Closing Market Report

Star-Bulletin news services

Friday, April 23, 1999

Dow falls 37.5;
Nasdaq reaches record

Associated Press

NEW YORK - Stock prices were narrowly mixed today in a session marked by profit-taking following Wall Street's three-day rally.

AT&T Corp.'s bold bid for cable operator MediaOne Group Inc. sent AT&T's stock tumbling and broke a three-day winning streak in the Dow Jones industrials.

The Dow fell 37.51 to close at 10,689.67, but it had more than halved an earlier 80-point loss. The blue chips rose 145 points yesterday to 10,727.18, their 10th record high close in 14 sessions. For the year, the Dow is up 16 percent.

Broader stock indexes were mixed. The Nasdaq composite rose 29.08 points to close at a record 2,590.69, helped by Gateway 2000 Inc.'s earnings report, which confirmed strong demand for personal computers. But the Standard & Poor's 500 edged down 1.98 points to close at 1,356.85.

Advancers beat decliners by 1,520 to 1,398 on the New York Stock Exchange, with 587 unchanged. NYSE volume totaled 745.89 million shares vs. 924.14 million yesterday.

The NYSE composite index fell 1.67 to 639.30, but the American Stock Exchange composite index rose 11.98 to 770.36. The Russell 2000 index of smaller companies gained 2.88 to 431.73.

Thirty-year U.S. Treasury bonds were little changed today but fell 10/32 point, or $3.13 per $1,000 bond, for the week, pushing the yield up to 5.60 percent. So far in 1999, bonds have handed investors losses of 5.5 percent, when price declines and interest payments are taken into account.

Overseas, Tokyo's Nikkei index fell 257.37 points, to 1.54 percent, to close at 16,923.25.

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