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Closing Market Report

Star-Bulletin news services

Wednesday, June 21, 2000

Dow up 62.58

Associated Press


NEW YORK -- Microsoft Corp. helped propel the Dow Jones industrial average and the Nasdaq composite higher today after a federal judge delayed implementing business restrictions against the software company.

The Nasdaq rose for the fifth straight day and very nearly returned to where it began the year. The index, which has mounted a steady recovery from devastating losses in April and May, is now just five points below its Dec. 31, 1999 close. At its low point on May 23, the Nasdaq was down 28.6 percent for the year. The Nasdaq rose 50.65 points to close at 4,064.01. The index closed at 4,069.31 on Dec. 31. Even with the comeback, the Nasdaq is still 19.5 percent below the all-time high of 5,048.62 reached March 10. The Dow Jones industrial average gained 62.58 today to 10,497.74 and the Standard & Poor's 500 index rose 3.18 to 1,479.13. Decliners outnumbered advancers by a 4-to-3 margin on the New York Stock Exchange, with 1,598 down, 1,255 up and 531 unchanged. Volume came to 1.3 billion shares, just ahead of yesterday's pace of 1.0 billion shares.

The NYSE composite index slipped 0.28 to 648.98, the American Stock Exchange composite index fell 2.62 to 938.22 and the Russell 2000 index rose 1.92 to 527.61. The 30-year Treasury bond fell 30/32; its yield rose 6 basis points to 5.96 percent.

Microsoft climbed $5.75 to $80.69 after a federal judge said late yesterday that he would delay sanctions against the company.

Oracle Corp., lower for most of the day, gained 14 cents to $86.19 after announcing fiscal fourth-quarter results yesterday that handily beat expectations.

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