Closing Market Report

Star-Bulletin news services

Monday, August 16, 1999

Dow rises 73

NEW YORK - While shares of the nation's major computer makers rose sharply, the broader stock market held to slim gains today, with investors making few bets while they awaited the government's consumer price report.

The Dow Jones industrial average rose 73.14 to close at 11,046.79. It was the Dow's first close above 11,000 since July 21.

Broader stock indicators ended slightly higher. The Standard & Poor's 500 rose 3.09 to 1,330.77, and the Nasdaq composite index gained 7.46 to 2,645.27.

Advancers beat decliners by a 10-to-9 margin on the New York Stock Exchange, with 1,550 down, 1,395 up and 557 unchanged. NYSE volume totaled 581.21 million shares vs. 696.74 million Friday.

The NYSE composite index rose 1.51 to 622.89, but the American Stock Exchange composite index fell 4.24 to 779.50. The Russell 2000 index fell 0.23 to 433.82.

The 30-year Treasury bond rose 3/32, or 94 cents per $1,000 face amount, to a price of 1001/2, pushing its yield down 1 basis point to 6.09 percent.

In a quiet session befitting a summer Monday, stock prices remained in a narrow range. Much of the Dow's strength came from Hewlett-Packard Co., which rose in advance of its fiscal third-quarter earnings report.

After the close, computer-maker Hewlett-Packard reported said fiscal third-quarter earnings rose 37 percent, bolstered by personal computer sales and a revival in some businesses in Asia. Net income for the quarter ended July 31 rose to $853 million, or 81 cents a share, from $621 million, or 58 cents, a year earlier. Analysts expected H-P to earn 80 cents a share.

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