited the advances in Nasdaq trading.

The Dow Jones industrial average was up 79.08 at 9,772.84, surpassing its previous record close of 9,736.08, set Friday. The Dow is now up 6.4 percent for the year.

The Standard & Poor's 500 index also set a record, adding 7.00 to finish at 1,286.84, above its previous record of 1,282.73 on Monday.

The Nasdaq composite ended in positive territory but was hampered by ongoing nervousness about technology company earnings. The Nasdaq added 13.18 to finish at 2,406.12, still shy of its closing high of 2,510.09 on Feb 1.

Advancers beat decliners by a 5-to-4 margin on the New York Stock Exchange, with 1,653 up, 1,331 down and 562 unchanged. Volume was a brisk 836.89 million shares vs. 798.6 million yesterday.

The NYSE composite rose 3.55 points to end at 606.48; the American Stock Exchange index rose 3.69 to 715.14; and the Russell 2000 index gained 1.92 at 401.12.

Oil stocks were higher, following reports that the world's oil producers are close to an deal to cut production to shore up prices.

The price of the Treasury's main 30-year bond was off 5/16 point, or $3.12-1/2 per $1,000 in face value; its yield rose to 5.56 percent from 5.53 percent yesterday.

Overseas, Japan's Nikkei stock average rose 2.52 percent, as Japanese investors brought investment money back home in advance of the end of Japan's fiscal year.

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