Closing Market Report

Star-Bulletin news services

Wednesday, May 12, 1999

Dow slips 25.78

NEW YORK -- Stock prices ended mixed today as blue chips recovered most of a sharp drop following Treasury Secretary Robert Rubin's resignation, and the broader market rose on strength in technology issues.

The Dow Jones industrial average fell 25.78 to close at 11,000.37, just as President Clinton formally announced Rubin's resignation at a White House news conference. The Dow opened slightly lower and then plunged as much as 213 points after word of Rubin's resignation crossed news wires about 20 minutes later. The Dow is just shy of its record high close of 11,031.59, reached last Friday.

The Standard & Poor's 500 index rose 8.39 to 1,364.00, and the technology-heavy Nasdaq composite index rose 39.86 to 2,606.54. Decliners led advancers by a 6-to-5 margin on the New York Stock Exchange, with 1,387 up, 1,616 down and 528 unchanged. NYSE volume totaled 827.65 million shares vs. 843.68 million yesterday.

The NYSE composite index rose 1.91 to 647.68, and the American Stock Exchange composite index gained 9.06 to 798.35. The Russell 2000 index of smaller companies rose 2.45 to 449.26.

The price of the Treasury's main 30-year bond was up 3/32 point, or 94 cents per $1,000 in face value, by late afternoon, while its yield held at yesterday's 5.83 percent.

Rubin's deputy Lawrence Summers was nominated to succeed him. Summers will need to be confirmed by the Senate, and market analysts said a delay on Capitol Hill could send the stock and bond markets lower.

Elsewhere, Asia's biggest share markets all rose about 1 percent today,although the smaller regional stock indexes were mixed.

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