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Closing Market Report

Star-Bulletin news services

Tuesday, September 12, 2000

Dow up 37.74

Associated Press

NEW YORK - Blue chip stocks drifted higher while technology issues gave up early gains today amid investors' continuing uneasiness about third-quarter earnings. The Dow Jones industrial average closed up 37.74 at 11,233.23. The Nasdaq composite index fell 46.82, or 1 percent, to 3,849.51 and the Standard & Poor's 500 index was down 7.27 at 1,481.99. Both indexes fell on Friday and yesterday.

Decliners beat advancers by a 6-to-5 margin with 1,399 down, 1,366 up and 572 unchanged on the New York Stock Exchange. Volume came to 981.38 million shares, compared with 905.03 million yesterday. The NYSE composite index slipped 1.40 to 675.84; the American Stock Exchange composite index rose 0.91 to 970.41; and the Russell 2000 index fell 1.19 at 532.43.

The 30-year Treasury bond price fell 12/32 point, or 3.75 per $1000 in face value, as its yield rose 3 basis points to 5.75 percent. The 10-year note fell 1/32 point as its yield rose 2 basis points to 5.77 percent.

Tech stocks moved up in early trading today while energy issues were generally lower, a reversal of yesterday's trading. But the gains didn't last. Shares of Sun Microsystems fell 94 cents to $114.31 after trading at more than $118 earlier in the day. IBM stock was up 38 cents at $125.

Oil services company Schlumberger fell 56 cents to $84.69; rival Baker Hughes was down 13 cents at $38.63; and Halliburton was up 15 cents at $54.38.

Shares of J.P. Morgan continued to climb, rising $16.06 to $185.38, on news reports that it is in talks with Chase Manhattan.

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