Closing Market Report

Star-Bulletin news services

Tuesday, April 27, 1999

Dow up 113
to another record

NEW YORK - Stocks ended mixed today, as the Dow Jones industrials moved to record highs amid a return to manufacturing and basic-materials stocks, but the Nasdaq composite sank on profit-taking in some technology shares.

The Dow rose 113.12 to close at 10,831.71, breaking 10,800 for the first time and topping its previous record, set last Thursday, of 10,727.18. The Standard & Poor's 500 index rose 2.76 to 1,362.80, also a record close. But the technology-heavy Nasdaq composite index fell 49.64 to 2,602.41.

Advancing issues outnumbered decliners by a 9-to-7 margin on the New York Stock Exchange, with 1,758 up, 1,238 down and 565 unchanged. NYSE volume totaled 895.47 million shares vs. 710.72 million yesterday.

The NYSE composite index rose 4.44 to 643.27, and the American Stock Exchange composite index rose 2.47 to 774.07. The Russell 2000 index of smaller companies gained 0.19 to 435.16.

The 30-year bond rose 3/8, or $3.75 per $1,000 security, to 95 21/32, pushing its yield down 2 basis points to 5.55 percent.

Art Hogan, chief market analyst at Jefferies & Co. in Boston, said a number of factors were behind the divergent trading pattern. DuPont's earnings, released this morning, helped affirm last week's move into the economically sensitive companies, Hogan said. And the technology stocks were subjected to "a little light, uninformed profit-taking in technology (shares). There is no fundamental news in that area, it's just that the prices got to such a raucous level."

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