Closing Market Report

Star-Bulletin news services

Monday, September 20, 1999

Dow up 20; Nasdaq
near record

Associated Press

NEW YORK - The world's leading technology companies propelled the Nasdaq composite index within a point of a closing record today, capping a quiet session that left most stocks with slim gains. The Dow Jones industrial average was up 20.27 to close at 10,823.90. The Nasdaq rose 16.53 points to 2,886.15; its record of 2,887.06 was set Sept. 10. The Standard & Poor's 500 rose 0.11 to 1,335.53.

Decliners beat advancers by a 3-to-2 margin on the New York Stock Exchange, with 1,748 down, 1,157 up and 562 unchanged. NYSE volume totaled 570.43 million shares vs. 850.82 million Friday.

The NYSE composite index fell 1.00 to 612.10; the American Stock Exchange composite index dropped 1.59 to 792.85; the Russell 2000 index lost 1.25 to 433.20.

The 30-year U.S. Treasury bond fell 1/4 point, or $2.50 per $1,000 face amount; Its yield rose to 6.07 percent from 6.06 late Friday.

A wide array of technology companies pulled the Nasdaq higher, including Sun Microsystems which declared a 2-for-1 stock split.

The renewed strength in technology shares provided a rare spark in one of the quietest sessions of the year. Many Wall Street professionals were out of work today to commemorate Yom Kippur, the Jewish Day of Atonement.

The dollar's fluctuations against the yen kept the market off balance in the early going. Stocks initially rose as the dollar continued to edge back from last week's 3-1/2-year low against the yen. But after rising as high as 107.41 yen in European trading, the dollar's advance slowed. In New York, the dollar closed at 106.38 yen.

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