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Closing Market Report

Star-Bulletin news services

Thursday, December 2, 1999

Dow up 40.67

Associated Press

Tapa

NEW YORK - Technology stocks roared higher today, sending the Nasdaq composite index back into record territory and pushing the Dow Jones industrials firmly above 11,000.

The Dow Jones industrial average was up 40.67 at 11,039.06. The advance left the Dow more than 1,000 points above its mid-October low of 10,019.71 and poised to attack the all-time high of 11,326.04 set Aug. 25.

The Nasdaq composite shot up 99.07 to 3,452.78, topping its Nov. 26 record of 3,447.81. The Standard & Poor's 500 rose 11.32 to 1,409.04.

Advancers barely beat decliners on the New York Stock Exchange, with 1,530 up, 1,502 down and 491 unchanged. NYSE volume totaled 895.21 million shares vs. 886.18 million yesterday.

The NYSE composite gained 2.39 to 637.16; the American Stock Exchange composite index slipped 1.22 to 833.36; and the Russell 2000 index rose 6.77 to 460.44.

The benchmark bond fell 11/32, or $3.44 per $1,000 face amount; its yield rose 3 basis points to 6.32 percent. Two-year note yields rose 1 basis point to 6.05 percent.

Hewlett-Packard buoyed the Dow today. The company held an analysts' meeting this week to detail plans to cut costs and expand sales of its computer servers, and several investment firms expressed optimism about the computer maker's prospects under Carly Fiorina, its new CEO.

The Nasdaq rose on gains from a wide range of technology stocks. Oracle, Sun Microsystems and eBay all rose sharply. The technology-

dominated index slumped early this week as investors locked in profits from a stellar month of November, when the Nasdaq set 15 new closing highs.



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