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Uneventful day for stocks
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September 20, 1999: 5:04 p.m. ET
Jewish holiday observance and absence of economic data keep markets quiet
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NEW YORK (CNNfn) - U.S. stock markets were kept quiet Monday by a Jewish holiday and the absence of market-moving economic data releases, yet both the Dow industrials and the Nasdaq managed to finish the day with modest gains.
The Dow Jones industrial average climbed 20.27 points to 10,823.90. On the New York Stock Exchange, declines led advances 1,758 to 1,159 as trading volume crawled up to 570 million shares, the lightest trading day of the year.
The Nasdaq composite rose 16.53 to 2,886.15, and the S&P 500 index ended 0.11 higher at 1,335.15.
The bond market fell, with the bellwether 30-year Treasury bond finishing the day 9/32 of a point down in price for a yield of 6.07 percent, up slightly from Friday's 6.05 percent.
The dollar resumed its fall against the yen, but rose slightly against the euro.
Deals liven up a slow market day
In the stock market, investors focused on news of several possible large deals in the works, rallying shares of companies that could benefit from a takeover.
Among the leading gainers, shares of Aerial Communications (AERL) surged 6-9/16, or nearly 33 percent, to 26-9/16 after VoiceStream Wireless (VSTR) said it would buy the Chicago-based digital cellular phone firm for about $3.5 billion in stock and debt.
Shares of Seattle-based wireless communications firm VoiceStream climbed 5-7/8, or more than 10 percent, to 61-15/16.
Among oil shares, stock of Phillips Petroleum (P) gained 2-13/16 to 56-9/16 following a weekend newspaper report that Chevron (CHV) is discussing a merger with the company. Both companies declined to comment on the report, published in Britain's Sunday Times.
Chevron, a Dow component, fell 7/8 to 92-1/8.
Talk of a possible deal in the utilities sector, however, failed to inspire much interest among market participants. Shares of Peco Energy (PE) inched down 11/16 to 40-5/16 after a Wall Street Journal report that the company is involved in preliminary merger discussions with Unicom (UCM). Unicom's stock eased 1/2 to 37-15/16.
Finally, in the day's technology alliance, shares of Microsoft (MSFT) rose 1-1/8 to 97-9/16 after the company announced a joint venture with automaker Ford (F) to sell cars over the Internet. Ford's stock finished unchanged at 49-15/16.
(Click here for a look at today's CNNfn market movers.)
(Click here for a look at today's CNNfn technology stocks report.)
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