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Closing Market Report

Star-Bulletin news services

Monday, February 5, 2001

Dow rises 101.75

Associated Press

NEW YORK -- Investors in search of safe investment bets sent blue chips sharply higher today. Technology issues slid for a second straight session, reflecting fears that the already-battered sector will suffer the most in an economic slowdown.

Analysts said many investors unloaded high-tech issues on their nervousness about bellwether Cisco Systems, which is expected to release earnings tomorrow.

The Dow Jones industrial average rose 101.75 to close at 10,965.85. Broader market indexes were mixed. The Nasdaq composite index slipped 17.29 to 2,643.21, but the Standard & Poor's 500 index advanced 4.84 to 1,354.31.

Advancers beat decliners by a roughly 8-to-7 margin on the New York Stock Exchange, with 1,625 up, 1,448 down and 210 unchanged. Volume came to 1.01 billion shares, down from 1.04 billion Friday. The NYSE composite index gained 3.38 to 663.60; the American Stock Exchange composite index rose 7.59 to 929.44; and the Russell 2000 index slipped 0.76 to 500.74.

The 10-year Treasury note's price fell 6/32 point, or $1.88 per $1,000 in face value, while its yield rose to 5.17 percent from 5.15 percent late Friday. The 30-year bonds were up 9/32 point and yielded 5.49 percent, down from 5.51 percent Friday.

Corporate profits again were the focus, with the tech sector under especially strong scrutiny in advance of Cisco's results and its outlook for future quarters. The network equipment maker's stock fell 88 cents to $34.63.

Analysts said that investors will be watching what Cisco says about its earnings outlook.

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