Closing Market Report

Star-Bulletin news services

Thursday, April 22, 1999

Dow, S&P 500
hit records

NEW YORK -- A strong profit report from IBM Corp. gave investors the signal to buy technology stocks again today, pushing the Dow Jones industrial average to yet another new high.

The Dow was up 145.76 at 10,727.18, moving well past yesterday's new closing high of 10,581.42 and posting its 10th record-high close in 14 sessions. The Dow is now up nearly 17 percent for the year.

Broader stock indicators also moved higher as Monday's fierce sell-off in technology shares became a distant memory. The Standard & Poor's 500 index was up 22.71 at 1,358.83, just eclipsing its own previous closing high of 1,358.63. The Nasdaq composite index rose 72.53 to 2,561.61.

Advancers outnumbered decliners by a 9-to-7 margin on the New York Stock Exchange, with 1,690 up, 1,290 down and 548 unchanged.

NYSE volume totaled 924.14 million shares vs. 914.5 million yesterday. The NYSE composite index rose 7.26 to 640.97, and the American Stock Exchange composite index rose 7.79 to 758.38.

The Russell 2000 index of smaller companies rose 2.28 to 428.85.

The 30-year Treasury bond was down $10.62 per $1,000 value late in the day, pushing its yield, which moves opposite the price, up to 5.60 percent from 5.53 percent late yesterday.

IBM led the Dow higher, advancing $22.62-1/2 to $194.50 and pushing other technology stocks higher. After the market closed yesterday, IBM reported first-quarter earnings of $1.55 a share, decisively beating year-ago results of $1.06 and analysts' estimates of $1.41.

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