Part of the  network 

SE2000 Home page
SE2000 Online Help file
SE2000 Live Chat
SE2000 Online Forum
SE2000 Download Site
Buy Books online and save
Register SE2000
SE2000 Links
Email Support

Please read carefully our disclaimer before using  this message board !

| Post Reply | Read Follow Ups | Main Index | Download ShareExpress Portfolio Manager |

Message subject : Nasdaq powered by Intel

This message was posted by . on June 19, 2000 :

The Nasdaq composite index surged to its highest close in more than two months Monday, coming within 80 points of wiping out all its losses for the year, lifted by a Intel, which rose on positive comments from a Wall Street brokerage

Lehman Brothers raised its earnings forecasts for Intel, sending shares of the world's largest chipmaker and Dow Jones industrial average member up more than 8 percent.

"Intel's the story of the day," said Brian Finnerty, head of Nasdaq trading at C.E. Unterberg Towbin.

Other technology stocks also surged, including Oracle and JDS Uniphase.

"We're looking for any excuse to rally," said Finnerty, who linked the gains to the growing belief that the Federal Reserve won't raise the cost of borrowing when it meets next week.

Financial stocks also rose following Friday's sell-off, bolstering the Dow. But Dow component Honeywell kept those gains in check. The company warned that second-quarter earnings will miss Wall Street expectations.

The Nasdaq rose 129.29, or 3.3 percent, to 3,889.85, the highest close since the week of April 9. The index is only 80 points away from the 4,069 mark it ended at on Dec. 31, 1999. Still, the Nasdaq is down 21 percent from its March 10 high of 5,048.

The Dow, meanwhile, rose 108.54 points, or 1 percent, to 10,557.84, erasing nearly half of its 265.52 point tumble Friday.

Explaining Monday's turnaround, Art Hogan, chief market analyst at Jefferies & Co., said the previous sell-off was overdone, prompting a flood of bargain hunters.

"The market got whacked for no good reason on Friday," Hogan said.

Warning: at times comments aimed at manipulating other investors may appear on these
message boards. Posters may post overly optimistic or pessimistic comments on particular
stocks, in an attempt to influence other investors. While every effort is made by the moderators
to remove these, some may still appear on these boards. Unless specifically stated persons posting
on this site are NOT investment advisors and do NOT hold the necessary licence, or have any
formal training, to give investment advice.

Before acting on any of the information you read and making any financial or investment
decisions, you should always consult your advisor(s) or other relevant professional
investment experts.

Follow Ups:

Post a Followup

Post your reply to the above message    *=mandatory
Your name: *
Your Email:*
Subject: *
Link URL:
Link title:

Message*    * 200 words Maximum!


You are viewing a page out of the ShareExpress2000 web site (c) Pty Ltd Australia