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Closing Market Report

Star-Bulletin news services

Monday, March 6, 2000

Dow off 196.7;
Nasdaq 5,000 run stalls

Associated Press


NEW YORK -- Stocks pulled back sharply today, blocking a Nasdaq run at 5,000, as investors locked in some of last week's big gains, still mindful that higher interest rates may hurt company profits. The Dow Jones industrial average slid 196.70 to 10,170.50 after gaining 505 points last week.

The Nasdaq composite index fell 9.94 to close at 4,904.85. The tech-dominated index turned lower near the close after rising as high as 4,980.14 around midday, flirting with the 5,000 mark just two months after it first crossed 4,000 and four months after it passed 3,000. The S&P 500 fell 17.89 to 1,391.28. Advancers trailed decliners by a nearly 2-to-1 margin on the New York Stock Exchange, with 1,120 up, 1,908 down and 444 unchanged. NYSE volume totaled 1.025 billion shares vs. 1.151 billion Friday. The NYSE composite index sank 5.64 to 604.02; the American Stock Exchange composite index rose 8.65 to 1,022.36; and the Russell 2000 index rose 3.76 to 601.64.

The Treasury's 30-year bond price was down 6/32 point, or $1.87 per $1,000 in value; its yield rose to 6.15 percent from 6.13 percent.

A midday speech by Federal Reserve Chairman Alan Greenspan reinforced investors' fears that the Fed will keep raising interest rates to combat inflationary pressures. The Fed already has raised rates four times since last June. Greenspan, speaking today at a Boston College conference, noted strong productivity gains could still push corporate profits and stocks higher, a suggestion that more rate hikes may be needed.

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