Closing Market Report

Star-Bulletin news services

Thursday, November 11, 1999

Dow slips 2.44

NEW YORK -- Stocks ended narrowly mixed today in a quiet session marked by optimism about high-tech companies and lingering pessimism about the possibility of rising interest rates.

The Dow Jones industrial average fell 2.44 to close at 10,595.30. The index had risen as much as 45 points earlier in the session.

The Standard & Poor's 500 rose 8.00 to 1,381.46, and the Nasdaq composite index rose 41.33 to 3,197.29 for its ninth record close in the past 10 sessions.

Decliners beat advancers by a 7-to-5 margin on the New York Stock Exchange, with 1,715 down, 1,258 up and 548 unchanged. NYSE volume totaled 884.55 million shares vs. 986.22 million yesterday.

The NYSE composite index gained 0.37 to 629.39; the American Stock Exchange composite rose 3.42 to 819.23; and the Russell 2000 fell 1.23 to 447.49.

Trading was quiet as the bond market was closed in observance of Veterans Day. Most stock investors appeared content to wait for a fresh round of economic data before taking major new positions.

"Without the bond market giving us any guidance, people are being a bit cautious," said trader Ned Collins.

The Federal Reserve will hold its next meeting on interest rates on Tuesday, and analysts are divided over whether the central bank will raise interest rates for the third time this year. The Fed has raised rates twice to keep inflation under control, but recent economic reports have offered conflicting evidence on whether price pressures are escalating.

Trading was halted briefly during the morning to observe a moment of silence on the NYSE floor in honor of war veterans.

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