Closing Market Report

Star-Bulletin news services

Wednesday, October 6, 1999

Dow gains 188;
Nasdaq up 57.5

NEW YORK -- Stocks soared today as investors cast aside interest rate concerns and turned upbeat about third-quarter earnings. Financial and Internet issues once again led the gainers.

The Dow Jones industrial average rose 187.75, or 1.8 percent, to close at 10,588.34. The Dow has rebounded nearly 375 points since last Wednesday, when it reached 10,213.48, its lowest point since April 9. The Standard & Poor's 500 index rose 24.05 to 1,325.40, and the Nasdaq composite index gained 57.54 to 2,857.21.

Advancers beat decliners by a 7-to-5 margin on the New York Stock Exchange, with 1,752 up, 1,257 down and 516 unchanged. NYSE volume totaled 895.88 million shares vs. 958.60 million yesterday. The NYSE composite index rose 10.60 to 609.90; the American Stock Exchange composite gained 2.78 to 787.43; and the Russell 2000 index of small company stocks rose 3.75 to 429.76.

The 30-year Treasury bond price rose 1/8 point, or $1.25 per $1,000 face amount, with its slipping 1 basis point to 6.17 percent.

Stock analysts said investors were focused on third-quarter earnings reports which have begun to trickle in, and expected many of them to be strong.

For companies that reported earnings today, the market followed its recent pattern of rewarding firms that beat analyst expectations and punishing those that meet but don't exceed forecasts.

Shares of Pepsico rose after surpassing Wall Street's expectations, although its beverage sales suffered because of higher prices. Coca-Cola, a Dow stock, also rose.

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