November 4th 1999
The Nasdaq had another good day advancing 27.6 points (0.9%) to close at 3056.11. This was the fifth record high session for the Nasdaq in a row and today's volume of 1.315 billion shares traded was the fifth largest trading volume on record. The Internet Index (IIX) hit a new all time high and the online brokers were especially strong on the news that 18% of US investors have traded securities on line. The Dow closed up by 30.5 points, (0.29%) to end the day at 10639.57. The S&P 500 advanced 7.72 points, (0.57%) to close at 1362.65. The 30-year US Treasury bond was up 18/32 to close at 100 14/32, the yield fell to 6.09% from 6.131% on Wednesday. The European Central Bank raised interest rates by half a percentage point, while the Bank of England raised its repo rate by a quarter of a point to 5.5%. Both moves were widely expected. A story suggesting that the Federal Reserve may not raise interest rates November 14th because the economy seems to be peaking appeared in the Washington Post today. Tomorrow morning's employment figures will set the mood of the market. Apple continued its rally to yet another record high closing at 83 5/8 up 2 1/8 or 2.61% on less than average volume. Yesterday, Lou Mazzucchelli, an analyst with Gerard Klauer Mattison & Co., said he has a price target of 90 on Apple's stock. "I think people are getting the message that something real is going on," Mazzucchelli explains. "There are no earth-shattering announcements coming out of the company. Everything is doing well." In Apple related stocks Akamai (AKAM), on its fifth day of trading, suffered a fit of profit taking to close down 17 5/8 at 173 1/4. Arm Holdings (ARMHY) extended its uptrend by 3 1/2 to 100 1/2. Oracle advanced another 7/8 to close at 58 3/16. Apple's Power PC partners were mixed, Motorola was up strongly while IBM closed down again. Adobe, Symantec and Pixar all closed higher. While Macromedia closed fractionally down. Apple's PC rivals had a good day too. Gateway, Dell, Compaq, Hewlett Packard and Intel all closed higher, only Microsoft weakened by 1/4 to close down at 91 3/4. For full quotes on all the companies mentioned in this article, we have assembled this set of quotes at Yahoo! for your reference. We also have many of these same quotes reported live (20 minute delay) on our home page. For other stories regarding Apple's stock activity, visit our Apple Stock Watch Special Report.
[4:10 PM] Apple Stock Watch: Apple's Third All Time High in a Row
by Wes George