Ibm Report Sends Dow On A Decline

Sat., Jan. 23, 1999

From Staff

Stocks ended lower Friday, after a rally in battered technology shares fizzled and blue-chip stocks came under selling pressure from a disappointing earnings report by IBM.

The Dow Jones industrial average fell 143.41 to 9,120.67. The blue-chip index fell as much as 175 points in the morning before trimming its losses, and ended down 219.88 for the week. Friday’s volume on New York Stock exchange totaled 947 million shares, down from Thursday.

The Nasdaq composite index fell 5.84 to 2,338.88, and the Standard & Poor’s 500 index declined 9.97 to 1,225.19.

Internet stocks fell sharply in early trading, extending steep losses logged earlier in the week. They rebounded around midday but ended the session mixed.

The NYSE composite index fell 4.28 to 583.75, and the American Stock Exchange composite index fell 0.30 to 704.69.

The Russell 2000 index of smaller companies fell 1.61 to 422.44.

Dow Summary Close: 9120.67 For year: Down 60.76 Stock listings are in Investment Weekly, a special publication by The Spokesman-Review. Call 747-4422 or 1-800-338-8801, ext. 7000.

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Ibm Report Sends Dow On A Decline

Jesse Tinsley

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