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Closing Market Report

Star-Bulletin news services

Thursday, July 6, 2000

Dow off 2.13

Associated Press


NEW YORK - Stocks ended a volatile session with mixed results today. Most technology shares bounced back from a steep selloff in the previous session, although worries about earnings hurt blue-chip names, including IBM.

The Dow Jones industrial average fell 2.13 points to close at 10,481.47. Broader stock indicators recovered from earlier losses and closed higher. The Standard & Poor's 500 index was up 10.44 at 1,456.67 and the Nasdaq composite index climbed 97.47, or 2.5 percent, at 3,960.57.

Advancers beat decliners by a 4-to-3 margin, with 1,646 up, 1,233 down and 460 unchanged, on the New York Stock Exchange, where volume came to 947.08 million shares vs. 1.08 billion yesterday.

The NYSE composite index rose 0.85 to 645.75; the American Stock Exchange composite index gained 6.17 to 927.88; and the Russell 2000 index was up 5.07 at 523.32. The 10-year Treasury note's price fell 14/32, or $4.38 per $1,000 face amount; its yield rose 6 basis points to 6.04 percent. The 30-year bond dropped 23/32 point; its yield rose 5 basis points to 5.91 percent. The two-year note fell 2/32 point, while its yield rose 4 basis points to 6.32 percent.

Stocks shook off early weakness as investors began bargain hunting, snapping up shares of companies that have been battered in recent sessions. Oracle rose $3.19 to $75.50. Meanwhile, semiconductor stocks that fell yesterday staged a modest recovery. LSI Logic rose $2.19 to $52.69 on the New York Stock Exchange and Altera rose $8.12 to $100.56 on the Nasdaq.

Also, energy stocks recovered after a number of analysts said a selloff yesterday was overdone.

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