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Closing Market Report

Star-Bulletin news services

Friday, September 22, 2000

Dow up 82,
Nasdaq off 25
after early plunge

Associated Press

NEW YORK -- Stocks staged a notable recovery today after being dragged down most of the session in the wake of another profit warning by a bellwether company -- this time chipmaker Intel.

Bargain hunters moved in about midday, helping the Dow Jones industrial average close up 81.85 at 10,847.37, after the blue- chip index had dropped more than 140 points early in day. Broader stock indicators also closed lower, but well above their lows for the day. The Nasdaq composite index finished down 25.14 at 3,803.73, regaining nearly all of the losses that saw the techheavy index fall more than 210 points at one point. The Standard & Poor's 500 index closed down 0.33 at 1,448.72.

Decliners beat advancers on the New York Stock Exchange, with 1,516 down, 1,338 up and 473 unchanged. Volume was 1.17 billion shares vs. yesterday's 1.09 billion. The NYSE composite index rose 5.11 to 659.34, the American Stock Exchange composite index gained 2.19 to 929.94 and the Russell 2000 index rose 4.47 to 518.82. The Treasury's 10-year note fell 7/32 to a price of 99. Its yield rose 3 basis points to 5.85. The 30-year bond fell 9/32 to 104 22/32 as its yield rose 2 basis points to 5.91 percent.

"We got a reprieve from the hangman today. Things looked a little bleak this morning," said Al Kugel, senior investment strategist at Stein Roe & Farnham in Chicago.

Intel's shares closed down $13.55, or 22 percent, to $47.94 on a record 308 million shares.

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