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Closing Market Report

Star-Bulletin news services

Tuesday, November 7, 2000

Dow gains 25

Associated Press

NEW YORK -- Stocks were little changed in light trading today as Wall Street nervously awaited the outcome of the presidential election. Blue chips fluctuated in and out of positive territory as financial, defense and health care stocks gave back some of yesterday's gains. Technology stocks were volatile for a second day, pulled lower by concerns related to Cisco Systems' earnings.

The Dow Jones industrial average closed down 25.03 at 10,952.18. Broader stock indicators were lower. The Nasdaq composite was virtually unchanged, off 0.42 at 3,415.79. The Standard & Poor's 500 index was off 0.32 at 1,431.87.

Advancers led decliners by a 12-to-11 ratio on the New York Stock Exchange, where volume came to 874 million shares, vs. 921 million yesterday. The NYSE composite index slipped 0.87 to 664.52; the American Stock Exchange composite index rose 5.16 to 919.10 and the Russell 2000 index gained 2.05 points to end at 506.01.

The 10-year Treasury note's price was down 2/32 point, or 62 cents per $1,000 in face value; its yield rose to 5.86 percent from 5.85 percent late yesterday. The 30-year bonds were down 1/8 point and yielded 5.89 percent, up from 5.88 percent .

Cisco rose $1.63 to $56.75 after reporting quarterly earnings late yesterday that were slightly ahead of Wall Street estimates. But investors were concerned that the networking company's raw material inventory was so large that it would reduce orders to its suppliers, particularly chip makers. That sector tumbled today, with Applied Micro Circuits dropping $7.50 to $68.89 and PMC-Sierra sliding $25.94 to $127.88.

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