Closing Market Report

Star-Bulletin news services

Friday, May 21, 1999

Dow off 37.46

Associated Press

NEW YORK - Stock prices were mixed today as investors, worried about the effect rising interest rates might have on big-

name stocks, moved money into small-cap issues.

The Dow Jones industrial average fell 37.46 to close the week at 10,829.28. The Standard & Poor's 500 fell 8.54 to 1,330.29, and the Nasdaq composite fell 22.09 to 2,520.14.

Advancers beat decliners by a 6-to-5 margin on the New York Stock Exchange, with 1,593 up, 1,325 down and 587 unchanged. NYSE volume totaled 691.66 million shares vs. 749.53 million yesterday. The NYSE composite index fell 2.55 to 636.87. But the American Stock Exchange composite index rose 3.34 to 795.37 and the Russell 2000 index of smaller companies gained 1.12 to 449.14.

The 30-year Treasury bond rose 31/32, or $9.69 per $1,000 bond, pushing its yield down 7 basis points to 5.76 percent.

Among Dow components, IBM Corp. led the decliners. Big-name computer stocks have slipped in the past few sessions as investors moved money toward smaller companies and less volatile sectors like utilities.

Pharmaceutical maker Merck & Co., counting on a boost after the Food and Drug Administration approved its new pain pill Vioxx, instead saw its shares fall off slightly. Shares of Dow component General Motors Corp. rose, following the lead of Delphi Automotive Systems, the auto parts unit GM spun off. Delphi shares were modestly higher in heavy trading after Standard & Poor's said it would add the stock to its S&P 500 index.

Eastman Kodak Co. fell after an analyst said it will keep losing market share to Fuji Photo Film Co.

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