Closing Market Report

Star-Bulletin news services

Tuesday, December 7, 1999

Dow loses 118; Nasdaq
soars to another record

Associated Press


NEW YORK - Stocks were mixed today as investors again collected profits from last week's rally. A strong report on workers' productivity and selected strength in technology stocks enticed some buyers but failed to lift the broad market.

The Dow Jones industrial average fell 118.36 to close at 11,106.65, the steepest one-day decline since Oct. 25.

Broader stock indicators were mixed. The Nasdaq rose 40.83 to end at 3,586.84, its 19th closing record since Oct. 29, due largely to the soaring price of Internet search engine company Yahoo! Inc.

But the S&P 500 stock index dropped 14.17 to close at 1,409.17.

Decliners beat advancers by a 2-to-1 margin on the New York Stock Exchange, with 2,031 down, 1,077 up and 467 unchanged. NYSE volume totaled 1.05 billion shares vs. 913.30 million yesterday.

The NYSE composite index fell 6.58 to 635.08; the American Stock Exchange composite rose 0.20 to 830.02; the Russell 2000 index fell 0.07 to 465.68.

The benchmark 30-year Treasury bond rose 16/32, or $5 per $1,000 face amount; its yield fell 4 basis points to 6.20 percent. Two-year bond yields fell 2 basis points to 5.93 percent.

Most analysts expected investors to cash in some of the gains that have come from the market's big rally. The Nasdaq has risen 63.6 percent this year; the S&P 500, up 14.6 percent so far in 1999, set a closing high on Friday; and the Dow, up 20.97 percent this year, has come within 40 points of its closing record of 11,326.04, reached Aug. 25.

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