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Closing Market Report

Star-Bulletin news services

Friday, March 10, 2000

Dow drops 81.9

Associated Press


NEW YORK -- Stocks were mixed today as consumer products shares dropped on another warning of disappointing earnings and investors cashed in some gains from the recent high-tech rally.

The Dow Jones industrial average fell 81.91 to 9,928.82, capping a volatile week. The Dow fell 438.38 points since Monday, a loss of 4.2 percent. So far in 2000, the index is down 13.6 percent.

The Nasdaq composite index, which fluctuated between gains and losses throughout the session, finished up 1.76 at 5,048.62, setting a record close after yesterday's first close above 5,000. The Nasdaq is up 25 percent so far this year.

The Standard & Poor's 500 fell 6.62 to 1,395.07, and is down 4.65 percent for the year. Decliners beat advancers by an 11-to-8 margin on the New York Stock Exchange, with 1,714 down, 1,214 up and 524 unchanged. NYSE volume totaled nearly 1.14 billion shares 1.12 billion yesterday.

The NYSE composite index slipped 3.66 to 599.34, and is down 7.5 percent this year. The Russell 2000 index of smaller companies fell 2.24 to 603.82, but is up nearly 21 percent year to date. The American Stock Exchange composite index gained 14.57, or 1.43 percent, to a record close of 1,033.33, and is 17.7 percent higher this year.

Treasury bond prices fell. The 30-year bond yield rose 3 basis points to 6.18 percent as its price fell 9/32 point, or $2.81 per $1,000 face amount. Yields on two-year notes climbed 6 basis points to 6.53 percent. Benchmark 10-year yields rose 4 basis points to 6.38 percent.

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