Closing Market Report

Star-Bulletin news services

Tuesday, June 22, 1999

Dow off 94.35

NEW YORK - Stocks fell sharply today, halting the Nasdaq composite index's bid for a new closing high, as investors remained antsy about interest rates and company profits for the nearly finished quarter.

An afternoon rebound in the Dow Jones industrial average fizzled, and the blue chips finished 94.35 lower at 10,721.63.

Broader stock indicators also posted steep losses.

The Nasdaq composite came within 10 points of the April 26 closing record of 2,652.05 before turning lower and ending a five-session winning streak that had boosted the measure nearly 10 percent.

The Standard & Poor's 500 index fell 13.12 to 1,335.88, and the technology-heavy Nasdaq composite index fell 50.02 to 2,580.26.

Decliners outnumbered advancers by a 9-to-7 ratio on the New York Stock Exchange, with 1,283 up, 1,674 down and 567 unchanged. Nasdaq decliners led by a 7-to-5 margin.

NYSE volume totaled 708.93 million shares, only slightly better than yesterday's anemic 678.01 million.

The NYSE composite index fell 3.83 to 633.11 and the American Stock Exchange composite index fell 0.28 to 765.47.

The Russell 2000 index of smaller companies fell 2.11 to 447.33.

The 30-year bond fell 1/2, or $5.00 per $1,000 in face value, to a price of 88 28/32. Its yield rose 4 basis points to 6.06 percent.

Leading the Dow's decline were companies that are particularly sensitive to the pace of economic activity, including DuPont, which fell $2.44 to $67.75, and International Paper Co., which dropped $1.871/2 to $52.621/2.

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