Closing Market Report

Star-Bulletin news services

Monday, April 5, 1999

Dow up 175 to
record 10,007

Associated Press

NEW YORK -- Technology issues propelled the stock market sharply higher today, lifting the Dow Jones industrial average back above 10,000, as investors relaxed about interest rates and looked forward to strong first-quarter earnings reports.

The Dow climbed 174.82 to close at a record 10,007.33, just above the Dow's previous closing high of 10,006.78, set last Monday.

The rally also sent the Nasdaq composite index and the Standard & Poor's 500 index into record territory. The Nasdaq gained 66.69 to 2,560.06, passing its previous record close of 2,510.09, reached Feb. 1. The S&P 500 rose 27.40 to 1,321.12, slightly exceeding its closing high of 1,316.55 of March 18.

Advancers led decliners by a 6-to-5 margin on the New York Stock Exchange, with 1,691 up, 1,300 down and 556 unchanged. NYSE volume totaled 699.37 million shares vs. 701.1 million Thursday. (U.S. stock markets were closed on Good Friday.)

The NYSE composite index rose 9.64 to 614.63, and the American Stock Exchange composite index gained 9.94 to 721.24; and the Russell 2000 index rose 3.55 to 402.29.

The price of the Treasury's main 30-year bond rose 2/32 point, or 62-1/2 cents per $1,000 in face value, by late afternoon, while its yield was steady at 5.59 percent.

Traders were buoyed by Friday's Labor Department report that just 46,000 new jobs were created in February, the smallest increase in three years. The report calmed investor fears that the economy was growing too fast and that the Federal Reserve might raise interest rates to slow it down.

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