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Closing Market Report

Star-Bulletin news services

Friday, March 24, 2000

Dow slips 7.14

Associated Press


NEW YORK - Stocks ended a dramatic week in mundane fashion today, closing narrowly mixed. Johnson & Johnson pulled the Dow Jones industrial average lower after removing a popular drug from the market.

The Dow fell 7.14 to 11,112.72, having retreated from a 115-point gain earlier this morning. The Dow, which rose 253 points yesterday, ended the week with a gain of 517.49, or 4.9 percent. The blue-chip index still sits more than 500 points below the closing record of 11,722.98 set Jan. 14, and is down 3.34 percent so far in 2000. The Standard & Poor's 500 rose 0.11 to 1,527.46, its fourth consecutive closing high. The Nasdaq composite index rose 22.42 to 4,963.03.

Decliners led advancers by a 10-to-9 margin on the New York Stock Exchange, with 1,501 down, 1,432 up and 508 unchanged. NYSE volume totaled 1.034 billion shares vs. 1.068 billion yesterday.

The NYSE composite index rose 0.19 to 652.50; the American Stock Exchange composite index fell 3.89 to 1,032.51; and the Russell 2000 index rose 0.22 to 574.01.

The 30-year Treasury bond yield rose for the first time in two weeks, climbing 8 basis points to 5.99 percent as the bond's price fell 1 9/32 point, or $12.81 per $1,000 face amount.

Johnson & Johnson weighed most heavily on the Dow, plunging after yesterday's announcement that the company will stop marketing Propulsid, a popular heartburn drug that has been associated with 80 deaths. The Dow's biggest gainers were 3M and IBM.

On the Nasdaq, Internet equipment maker Cisco Systems pushed to another record high, rising as the most active Nasdaq issue.

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