Nasdaq rises again, ends year up 21.6 percent
Reuters, Wednesday, December 31, 1997 at 16:42
NEW YORK, Dec 31 (Reuters) - The Nasdaq ended 1997 on a
positive note, as investors on Wednesday continued their
week-long buying spree among over-the-counter stocks.
The Nasdaq Composite Index unofficially rose 5.32 points to
1570.35. For the year, it was up 279 points, or 21.6 percent.
Although some of the larger capitalization technology
stocks gave back some gains from earlier in the week, advances
still led declines 2977 to 1746.
"Nasdaq did a great job today," said Brian Finnerty, senior
vice president at Unterberg Harris. "It filtered down to the
small and mid-cap stocks. The market acted very well. I think
we made a turn here in terms of the smaller stocks."
Ascend Communications Inc (NASDAQ:ASND) was the most active
issue, rising 1/2 to 24-1/2 after a market research firm said
it was the the market leader in worldwide frame relay sales.
Microsoft Corp (NASDAQ:MSFT), the software giant, was off one at
129-1/4, while Intel Corp (NASDAQ:INTC) fell 1-7/16 to 70-1/4.
Microsoft rival Netscape Communications Corp (NASDAQ:NSCP) fell
2-1/2 to 24-3/8. Morgan Stanley Dean Witter Discover said that
there is a 60 percent chance that Netscape will fall short of
Wall Street's earnings expectations for the fourth quarter.
Copyright 1997, Reuters News Service |
