Ramsey
22-08-2002, Thu 9:26 AM
عن دواوجونز نيوزواير
US SUMMARY: Technology Is Back, But For How Long?
DJIA 8957.23 gain 85.16 up 1.0%
NASDAQ 1409.25 gain 32.66 up 2.4%
S&P 500 949.36 gain 11.93 up 1.3%
Dow Future 8986.00 gain 11.00 up 0.1%
NASDAQ Future 1040.50 gain 2.50 up 0.2%
S&P Future 952.00 loss 0.30 0.0%
10-Yr US Treasury: 4.20% up 0.04
NEW YORK (Dow Jones)--Investors resumed buying stocks Wednesday, sending prices moderately higher after a bout of profit-taking ran its course. Prices of Treasurys fell in volatile trading.
STOCKS: Technology was the session's biggest winner, giving the Nasdaq composite index its first close above 1,400 in six weeks.
"The market is a little stretched so you're going to see some backing and filling," said Steven Goldman, chief market strategist with Weeden & Co. in Greenwich, Conn.
The Nasdaq composite index closed up 2.4% to 1,409.25, having last finished above 1,400 on July 8. Wednesday's finish was the Nasdaq's best since July 5 when it stood at 1,448.36.
Investors have been generally upbeat after two straight weeks of gains. A lack of major negative news so far this week has also helped stocks move higher. Despite Tuesday's decline amid profit taking, the market's indexes have netted gains so far for the week.
But analysts said stocks are still vulnerable to profit-taking, particularly when companies start issuing third-quarter profit warnings later this month and in early September.
"We had a recent run-up in the market that was impressive," said Alan Ackerman, executive vice president at Fahnestock & Co. "A sustainable advance may take time to develop."
BONDS: U.S. Treasurys prices fell Wednesday but remained far above their lowest point of the day, after stocks became volatile.
Treasurys had been much lower, and the yield curve flatter, throughout the session following comments from Federal Reserve policymakers suggesting that the Fed is less inclined to lower interest rates.
Later in the session, a quick drop in the stock market helped reverse some of the losses, and caused the yield curve to steepen once more. Just as quickly, the stock market recovered but failed to push bond prices lower.
US SUMMARY: Technology Is Back, But For How Long?
DJIA 8957.23 gain 85.16 up 1.0%
NASDAQ 1409.25 gain 32.66 up 2.4%
S&P 500 949.36 gain 11.93 up 1.3%
Dow Future 8986.00 gain 11.00 up 0.1%
NASDAQ Future 1040.50 gain 2.50 up 0.2%
S&P Future 952.00 loss 0.30 0.0%
10-Yr US Treasury: 4.20% up 0.04
NEW YORK (Dow Jones)--Investors resumed buying stocks Wednesday, sending prices moderately higher after a bout of profit-taking ran its course. Prices of Treasurys fell in volatile trading.
STOCKS: Technology was the session's biggest winner, giving the Nasdaq composite index its first close above 1,400 in six weeks.
"The market is a little stretched so you're going to see some backing and filling," said Steven Goldman, chief market strategist with Weeden & Co. in Greenwich, Conn.
The Nasdaq composite index closed up 2.4% to 1,409.25, having last finished above 1,400 on July 8. Wednesday's finish was the Nasdaq's best since July 5 when it stood at 1,448.36.
Investors have been generally upbeat after two straight weeks of gains. A lack of major negative news so far this week has also helped stocks move higher. Despite Tuesday's decline amid profit taking, the market's indexes have netted gains so far for the week.
But analysts said stocks are still vulnerable to profit-taking, particularly when companies start issuing third-quarter profit warnings later this month and in early September.
"We had a recent run-up in the market that was impressive," said Alan Ackerman, executive vice president at Fahnestock & Co. "A sustainable advance may take time to develop."
BONDS: U.S. Treasurys prices fell Wednesday but remained far above their lowest point of the day, after stocks became volatile.
Treasurys had been much lower, and the yield curve flatter, throughout the session following comments from Federal Reserve policymakers suggesting that the Fed is less inclined to lower interest rates.
Later in the session, a quick drop in the stock market helped reverse some of the losses, and caused the yield curve to steepen once more. Just as quickly, the stock market recovered but failed to push bond prices lower.