Closing Market Report

Star-Bulletin news services

Monday, July 12, 1999

Dow up 7.28

NEW YORK - The Dow industrials edged to another record high today, but most stocks fell in cautious trading before the impending flood of quarterly profit reports.

The Dow Jones industrial average turned positive just before the end of trading, finishing 7.28 higher at 11,200.98. It was the third record close in four sessions for the Dow, which has now gained more than 2,000 points, or 22 percent, in 1999.

Broader stock indicators posted small losses, with the Nasdaq composite index pulling back over the final half hour to miss out on another record high. The Standard & Poor's 500 index, which also closed at a record high on Friday, fell 4.18 to 1,399.10. The Nasdaq composite fell 2.63 to 2,790.44.

Decliners beat advancers by a 7-to-6 margin on the New York Stock Exchange, with 1,370 up, 1,631 down and 538 unchanged, but Nasdaq advancers finished with a slim lead. NYSE volume totaled 668.87 million shares as of 4 p.m., up from 556.50 million on Friday.

The NYSE composite index fell 1.89 to 655.79; the American Stock Exchange composite index rose 2.81 to 815.54; and the Russell 2000 index of smaller companies rose 1.32 to 459.30.

With the flow of reports on the just ended second quarter beginning in earnest tomorrow, traders were hesitant to make any big bets. Most stocks traded in a narrow range.

The benchmark 30-year U.S. Treasury bond rose 1 7/32, or $12.19 per $1,000 face amount to a price of 907/8. Its yield fell 9 basis points to 5.91 percent, the lowest level since May 31.

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