| [ economics ] in KIDS 글 쓴 이(By): pictor (홍헌수) 날 짜 (Date): 1999년 7월 3일 토요일 오후 04시 51분 32초 제 목(Title): 07/02 Dow Jones 어제 미국의 금요일 장은 Dow Jones +72.82( 0.66%)하여 11139.24 Nasdaq은 +34.84(+1.29%)하여 2741.02 둘다 신고가를 기록했습니다. U.S. stocks end higher, Dow at record (Updates with closing prices) By Cal Mankowski NEW YORK, July 2 (Reuters) - U.S. stocks staged their own fireworks display Friday with three closely-watched market barometers ending the week at record highs. Based on early and unofficial data, the Dow industrials rose 73 points or 0.66 percent to close at a record 11,139. The previous record close was 11,107.19 on May 13. For the week, the Dow gained about 586 points with investors' spirits lifted by signs this week's rise in short term interest rates was a one-time event. The Nasdaq Composite, which upstaged the Dow by closing in record territory on Wednesday and again Thurday, made it three in a row rising 34.83 points or 1.29 percent to 2471.01. The Standard & Poor's 500 stock index also made its third consecutive record high, rising 10.26, or 0.74 percent, to an unofficial close of 1391.22. U.S. markets will be closed on Monday in observance of the July 4 Independence Day holiday. ``It seems to be a hodgepodge of every one cleaning up what they've been working on all week,'' said Scott Jones, director of equity trading at Jefferies & Co. An hour before the market opened Friday the U.S. Labor Department reported that June payrolls increased by 268,000, topping expectations. But the nation's unemployment rate came in slightly higher than expectations, edging up to 4.3 percent from 4.2 percent. Average hourly earnings of private workers rose by $0.05 to $13.23. Some analysts said there was concern about inflation because the rise in hourly earnings has been exceeding the inflation rate. The data came two days after the Federal Reserve raised interest rates a quarter percentage point but switched to a neutral bias from one that leaned to tightening. Asked if the market's strong upward trend is sustainable, Jack Shaughnessy, chief investment strategist at Advest Inc, said ``on a short term basis, no.'' He sees the market meandering in a trading range between 10,500 and 11,500 on the Dow over much of the summer. He said investors will grow increasingly nervous ahead of major economic releases which could prompt the Fed to go back to a policy bias toward tighter interest rates instead of the ``neutral'' bias adopted on Wednesday. Offsetting the interest rate jitters is the outlook for ``excellent'' corporate earnings, Shaughnessy said. Second-quarter earnings reports will begin to appear in quantity the week of July 12. Analysts have noted that ``pre-announcements'' of earnings shortfalls have been few in number, which suggests that the earnings overall should be quite strong. Mirage Resorts Inc (NYSE:MIR - news) fell 1-1/2 to 15-1/4. The company said late Thursday that its second-quarter results would be significantly below a year-ago and fall short of Wall Street expectations. The casino operator cited tough competition in Las Vegas and a slow start for a new resort in Mississippi. At least three brokerage houses, Deutsche Banc Alex. Brown, Donaldson Lufkin & Jenrette and Bank of America Securities cut ratings on Mirage. Maui Land & Pineapple Co (AMEX:MLP - news) soared 4-11/16 to 19-7/8. America Online Inc (NYSE:AOL - news) chief executive Steve Case has acquired a 41 percent stake in the company. An American Online spokesman said Case, a native of Hawaii, made a personal investment that was not related to AOL. AOL rose 3-1/8 to 115-1/4. Starbucks Corp (Nasdaq:SBUX - news) rebounded a bit, rising 5/8 to 27-9/16. The stock fell 10-5/8 on Thursday after the company said earnings would be short of expectations. Books-A-Million Inc (Nasdaq:BAMM - news) backtracked 2-1/8 to 11-3/4. The stock rose 6-11/32 on Thursday on news that it will be the exclusive supplier of books and related services for Wal-Mart Stores Inc's (NYSE:WMT - news) online business. The long Treasury bond rose 2/32 with the yield at 6.01 percent. ------------------------------------------------------------------------------- - |