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Stocks end with a sigh
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April 30, 1999: 4:18 p.m. ET
Blue chips join bonds in retreat, but tech shares manage to make narrow gains
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NEW YORK (CNNfn) - Technology stocks recovered their balance at the end of a sometimes harrowing Friday on Wall Street, leaving the Nasdaq in the black while profit-taking and a weaker bond market drove the blue-chip Dow industrials downhill.
According to preliminary data, the Dow Jones industrial average shed 89.63 points to end the day at 10,788.75, still in negative territory but well off its intraday trough more than 130 points lower. Market breadth turned negative in afternoon New York Stock Exchange trading, with declines beating advances by 1,669 to 1,335, while volume reached a heavy 940 million shares.
The Nasdaq Composite struggled back into positive territory by the end, gaining 14.43 points to 2,542.87, while the S&P 500 slipped 7.66 to 1,335.17.
A sell-off in the bond market was one of the main catalysts of the stock market's downturn, with bond prices falling in response to a stronger-than-expected gross domestic product (GDP) report. The benchmark 30-year Treasury bond shed 1-29/32 points in price to yield 5.66 percent.
The GDP gave the dollar a boost, although the greenback's strength proved limited in the wake of the stock market's weakness. The dollar edged up against both the yen and the euro. 
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