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Dow Jumps 34; Nasdaq Gains 11

June 17, 1998

NEW YORK (AP) _ Stock prices are higher in light trading. The Dow Jones industrial average is up 34 points in today’s early going. Gainers on the New York Stock Exchange hold a 7-3 lead over losers.

The Nasdaq Composite Index has gained eleven points and the Standard & Poor’s 500 Stock Index is ahead four points.

Stocks are on the rise after U.S. and Japanese officials say they took action today to boost the value of the Japanese yen.

The intervention in foreign curency markets led to a sharp rise in the yen, and a steep drop in U.S. bond prices.

That’s a reversal of the trend seen in recent days, amid ongoing uncertainty about Japan’s economy.

Overseas markets were higher today as the yen began its rise.

And Wall Street posted gains yesterday, with high-tech issues sharply higher.

Analysts expect to see continued strong gains from the technology sector, which has been among the hardest hit areas of the market in recent weeks.

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