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Closing Market Report

Star-Bulletin news services

Monday, March 13, 2000

Dow up 18;
Nasdaq loses 141

Associated Press


NEW YORK -- Stocks stumbled today in the wake of a widespread selloff abroad. Technology shares came under intense selling pressure following the dramatic rise in the sector in recent weeks.

The Nasdaq composite index fell 141.30 to close at 4,907.32, its fourth-worst point drop in history. The index fell as much as 209.36 points shortly after the opening bell.

Analysts attributed the wave of Nasdaq selling to investors eager to lock in profits from the Nasdaq's sharp rise this year. The index, dominated by technology stocks, was up 24 percent as of Friday's close, and even after today's selloff, is up 21 percent since the start of 2000.

The Dow Jones industrial average rose 18.31 to 9,947.13, having recovered from a loss of as much as 190.49 points, or 1.9 percent, within minutes of the opening of trading. The Standard & Poor's 500 fell 11.45 to 1,383.62. The Russell 2000 index fell 13.67, or nearly 2.3 percent, to 590.14. The American Stock Exchange composite fell 14.47 to 1,018.86; and the NYSE composite dropped 4.73 to 594.61. Decliners beat advancers by an 8-to-5 margin on the New York Stock Exchange, with 1,850 down, 1,168 up and 451 unchanged. NYSE volume totaled 995.72 million shares vs. 1.13 billion in Friday.

The Treasury's 30-year bond was up 3/32 point, or 94 cents per $1,000 in face value; its yield fell to 6.16 percent from 6.17 percent Friday.

Leading today's stock decline was Japan's Nikkei stock average, which fell 2.8 percent, and Hong Kong's Hang Seng index, which lost 4.1 percent.

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