Ramsey
31-07-2002, Wed 9:15 AM
عن دواوجونز نيوزواير
US SUMMARY: Wall Street Holds Most Of Its Gains
DJIA 8680.03 loss 31.85 dn 0.4%
NASDAQ 1344.19 gain 8.94 up 0.7%
S&P 500 902.78 gain 3.82 up 0.4%
Dow Future 8650.00 loss 44.00 dn 0.5%
NASDAQ Future 971.00 loss 9.50 dn 1.0%
S&P Future 902.10 loss 3.40 dn 0.4%
10-Yr US Treasury: 4.59% down 8/32
NEW YORK (Dow Jones)--Wall Street paused after the sharp recovery of the previous two sessions, while Treasurys were mostly lower.
STOCKS: An expected bout of profit-taking and a larger-than-expected decline in consumer confidence pressured U.S. stocks Tuesday, but the market still managed to hang on to most of its huge rally. Tech stocks had a small advance while blue chips dipped.
Analysts said that although investors are still wary that stocks will fall again, they were reassured by news that President Bush had signed legislation that toughens penalties for corporate fraud.
"This pullback that we're getting is great. This is not panic, just a healthy rest," said Ralph Acampora, director of technical research at Prudential Securities. "At least on a short-term basis we're starting to feel better."
The mixed finish followed a session in which stocks alternated between gains and losses as investors tried to figure out where the market will go next. Before last week, stocks had been in a solid selloff. But the market's advance has raised hopes that the worst is over.
A weaker-than-expected reading in the Conference Board's consumer confidence index contributed to the selling Tuesday. The index fell to 97.1 in July from a revised 106.3 in June. The July figure was the lowest in five months and well below the 101.5 analysts forecast. The Conference Board said the decline reflected worries about the struggling stock and job markets.
BONDS: U.S. Treasury prices were mostly lower Tuesday, as participants braced for growing supply amid choppy trade in stocks and a report of sharply deteriorating consumer confidence.
Long bonds, which appeared to be the only sector to escape the mounting supply pressure, held scant gains.
The Treasury market received a knee-jerk boost after the consumer confidence data, but the rally quickly lost steam when the stock market stabilized and gradually recovered later in the session. Even when equities sold off again in the last hour of trading, two- to 10-year Treasurys were still firmly planted in the red.
Selling pressure gained the upper hand in the afternoon, especially in the five- and 10-year note area, which is expected to be hardest hit by Treasury's upcoming quarterly refunding announcement.
Wednesday, the U.S. Treasury will lay out its plans for debt sales for the quarter. A deteriorating budget situation means that the government's package will be very big, and many strategists see the government moving to quarterly sales on the 10-year note, from the current schedule of two new issues a year, each reopening once.
US SUMMARY: Wall Street Holds Most Of Its Gains
DJIA 8680.03 loss 31.85 dn 0.4%
NASDAQ 1344.19 gain 8.94 up 0.7%
S&P 500 902.78 gain 3.82 up 0.4%
Dow Future 8650.00 loss 44.00 dn 0.5%
NASDAQ Future 971.00 loss 9.50 dn 1.0%
S&P Future 902.10 loss 3.40 dn 0.4%
10-Yr US Treasury: 4.59% down 8/32
NEW YORK (Dow Jones)--Wall Street paused after the sharp recovery of the previous two sessions, while Treasurys were mostly lower.
STOCKS: An expected bout of profit-taking and a larger-than-expected decline in consumer confidence pressured U.S. stocks Tuesday, but the market still managed to hang on to most of its huge rally. Tech stocks had a small advance while blue chips dipped.
Analysts said that although investors are still wary that stocks will fall again, they were reassured by news that President Bush had signed legislation that toughens penalties for corporate fraud.
"This pullback that we're getting is great. This is not panic, just a healthy rest," said Ralph Acampora, director of technical research at Prudential Securities. "At least on a short-term basis we're starting to feel better."
The mixed finish followed a session in which stocks alternated between gains and losses as investors tried to figure out where the market will go next. Before last week, stocks had been in a solid selloff. But the market's advance has raised hopes that the worst is over.
A weaker-than-expected reading in the Conference Board's consumer confidence index contributed to the selling Tuesday. The index fell to 97.1 in July from a revised 106.3 in June. The July figure was the lowest in five months and well below the 101.5 analysts forecast. The Conference Board said the decline reflected worries about the struggling stock and job markets.
BONDS: U.S. Treasury prices were mostly lower Tuesday, as participants braced for growing supply amid choppy trade in stocks and a report of sharply deteriorating consumer confidence.
Long bonds, which appeared to be the only sector to escape the mounting supply pressure, held scant gains.
The Treasury market received a knee-jerk boost after the consumer confidence data, but the rally quickly lost steam when the stock market stabilized and gradually recovered later in the session. Even when equities sold off again in the last hour of trading, two- to 10-year Treasurys were still firmly planted in the red.
Selling pressure gained the upper hand in the afternoon, especially in the five- and 10-year note area, which is expected to be hardest hit by Treasury's upcoming quarterly refunding announcement.
Wednesday, the U.S. Treasury will lay out its plans for debt sales for the quarter. A deteriorating budget situation means that the government's package will be very big, and many strategists see the government moving to quarterly sales on the 10-year note, from the current schedule of two new issues a year, each reopening once.