Closing Market Report

Star-Bulletin news services

Wednesday, October 20, 1999

Dow up 187 as
tech stocks soar

Associated Press


NEW YORK - Technology stocks burst from their slump today after Microsoft's better-than-

expected profit report raised hopes that demand for computers will remain strong.

The Dow Jones industrial average gained 187.43 to close at 10,392.36. The Nasdaq composite index, which is dominated by high-

tech stocks, was up 99.95 at 2,788.13. The Standard & Poor's 500 rose 28.11 to 1,289.43.

Advancers beat decliners by a 7-to-6 margin on the New York Stock Exchange, with 1,628 up, 1,373 down and 521 unchanged. NYSE volume totaled 926.39 million shares vs. 900.07 million yesterday. The NYSE composite rose 8.74 to 593.79; the American Stock Exchange index rose 10.51 to 786.43; the Russell 2000 index rose 3.01 to 413.94.

The 30-year bond rose 1/4 point, or $2.50 per $1000 face value; its yield fell 2 basis points to 6.33 percent, after earlier touching 6.37 percent - the highest level since Oct. 22, 1997.

The Nasdaq, which lists many of the world's leading technology companies, benefited most directly from Microsoft's announcement late yesterday that profits jumped 30 percent in its fiscal first quarter on strong demand for personal computers equipped with its Windows operating system. Microsoft also reported strong sales of its Office 2000 and other business software.

Microsoft rose sharply, lifting many technology stocks that were battered over the past week as investors worried about disappointing profit reports from Intel and Dell.

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