Thursday, December 30, 1999
Stock indexes hit record highs
End-of-year 'updraft' is surprising
BY AMY HIGGINS
The Cincinnati Enquirer
Who would have thought it: Stock indexes reaching more record highs just days before the year-end, during what's considered a slow time for the market.
Not Greater Cincinnati analysts, such as Fort Washington Investment Advisors' Chuck Stutenroth.
“I didn't expect the kind of updraft we've had in the last couple of days,” said Mr. Stutenroth, vice president, senior portfolio manager and certified financial analyst.
Despite a heavy vacation time and millennium bug fears, the Nasdaq Composite Index closed above 4000 for the first time ever — just 38 trading days after its close above 3000. Technology stocks, which make up most of the Nasdaq, continued their yearlong trend of leading the gains.
The Nasdaq Composite rose 69.35 to close at 4041.46, easily eclipsing its previous record of 3975.38, set Monday.
The Dow Jones Industrial Average rose 7.95 to 11,484.66, sliding past its previous record of 11,476.71, reached Tuesday.
The Standard & Poor's 500 Index gained 5.80 to a record 1,463.46. The Russell 2000 index of smaller companies rose 8.53 to 497.01, its first record since April 21, 1998. In every case, technology led the advance.
Holding fast to a pattern that has troubled analysts this year, the tech-heavy Nasdaq's gains came largely from one stock: Qualcomm, which rose $156 to $659 after a Wall Street analyst suggested that its shares should reach $1,000 within 12 months.
Local analysts said the timing of the trades and the low trading volume suggest that individual investors are driving the gains.
About 92 million shares of the Dow industrials traded Wednesday, compared with a 13-week average daily trading volume of 138.1 million.
The Associated Press contributed to this report.
City's products tell its story
'Made in Cincinnati' quiz
CG&E rate cut too low, agency says
High tech key to future
Stock indexes hit record highs
Economic index at 40-year high
Elder-Beerman faces more shareholder pressure
Gibson in talks to renew contract with retailer
INDUSTRY NOTES: REAL ESTATE
COMMERCIAL REAL ESTATE TRANSFERS
Ky. fears Net will hurt tax revenues
TRISTATE BUSINESS SUMMARY
TRISTATE MARKET SPOTLIGHT
