Closing Market Report

Star-Bulletin news services

Wednesday, December 15, 1999

Dow climbs 65

NEW YORK -- Stocks rose strongly today as technology issues reversed direction and headed higher. The Dow Jones industrial average gained 65.15 to close at 11,225.32.

The index was up as high as 11,282.20 before easing.

The Nasdaq composite index rose 50.29, or 1.4 percent, to 3,621.95. The market gauge was as much as 68 points lower in profit-taking before reversing course.

The Standard & Poor's 500 climbed 10.13 to end at 1,413.30.

Declining issues outnumbered advancers by a roughly 8-to-7 margin on the New York Stock Exchange, with 1,635 down, 1,451 up and 464 unchanged. New closing lows beat new highs by 465 to 49 on the NYSE, where volume totaled 1.03 billion shares vs. 1.02 billion yesterday.

The NYSE composite index slipped 0.14 to 631.93; the American Stock Exchange composite rose 11.16 to 838.94; the Russell 2000 index of smaller companies fell 1.43 to 461.32.

"It looks to me as if some of the selling has just dried up," said Bill Allyn, head of trading at Jefferies & Co.

The benchmark 30-year U.S. Treasury bond remained a market focus. The bond was off 10/32 point, or $3.121/2 per $1,000 in face value, as its yield rose to 6.33 percent from 6.30 percent late yesterday.

Lance Zipper, head of equity trading at Brean Murray and Co., said investors were piling back into big technology shares that have dominated market headlines this year.

Investors "seem to have done all the profit-taking they were going to do," he said. "They just keep coming back to the same stocks."

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