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Closing Market Report

Star-Bulletin news services

Wednesday, March 29, 2000

Dow up 82.6;
Nasdaq falls 189

Associated Press


NEW YORK -- Technology stocks fell for a third consecutive session today, dragging the Nasdaq composite index lower and detracting from a broad-based advance by the Dow Jones industrial average. The tech-dominated Nasdaq fell 189.22, or 3.9 percent, to close at 4,644.67. It was the Nasdaq's third-biggest point loss ever. Five stocks fell for every two that rose on Nasdaq. The Dow rose 82.61 to 11,018.72. The Standard & Poor's 500 gained 0.79 to 1,508.52.

Advancers beat decliners by a 6-to-5 margin on the New York Stock Exchange, with 1,613 up, 1,337 down and 488 unchanged. NYSE volume totaled 1.044 billion shares vs. 950.94 million yesterday. The NYSE composite index climbed 3.90 to 649.36; the American Stock Exchange composite index fell 15.61 to 1,000.90; the Russell 2000 index fell 16.04 points, or 2.9 percent, to 543.00.

The 30-year Treasury bond yield dropped 1 basis point to 5.97 percent as its price rose 1/32 point, or 31 cents per $1,000 face amount.

Tech stocks fell as investors once again took profits from their rally early this year. Since the Nasdaq composite index hit its last record high close on March 10, the index has fallen 8 percent.

AT&T fell a day after the company revealed details of its long-awaited tracking stock for the fast-growing wireless business. AT&T wants to sell between up to 414 million shares in the new AT&T Wireless Group for between $26 and $32 per share. The offering, expected in late April or early May, would be the biggest U.S. initial public offering ever.

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