Closing Market Report

Star-Bulletin news services

Wednesday, April 28, 1999

Dow gains 13.7

NEW YORK - The Dow Jones industrial average rose to a record for the second straight day as investors bought shares of manufacturers such as Alcoa Inc. and DuPont Co., encouraged by reports indicating growth in U.S. factory orders and Japan's economy.

America Online Inc. and Microsoft Corp. led a slump in computer-

related stocks, leaving the broader U.S. market mixed. McKesson HBOC Inc. plunged after the largest U.S. drug wholesaler restated earnings.

"I see a strong economy in this country and the potential for a bottoming in Asia," said Michael Berry, a money manager at Heartland Advisors Inc., which oversees $2 billion in Morristown, N.J. That could mean two or three years of gains for the stocks that do best in a growing economy, according to Berry.

The Dow average gained 13.74, or 0.1 percent, to close at 10,845.45. The Standard & Poor's 500 Index fell 11.89, or 0.9 percent, to 1,350.91, and the Nasdaq composite index dropped 52.04, or 2 percent, to 2,550.37.

Advancers outnumbered decliners by a 17-to-13 ratio on the New York Stock Exchange, with 1,729 up, 1,278 down and 510 unchanged. More than 949.37 million shares changed hands on the Big Board vs 895.47 million yesterday. In today's trading, 208 shares reached 52-week highs, while 125 fell to lows.

The NYSE composite fell 2.95 to end at 640.32; the American Exchange composite rose 3.62 to close at 777.69; while the Russell 2000 index of small companies dropped 1.63 to close at 433.53.

The 30-year bond declined 5/8 point, or $6.25 per $1,000 security, to 95 5/32, pushing its yield up 4 basis points to 5.58 percent.

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