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Closing Market Report

Star-Bulletin news services

Friday, October 13, 2000

Bargain hunters
lift stocks

The Dow regains 157.60 points
and the Nasdaq climbs a whopping 242

Associated Press

NEW YORK -- Stocks rebounded today from yesterday's selloff as bargain-hunting investors helped push the Nasdaq composite index up more than 240 points, one of its best one-day performances ever.

The Dow Jones industrial average closed up 157.60 at 10,192.18, a 1.6 percent gain that was marked contrast to its 379-point plunge yesterday -- its fifth-worst day ever in terms of point declines.

The Nasdaq composite index surged 242.09 points, or 7.9 percent, to close today at 3,316.77. It was the Nasdaq's third-highest one-day point gain and second highest one-day percentage gain and came a day after the Nasdaq closed at its low point for 2000. The Standard & Poor's 500 index finished up 44.39, or 3.3 percent, today to 1,374.17.

"Following the fifth-worst drop ever and amid exploding Mideast tensions, the market appears oversold to some. The U.S. economy is still strong, consumer confidence remains high and productivity growth remains in gear," said Alan Ackerman, senior vice president at Fahnestock.

Advancers beat decliners with 1,623 up, 1,254 down and 448 unchanged on the New York Stock Exchange, where volume came to 1.23 billion shares, down from 1.37 billion yesterday.

The NYSE composite index gained 13.49 to 637.61; the American Stock Exchange composite index rose 1.04 to 914.45; and the Russell 2000 index advanced 17.42 points to end at 480.39.

The 10-year Treasury note fell 3/32 point, or 94 cents per $1,000 face amount; its yield rose 1 basis point to 5.72 percent, just above the lowest level since Sept. 6.

The 30-year bond rose 3/32 as the yield fell 1 basis point to 5.8 percent.

The two-year note fell 1/32 as its yield rose 2 basis points to 5.84 percent. The technology sector got a boost today from PMC-Sierra, Juniper Networks and Gateway, all of which beat analysts' expectations.

PMC Sierra rose $32, or 20.2 percent, to $190.44, and Juniper Networks surged $28.89, or 14.5 percent, to $228.50 in Nasdaq trading. Gateway rose $9.48 to $53.11 in NYSE trading.

Yesterday, stocks plunged over worries about the escalating violence in the Mideast and after retailing giant Home Depot became the latest well-known company to warn that earnings wouldn't meet expectations.

But during today's session, stock prices rose despite new economic data that could re-ignite inflation worries.

Wholesale prices shot up 0.9 percent in September, the sharpest increase in seven months, led by big jumps in the costs of gasoline and heating oil, according to the Labor Department. Car prices posted their biggest increase in five years and food costs rose the first time in five months.

Wholesale prices had fallen in August, however, a factor that offset concern for the September figures.

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