Closing Market Report

Star-Bulletin news services

Monday, November 1, 1999

Dow drops 81

Bloomberg News


NEW YORK - The Dow Jones industrial average fell today but the Nasdaq composite index set a second consecutive record, led by Oracle Corp., on optimism software companies will benefit as more corporations do business on the Internet.

The Dow fell 81.35, slumping in the last hour of trading to close at its low of the day, 10,648.51. It was the first day of trading for the Dow's new lineup, announced last week, that includes Microsoft Corp., Intel Corp., Home Depot Inc. and SBC Communications Inc.

The Standard & Poor's 500 index declined 8.81 to 1,354.12 after surging 9.2 percent in the previous two weeks. Tyco International Ltd. was the S&P 500's biggest loser on concern the No. 1 maker of electronic connectors won't be able to use its slumping stock for acquisitions. The Nasdaq closed 1.22 higher at 2,967.65, after touching an intraday record 2997.90. The drop in interest rates during the past four days made investors more optimistic about software companies, investors said.

Declining and advancing stocks were almost even on the New York Stock Exchange, with 1,535 up, 1,522 down and 438 unchanged. About 838.55 million shares changed hands on the Big Board, vs. 1.095 billion shares on Friday but up from the three-month daily average of 788 million.

The 30-year bond fell 1/4 point, or $2.50 per $1,000 face amount; yields rose to 6.18 percent from 6.16 percent Friday, the lowest level since Oct. 4.

Semiconductor shares declined after reports of an earthquake in Taiwan, where many computer chips are manufactured. Intel, the No. 1 semiconductor maker, fell $1.44 to $76.

E-mail to Business Editor

Text Site Directory:
[News] [Business] [Features] [Sports] [Editorial] [Do It Electric!]
[Classified Ads] [Search] [Subscribe] [Info] [Letter to Editor]
[Stylebook] [Feedback]

© 1999 Honolulu Star-Bulletin