Wednesday, August 02, 2000

Blue chip stocks push Dow average higher

The Associated Press

        NEW YORK — New economic reports calmed inflation fears Tuesday, sending blue chip stocks higher. But technology stocks fell in a round of profit-taking after a rally Monday.

        At the close on Wall Street, the Dow Jones industrial average was up 84.97 at 10,606.95, according to preliminary calculations.

        The Nasdaq composite index was down 81.49 at 3,694.69, giving back most of its 103.99-point advance on Monday. The Standard & Poor's 500 index was up 5.26 at 1,436.09.

        Pushing the Dow higher was Disney, up $1.50 to $40.125 and Coca-Cola, up $2.688 to $64.

        Shares of utilities, pharmaceu ticals and petroleum equipment makers also advanced.

        Internet and telecommunications stocks pulled the Nasdaq lower. Among them were Cisco, off $1.50 at $63.25, and Worldcom, down $1 at $38.06.

        Advancing issues outnumbered decliners by a 7-to-5 margin on the New York Stock Exchange, where volume came to 917.23 million shares, down from Monday's pace.

        The Russell 2000 index was down 2.11 to 498.53.

        Overseas, Japan's Nikkei stock average rose 2.37 percent. In afternoon trading, Germany's DAX index was down 0.70 percent, Britain's FT-SE 100 was up 0.32 percent, and France's CAC-40 was down 0.06 percent.


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