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Stocks Prices Rise Again

December 28, 1998

NEW YORK (AP) _ Stocks rose slightly this morning, with the Dow advancing for a seventh straight session and the Nasdaq market edging back into record terrain.

At 11 a.m. on Wall Street, the Dow Jones industrial average was up 19.83 at 9,237.82. The Dow gained 427 points during the past six sessions, moving back within striking distance of the Nov. 23 record of 9,374.27.

The Standard & Poor’s 500 index was up 2.34 at 1,228.61, slipping for a second session from Wednesday’s record high.

The technology-heavy Nasdaq composite index was up 22.23 at 2,185.26, easily erasing Thursday’s modest loss.

Advancing issues outnumbered decliners by a slender margin on the New York Stock Exchange, while decliners led by a small margin on the Nasdaq Stock Market.

NYSE volume came to 57.50 million shares, on par with the sluggish pace seen on Thursday, when the market closed early for Christmas.

No big moves were expected this week with no major data due for release and many participants taking an extended break from Christmas through New Year’s.

Also, with less than four sessions left to such a difficult year, those in attendance were expected to play it cautiously to preserve what’s shaped up as a surprisingly happy ending.

Less than three months ago, the Dow was showing a loss for 1998, threatening to plunge below 7,400. Now, the Dow is up more than 16 percent, the S&P 500 is up more than 26 percent and the Nasdaq composite index is up more than 37 percent.

Overseas, Japan’s Nikkei stock average fell 0.6 percent. In afternoon trading, Germany’s DAX index was up 1.9 percent, Britain’s FT-SE 100 was down 0.7 percent, and France’s CAC-40 was up 0.3 percent.

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