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Closing Market Report

Star-Bulletin news services

Friday, November 17, 2000

Dow falls 26

Associated Press

NEW YORK - Another earnings warning - this time, from BellSouth - sent stocks lower today on Wall Street. Dejected investors, keeping their focus on high-tech issues, sold off any company expected to deliver disappointing earnings.

The Dow Jones industrial average closed down 26.16 to 10,629.87 after falling as much as 91 points earlier in the day. Broader indicators fell, but also recovered much of their earlier losses. The tech-dominated Nasdaq composite index slipped 4.67 to 3,027.21, adding to a 133-point loss yesterday. The Standard & Poor's 500 index fell 4.61 to 1,367.71.

Advancers led decliners by a 12-to-11 ratio with 1,493 up, 1,331 down and 479 unchanged on the New York Stock Exchange, where volume came to 1.06 billion shares, vs. 944 million shares yesterday. The NYSE composite index slipped 3.28 to 643.74; the American Stock Exchange index fell 8.93 to 885.22; and the Russell 2000 index rose 1.05 to 482.69.

The 10-year Treasury note's price was off 7/32 point, or $2.19 per $1,000 in face value; its yield rose to 5.70 percent from 5.67 percent late yesterday. The 30-year bonds were down 1/2 point and yielded 5.77 percent, up from 5.74 percent late yesterday.

BellSouth's stock sank $4.50 to $42.50 after the company warned its 2001 earnings would be lower than expected because of the costs of expanding its wireless business. The warning was the latest in a series of similar predictions by big firms.

In other stock news, fiber optics company Broadcom tumbled $11.50 to $133, extending its $25 loss from the day before.

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