Closing Market Report

Star-Bulletin news services

Thursday, December 16, 1999

Dow up 19.57

NEW YORK - Stocks rose today as a fresh round of optimism about Internet shares drove the technology sector higher and ultimately lifted the broad market out of an early slump.

The Dow Jones industrial average was up 19.57 at 11,244.89. The blue-chip index spent most of the day in negative territory, falling as much as 100 points early in the session.

The Standard & Poor's 500 rose 5.45 to 1,418.78, and the Nasdaq composite index rose 93.11 to 3,715.06, its 24th closing record since Oct. 29.

Decliners beat advancers by an 8-to-7 margin on the New York Stock Exchange, with 1,629 down, 1,454 up and 478 unchanged. NYSE volume totaled 1.075 billion shares vs. 1.03 billion yesterday. It was a record third-consecutive 1 billion-share day on the NYSE.

The NYSE composite slipped 0.17 at 631.76; the American Stock Exchange composite fell 5.08 to 833.86; and the Russell 2000 index rose 3.94 to 465.26.

The 30-year bond fell 7/8 point, or $8.75 per $1,000 face amount; its yield rose 7 basis points to 6.39 percent. Yields on two-year notes rose 8 basis points to 6.15 percent.

Internet stocks rose sharply a day after CMGI Inc. announced a 2-for-1 stock split and reported fiscal first-quarter results that easily exceeded analysts' expectations. The company, which provides venture capital to young Internet businesses, lost $117.4 million, or $1.08 a share, in the quarter. But analysts had expected CMGI to report a $1.76 loss.

The better-than-expected results, combined with the stock split and aggressive projections for future acquisitions, sent its shares soaring.

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