Closing Market Report

Star-Bulletin news services

Friday, July 16, 1999

Dow, S&P,
Nasdaq hit records

NEW YORK -- Technology issues led the stock market further into record territory today, with Nasdaq shares setting a new high for a third straight day.

The Dow Jones industrial average rose 23.43 to 11,209.84, topping Monday's record close of 11,200.98 and extending this year's gain to 22 percent. For the week, however, the Dow only mustered a gain of 16.14 points.

The S&P 500 rose 9.16 to 1,418.78, a record close for the second straight day.

The only decisive buying came in the technology sector, which helped boost the Nasdaq composite index 25.11 to 2,864.48.

The rally, which followed record highs on Wednesday and yesterday, pushed the Nasdaq's gain for 1999 past 30 percent.

The number of winners and losers on the New York Stock Exchange was almost even, with 1,456 up, 1,446 down and 618 unchanged. Nasdaq decliners led advancers by a narrow margin, 1,999 to 1,888. NYSE volume totaled 716.41 million shares, down from 801.59 million yesterday.

The NYSE composite index rose 2.37 to 663.12. But the American Stock Exchange composite index fell 3.63 to 818.10 and the Russell 2000 index fell 0.54 to 465.26.

The 30-year bond rose 3/8, or $3.75 per $1,000 face amount, to a price of 91 1/8, pushing its yield down 4 basis points to 5.88 percent. Yields on two-year notes dropped 7 basis points to 5.46 percent.

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