Tuesday, March 30, 1999

Dow clinches 1st 10,000+ close


IBM leads index's charge

BY URSULA MILLER
The Cincinnati Enquirer

        The Dow Jones Industrial Average closed above 10,000 for the first time Monday, two weeks after the world's most-quoted stock index initially crossed the historic milestone in intraday trading.

        The index of 30 of America's largest corporations gained 184.54 points, or 1.9 percent, to finish at 10,006.78. International Business Machines led the Dow with a 3.2 percent gain after analysts said Big Blue's software and service businesses are making up for slowing computer sales. IBM closed up $5.50 at $177.871/2.

        Though historic, the Dow's move wasn't particularly exciting for professional money managers or traders in Cincinnati.

        “It was like Chinese water torture,” said Glen Trematore, manager of Bright Trading's office in Blue Ash. “... We're traders. We want 50-point moves at a time. It went up five points, five points, five points.”

        But there was jubilation in New York where Mayor Rudolph Giuliani joined New York Stock Exchange Chairman Richard Grasso and John Prestbo, markets editor at Dow Jones & Co., in throwing Dow 10,000 hats to the crowd on the trading floor.

        Bloomberg News contributed to this report.

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