Wall St. up on Greenspan Non-threatening remarks from Fed chief encourage bargain-hunting investors July 20, 2000: 10:32 a.m. ET
NEW YORK (CNNfn) - U.S. stocks soared for the first time in three days early Thursday as investors, encouraged by remarks from Federal Reserve Board Chairman Alan Greenspan, bet that the recent downturn was overdone.
In prepared remarks released before testimony to the Senate Banking Committee, Greenspan gave investors the idea that the Fed may hold off from raising interest rates next month.
"He gave more of the same," said Barry Hyman, chief market analyst at Ehrenkrantz King Nussbaum, who read a copy of Greenspan's remarks. "A little good news and a little warning. There's nothing to make us fear that August is set in stone."
Microsoft and Intel, hard hit this week after reporting earnings, drew buyers. A surge in JDS Uniphase, which will be added to the S&P 500, also lifted the Nasdaq composite index.
And IBM led the Dow Jones industrial average higher after the nation's largest technology company in terms of revenue posted better-than expected profit.
"IBM is being a good influence on the markets, "Hyman said.
Around 10:25 a.m. ET, the Nasdaq gained 109.60 to 4,165.23. That reversed most of the 121.55-point slide Wednesday, its second straight session of losses, and put the index above the 4,069 mark at which it ended 1999.
The Dow added 138.24 to 10.833.36, countering a 43.84-point loss from the previous session.
The S&P 500 gained 15.00 to 1,496.96.
More stocks rose than fell. Advancing issues on the New York Stock Exchange outpaced declining ones 1,242 to 751, as more than 155 million shares changed hands. Nasdaq winners beat losers 1,748 to 1,087, on trading volume of more than 1236 million shares. von CNNFN.COM
Ob das der Startschuß für die Rally ist? :-) Turbo |