Closing Market Report

Star-Bulletin news services

Thursday, December 9, 1999

Dow up 66.67;
Nasdaq at record

NEW YORK -- Stocks ended a fitful session mostly higher today. Blue-chips and a smattering of technology stocks led the advance at the expense of some of the high-tech leaders that have powered the market this year.

The Dow Jones industrial average rose 66.67 to close at 11,134.79. The Dow had risen as much as 136 points in morning trading, and briefly dipped into negative territory this afternoon.

Broader stock indicators also shifted direction several times before finishing higher. The Nasdaq edged up 8.14 to close at 3,598.63 to a new record on extremely high volume. The Standard & Poor's 500 rose 4.23 to 1,408.11.

Decliners beat advancers by a 3-to-2 margin on the New York Stock Exchange, with 1,877 down, 1,210 up and 489 unchanged. NYSE volume totaled 1.11 billion shares vs. 948.82 million yesterday.

The NYSE composite rose 1.74 to 636.05; the American Stock Exchange composite gained 0.08 point to 829.30; and the Russell 2000 index fell 3.94 to 464.90.

Thirty-year Treasury bonds rose 5/32 point, or $1.56 per $1,000 face amount. The yield fell 1 basis point to 6.22 percent. Two-year yields fell 2 basis points to 5.94 percent.

Analysts said stock investors appeared torn between extending the modest profit-taking bout that began this week and leaping back into a market that has richly rewarded investors this year. "There are some concerns that the market has come too far, too fast," said Hugh Johnson, chief investment officer at First Albany Corp. "It's hard to get portfolio managers to commit money at this level."

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