Closing Market Report

Star-Bulletin news services

Tuesday, November 9, 1999

Dow off 101.5

Associated Press


NEW YORK - Stocks closed mostly lower today as investors, growing more cautious as next week's Federal Reserve meeting approaches, locked in profits from the stunning runup in tech stocks.

The Dow Jones industrial average fell 101.53 to close at 10,617.32. Broader stock indicators also fell.

The Nasdaq composite index fell 18.93 to 3,125.04. Traders said investors appeared ready for a break after the Nasdaq index's string of seven record-setting sessions. The Nasdaq had not closed lower since Oct. 27, and even with today's loss has risen 11.5 percent since then.

"We're seeing some healthy rounds of profit-taking," said Bryan Piskorowski, market analyst at Prudential Securities. "When you run a one-minute mile, you've got to take a pause eventually."

The Standard & Poors 500 index fell 11.73 to 1,365.28.

Decliners beat advancers by a 4-to-3 margin. with 1,710 down, 1,305 up and 526 unchanged. Volume on the New York Stock Exchange equaled 851.32 million shares vs. 802.41 million yesterday.

The NYSE composite index slipped 4.38 to 625.99; the American Stock Exchange composite rose 2.84 to 812.31 and the Russell 2000 index of smaller companies gained 1.21 to 446.28.

The 30-year Treasury bond price fell 9/32, or $2.81 per $1,000 face amount; its yield rose 2 points to 6.07 percent.

Investors were adjusting their positions ahead of tomorrow's report on the Producer Price Index, which should offer the latest hint of whether inflation is escalating in the U.S. economy. The Fed, which holds its next interest rate policy meeting on Nov. 16, is expected to carefully monitor the report for signs of inflation.

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