Closing Market Report

Associated Press

Tuesday, August 18, 1998

Dow up 140

NEW YORK -- Technology stocks led a broad advance today, with the Dow industrials nearly duplicating yesterday's 150-point rally. The Dow Jones industrial average rose 139.80 points to 8,714.65, extending its rebound to about 400 points from the low point of last Tuesday's sell-off and erasing another chunk of a 1,000-point, monthlong plunge from the July 17 record of 9,337.97 .

Broad-market indicators also extended a rally that took hold yesterday as President Clinton began his long-awaited testimony in the Monica Lewinsky case.

The Standard & Poor's 500 rose 17.53 to 1,101.20, and the technology-heavy Nasdaq composite index rose 37.08 to 1,855.12.

Advancers outnumbered decliners by a 2-to-1 margin on the New York Stock Exchange, with 2,113 up, 948 down and 496 unchanged.

NYSE volume totaled 682.81 million shares, up from 581.55 million yesterday. The NYSE composite index rose 8.04 to 552.03, and the American Stock Exchange composite index rose 6.75 to 670.02.

The Russell 2000 index of smaller companies rose 7.33 to 411.29.

Bonds fell as equity markets around the world gained, sapping demand for Treasury securities. The benchmark 30-year U.S. Treasury bond fell 6/32, or $1.88 per $1,000 bond, raising the yield 1 basis point to 5.56 percent.

Overseas, Tokyo's Nikkei stock average rose 1.8 percent, Frankfurt's DAX index rose 2.8 percent and London's FT-SE 100 rose 3.3 percent.

Meanwhile, Home Depot Inc. topped forecasts with a 30 percent improvement in profits for its second quarter while Hewlett-Packard Co. beat forecasts with its quarterly report after yesterday's close.



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