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Markets & Stocks
Nasdaq rings up a record
February 23, 1998: 4:15 p.m. ET

Tech-heavy index records first milestone since October as tech shares soar
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NEW YORK (CNNfn) - Soaring technology shares Monday lifted the Nasdaq Composite up to its first record since October, but blue chips fell under the weight of plunging oil stocks after a last-minute deal averted a military showdown with Iraq.
     According to early data, the Dow Jones industrial average lost 3.74 points to close at 8,410.20. On the New York Stock Exchange, advancing issues outnumbered decliners 1,546 to 1,401 as 555 million shares changed hands.
     Broader markets closed higher, with the Nasdaq Composite riding the wave of strong technology shares and rising 23.62, or 1.37 percent to 1,751.75, a new record. The Nasdaq had its last record of 1,745.85 on Oct. 9, 1997.
     Bonds closed lower as investors opted to scale down their market positions ahead of Tuesday's testimony on the economy by Federal Reserve Chairman Alan Greenspan. The price of the benchmark 30-year Treasury bond fell 15/32 of a point, raising the yield up to 5.90 percent.
     The dollar fell against the German mark and the Japanese yen as investors ceased their flight to quality after the likelihood of military strikes against Iraq dropped sharply.Back to top

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