Closing Market Report

Star-Bulletin news services

Monday, September 13, 1999

Dow up 1.90

NEW YORK -- Stocks ended a lackluster session with mixed results today as investors stepped back from Friday's rally in technology shares. Dow industrials struggled to a slight gain, but most stocks ended lower.

The Dow Jones industrial average rose 1.90 to close at 11,030.33. The blue-chip index stayed locked in a narrow range for much of the session. Broader stock indicators were lower with the Standard & Poor's 500 falling 7.53 to 1,344.13, and the Nasdaq composite index off 42.29 to 2,844.77.

Decliners beat advancers by a 13-to-9 margin on the New York Stock Exchange, with 1,727 down, 1,211 up and 565 unchanged. NYSE volume totaled 654.73 million shares vs. 805.96 million Friday. The NYSE composite fell 2.09 to 620.81; the American Stock Exchange composite lost 1.45 to 804.50; the Russell 2000 index fell 1.54 to 439.65.

Thirty-year U.S. Treasury bonds fell 1/4 point, or $2.50 per $1,000 in face value. Yields rose to 6.05 percent from 6.04 Friday.

Yahoo! and eBay dropped sharply. America Online was also lower. Traders attributed the drop to an article in Barron's magazine in which a short seller - an investor who bets that the price of a stock will fall - said AOL's stock price could be cut in half as a result of price competition.

Stocks were also pressured by the latest slip in the value of the dollar. Signs of economic growth in Japan have strengthened the yen, pushing it to more than three-year highs against the dollar. Today, the dollar slipped to 106.44 yen in New York from 108.81 late Friday, dropping to its lowest level against the Japanese currency since mid-May 1996.

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