Closing Market Report

Star-Bulletin news services

Monday, December 13, 1999

Dow drops 32

Associated Press


NEW YORK - Stock prices ended mixed today as a profit warning from Xerox Corp. rattled the market but failed to discourage technology investors, who pulled the Nasdaq composite index further into record high territory.

The Dow Jones industrial average fell 32.11 to close at 11,192.59. The index had changed course several times during the session.

The Standard & Poor's 500 fell 1.82 to 1,415.22, but the Nasdaq composite index rose 37.93 to 3,658.16, setting its 23rd record since Oct. 29. The Nasdaq is now up 66.9 percent for 1999; the Dow is up 21.9 percent year to date; and the S&P 500 is up 15.1 percent.

Decliners beat advancers today by a 5-to-3 margin on the New York Stock Exchange, with 1,942 down, 1,141 up and 488 unchanged. NYSE volume totaled 976.61 million shares vs. 981.37 million Friday.

The NYE composite index lost 2.98 to 636.51; the American Stock Exchange composite index rose 0.83 to 828.69; and the Russell 2000 index gained 3.68 to 470.39.

The 30-year bond fell 1/2 point, or $5.00 per $1,000 face amount; yields rose four points to 6.20 percent.

Despite the modest movements of market averages, trading was fairly volatile following a profit warning from Xerox late Friday. Citing a shortfall in sales due to Year 2000 computer concerns, Xerox said it expects fourth-quarter earnings to come in 40 percent below analysts' expectations.

The warning from Xerox rattled investors who are counting on strong corporate profit growth in the fourth quarter.

Xerox itself rose. The company's shares fell to a 52-week low in Friday's late trading session, dipping to $19.871/2 and prompting some bargain hunting today.

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