Closing Market Report

Star-Bulletin news services

Tuesday, November 2, 1999

Dow off 66.67

Associated Press


NEW YORK - The stock market fell back from a big early rally today, unable to sustain its advance amid continuing concerns about interest rates. The technology-dominated Nasdaq stock market also lost ground after early gains, but still ended the session with a third straight record close.

The Dow Jones industrial average closed down 66.67 at 10,581.84 after sacrificing a gain of more than 100 points. The Dow also fell more than 81 points yesterday.

Broader stock indicators were mixed.

The Standard & Poors 500 index dropped 6.38 to 1,347.74 and the Nasdaq rose 13.98 to 2,981.63.

The NYSE composite fell 3.26 to 618.46; the American Stock Exchange slipped 0.45 to 804.52; and the Russell 200 index gained 0.57 to close at 432.39.

Advancing issues outnumbered decliners on the New York Stock Exchange, with 1,652 up, 1,350 down and 515 unchanged. Volume came to 903.21 million shares on the Big Board, up from 838.55 million yesterday.

The 30-year bond rose one-half, or $5 per $1,000 face amount, to a price of 99 25/32. Its yield dropped to 6.14 percent, the lowest level since Oct. 4.

"The rally ran out of gas," said Paul McEnroe, an assistant manager at Brown Brothers Harriman & Co. in New York.

McEnroe said investors were apparently looking for hints from Federal Reserve Chairman Alan Greenspan on whether Fed policy makers would raise interest rates at their next meeting Nov. 16. But when the Fed chairman avoided any talk of monetary policy during a talk to bankers in Florida this morning, investors decided to collect the profits.

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