Closing Market Report

Star-Bulletin news services

Friday, September 17, 1999

Dow gains 66

NEW YORK -- Stocks rose today as the dollar showed renewed signs of strength against the Japanese yen. As the dollar extended its recovery from the 31/2-year low it reached Wednesday, it boosted the bond market, which enticed investors back into bank and brokerage stocks.

The Dow Jones industrial average was up 66.17 at 10,803.63, erasing its 63-point loss yesterday. For the week, however, the average tumbled 224.80 points, a loss of 2 percent.

Broader stock indicators also rose today. The Standard & Poor's 500 rose 16.94 to 1,335.42, and the Nasdaq composite index rose 62.90 to 2,869.62.

Advancers beat decliners by a 4-to-3 margin on the New York Stock Exchange, with 1,689 up, 1,213 down and 603 unchanged. NYSE volume totaled 850.82 million vs. 727.05 million yesterday. The NYSE composite index rose 5.78 to 613.10; the American Stock Exchange index rose 3.64 to 794.44; and the Russell 2000 index rose 4.20 to 434.45.

The U.S. Treasury's 30-year bond rose 11/32, or $3.44 per $1,000 face value today; its yield fell 3 basis points to 6.05 percent.

Stocks benefited from the rising dollar in foreign-exchange markets. The dollar, which on Wednesday sank to 103.20 yen, the lowest level since early 1996, bought 106.86 yen in late U.S. trading today.

The dollar has struggled against the yen in recent months amid a recovery in the Japanese economy, which has enticed traders to again invest there.

Investors fear a weaker dollar because it makes imports more expensive, setting the stage for a rise in U.S. inflation.

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