Closing Market Report

Star-Bulletin news services

Tuesday, November 23, 1999

Dow off 93.59

Associated Press


NEW YORK - Stocks tumbled today, with the Nasdaq composite index sustaining its worst point loss in more than a month, as investors sold shares to capture profits from the market's recent rally.

The Dow Jones industrial average fell 93.89 to close at 10,995.63 while the Standard & Poor's 500 fell 16.28 to 1,404.66 and the Nasdaq tumbled 49.69 to 3,342.87 in its worst performance since Oct. 15, when the index lost 75.01.

Decliners issues outnumbered advancers by a 12-to-5 margin on the New York Stock Exchange, with 2,190 down, 908 up and 458 unchanged.

NYSE volume totaled 873.57 million shares vs. 865.63 million yesterday.

The New York Stock Exchange composite index fell 7.50 to 637.14, the American Stock Exchange composite index lost 5.26 to 822.86 and the Russell 2000 index of smaller companies fell 6.32 to 454.45. The 30-year bond fell 2/32, or 63 cents per $1,000 face amount, to a price of 99 2/32. Its yield, unchanged at 6.19 percent, was at its highest level since Oct. 28.

In a quiet session ahead of Thanksgiving, many investors appeared to be locking in profits from last week's big gains. Most oil companies, which have risen in recent sessions along with the price of crude oil, slipped back today.

The technology-dominated Nasdaq had been on a tear, setting 14 new closing highs in the previous 17 sessions as investors embraced a wide range of computer-related shares. America Online Inc. was the most actively traded stock on the NYSE, jumping $1.871/2 to $83.56 after its 2-for-1 stock split took effect today.

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