Closing Market Report

Star-Bulletin news services

Monday, December 6, 1999

Dow off 61; Nasdaq
hits record

Associated Press


NEW YORK - Blue-chip stocks succumbed to a spate of profit-taking and a shakeup at Coca-Cola Co. today, but a wide range of technology stocks rose amid optimism about future growth. The Dow Jones industrial average fell 61.17 to close at 11,225.01.

Broader stock indicators were mixed, with technology stocks once again driving the Nasdaq composite index higher. The Standard & Poor's 500 fell 9.96 to 1,423.34, but the Nasdaq composite index rose 25.38 to another record close, 3,546.01.

Decliners beat advancers by a 7-to-4 margin on the New York Stock Exchange, with 1,966 down, 1,132 up and 483 unchanged. NYSE volume totaled 913.30 million shares vs. 994.20 million Friday.

The NYSE composite index fell 5.07 to 641.66; the American Stock Exchange composite index slipped 5.68 to 829.82; and the Russell 2000 index of smaller companies rose 1.17 to 465.75.

Thirty-year bonds rose 2/32, or 63 cents per $1,000 face amount with the yield holding at Friday's 6.25 percent.

Two-year note yields held at 5.97 percent.

Stock analysts said a modest decline was to be expected today, with investors collecting their gains from the market's stellar performance last week.

On Friday, the S&P 500 and the Nasdaq closed at new records, and the Dow gained 247 to finish within 40 points of its closing record of 11,326.04, reached Aug. 25.

"This is a normal bout of profit-

taking," said Scott Bleier, chief investment strategist at Prime Charter Ltd. in New York.

E-mail to Business Editor

Text Site Directory:
[News] [Business] [Features] [Sports] [Editorial] [Do It Electric!]
[Classified Ads] [Search] [Subscribe] [Info] [Letter to Editor]
[Stylebook] [Feedback]

© 1999 Honolulu Star-Bulletin