Closing Market Report

Star-Bulletin news services

Wednesday, December 1, 1999

Dow up 120.6

NEW YORK -- Blue-chip stocks bounded back toward 11,000 today after the latest round of economic reports signaled that the nation's economic growth is continuing at a slower, more sustainable pace.

The Dow Jones industrial average was up 120.58 at 10,998.39.

Broader stock indicators rose more modestly as the technology stocks that dominate the Nasdaq composite index remained in a mild slump. The Standard & Poor's 500 rose 8.81 to 1,397.72, and the Nasdaq composite index rose 17.55 to 3,353.71.

Decliners outnumbered advancers by a 7-to-5 margin on the New York Stock Exchange, with 1,697 down, 1,381 up and 446 unchanged. NYSE volume totaled 886.18 million shares vs. 952.97 million yesterday.

The NYSE composite index gained 3.59 to 634.77, the American Stock Exchange composite index rose 1.77 to 834.58 and the Russell 2000 index of smaller companies fell 0.41 to 453.67.

Thirty-year bonds fell 2/32, or 63 cents per $1,000 face amount, to a price of 97 22/32. The yield rose 1 basis point to 6.30 percent, after earlier reaching 6.35 percent, the highest level since Oct. 26.

Even in a session that saw many computer-related stocks drop back from recent gains, the growing influence of technology helped lift the Dow. General Electric Co. was the best-performing blue-chip, contributing at least 20 points to the Dow after a Salomon Smith Barney analyst applauded its growing Internet and electronic commerce operations. GE's stock rose $4.44 to $134.56. Among other Dow stocks, Procter & Gamble Co. jumped $4.25 to $112.25 and the newly combined Exxon Mobil Corp. gained $3.19 to $82.50.

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