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November 26th 1999

[1:15 PM] Apple Stock Watch: Short Session on Wall Street, Technologies at New Highs
by Wes George

It was a calm, low volume, half session day on Wall Street. Technology bulls continue to power ahead on the Nasdaq, but the Dow declined in a last minute sell off after being in positive territory all morning.

The personal income of Americans soared in October by 1.3% according to the Commerce Department. That's the biggest single month increase since April of 1994. However, what's gratifying for your pocketbook may not be good for inflation. Wall Street is going to start fretting over interest rate hike fears again and the bond market is headed for new lows on the news.

The Dow declined 19.26 points (0.17%) to close at 10988.91. Volume was weak due to the holiday at 307 millions shares traded. On one of the busiest shopping day of the year the major retailers were mostly higher as investors anticipate a strong Christmas buying season.

The Dow would of ended even lower but for the surge of interest in ATT (T) after they announced that they were going to issue a tracking stock for their wireless service and might do so in an initial public offering. ATT end up 4 1/4 to close at 57 7/16.

The Nasdaq advanced 27.82 (0.80%) to close at yet another new record high of 3447.82 on volume of 695 million shares traded. Technology's rally continued into the weekend as the Networking Index (NWX), Software Index (CWX) and the Amex Internet Index (IIX) all hit new record highs today. Telecom and e-commerce stocks were particularly strong today.

The S&P 500 lost .46 points (0.03%) to close at 1416.62

The 30-year U.S.Treasury bond was down 11/32 to close at 98 16/32, while the yield rose to 6.23% from 6.21% on Wednesday. Traders speculate that the long bond yield may head to 6.5% in the short term, partly based on the strong personal income data.

Apple traded up 3/8 to close at 95 1/16 on fair volume.

In Apple related stocks today, Macromedia soared 2 1/8 to end at 69 1/4. Symantec and Adobe ended down. Akamai and Arm Holdings advanced.

Apple's Power PC partners both ended in positive territory. Motorola was up 2 5/8 to close at 119 9/16. IBM closed up a fraction to 104 9/16.

It was a bad day for the Wintel cartel. Microsoft ended down and so did Intel, off almost 2 points to close at 80 1/4. Hewlett Packard was down 2 points. Dell, Gateway and Compaq all ended lower.

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.

Apple



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