|
Dow edges up as techs rally
|
 |
November 19, 1998: 5:47 p.m. ET
Blue-chip index crawls up as broader market scores more solid gains
|
NEW YORK (CNNfn) - A boom in technology issues failed to ignite much of a rally in blue-chip stocks Thursday as investors found little inspiration in the release of Federal Reserve minutes and a new batch of economic data.
The Dow Jones industrial average closed 14.94 points higher to 9,056.05. On the New York Stock Exchange, 1,681 issues advanced and 1,263 issues declined, with 676 million shares changing hands.
High-technology issues, especially chip makers, lifted the Nasdaq Composite up 22.24 points to 1,919.68. The S&P 500 rose 8.13 to 1,152.61.
Transportation issues sped lower after Salomon Smith Barney downgraded three airlines; the Dow Transports index fell 29.19 points to 2,956.89. Telecom stocks posted slight gains and banking shares were mixed.
The Federal Reserve released the minutes of its Sept. 29 meeting, which showed monetary policy makers were vigilant about spill-over of world market woes onto the U.S. economy.
Gregg Hymowitz, a money manager at EnTrust Capital, said he doesn't expect the Fed chiefs to continue cutting rates beyond the three cuts they have instituted since the September meeting. (240K WAV) or (240K AIFF)
The bond market ended mixed, with the 30-year Treasury issue gaining 9/32 in price for a yield of 5.24 percent, after the weekly jobless claims report showed a surprising jump.
The dollar edged higher against the Japanese yen and German mark.
High-tech drive
The technology sector, from Internet-related stocks to computer-chip makers, drew a heap of attention on Wall Street, while the nation's top airlines got beaten down again.
Internet portal Infoseek (SEEK) shed 4-3/4 to 36-9/16, after Netscape Communications (NSCP) said it was mulling plans to jettison its contract with the company.
Netscape, which had shot up early in a second-day rally following reports it is in talks about an alliance with America Online (AOL), dropped 3/8 to 83-3/8. That highlighted a late slump across many Internet-related stocks.
Elsewhere, Intel (INTC) shot up 3 to 112-7/8 to a new 52-week high, powered by optimism that its sales for the first half of 1999 will be strong and that the company is getting a better competitive edge, analysts said.
Also higher were fellow chip companies Texas Instruments (TXN), climbing 4-7/8 to 77-1/8, and Advanced Micro Devices (AMD), up 15/16 to 28-5/8.
RealNetworks (RNWK) fell 4-3/4 to 38-1/8 after Microsoft (MSFT) said late Wednesday it would sell its stake in the Web-based video and audio streamer. Microsoft lost 2 to 11-3/4.
Finally, brokerage Salomon Smith Barney cut its ratings on three major airlines, citing weaker revenue in October. The downgrades sent shares of UAL (UAL), parent of United Airlines, off 3-15/16 to 64-1/16, Delta Air Lines (DAL) down 1-13/16 to 52-3/8 and American Airlines (AMR), slumping 1-5/8 to 63-1/8.
(Click here for a look at today's CNNfn market movers)
(Click here for a look at today's CNNfn tech stock report)
-- by staff writer Jamey Keaten
|
|
|
|
|
 |
|
