Closing Market Report

Associated Press

Thursday, August 13, 1998

Dow off 93.46

NEW YORK -- Stocks fell today, negating yesterday's rebound, but the market held steady in the face of another day of panicky selling overseas.

The Dow Jones industrial average fell 93.46 points to 8,459.50, halting a rally that began Tuesday afternoon at the bottom of a 258-point plunge.

The blue-chip barometer, mired in a monthlong slide from July 17's record of 9,337.97, had bounced back to a 112-point loss by Tuesday's close and then gained 90 points yesterday. The index is now about 900 points below the mid-July peak.

Broad-market indicators also surrendered early gains, which came despite steep declines in Hong Kong and Russia.

The Standard & Poor's 500 was down 9.31 at 1,074.91, and the technology-heavy Nasdaq composite index was down 22.99 at 1,802.54.

Decliners outnumbered advancers by a 5-to-3 margin on the New York Stock Exchange, with 1,122 up, 1,897 down and 517 unchanged.

NYSE volume totaled 656.67 million shares vs. 707.70 million yesterday.

The NYSE composite index fell 4.40 to 541.06, and the American Stock Exchange composite index fell 1.02 to 667.78.

The Russell 2000 index of smaller companies fell 4.72 to 403.83.

The benchmark 30-year U.S. Treasury bond fell 50 cents, or $5 per $1,000 bond, to $106.88, to yield 5.64 percent, up 3 basis points.

Tokyo's Nikkei stock average edged higher to halt an eight-session losing streak. But the Hang Seng index in Hong Kong, already at a five-year low, fell another 2.9 percent, closing at 6,660.42. The Hang Seng is down 16 percent this month.



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