NEW YORK (CNNfn) - The Nasdaq composite index rallied Thursday afternoon as investors bet that negative news about profit growth has been factored into many technology stocks -- and it's time to put money back into the sector.
(Welches"Money"? Wächst sicherlich auf Bäumen drüben!)
A warning by Internet leader Yahoo! that its earnings for 2001 would fall short of expectations pressured tech stocks early, but investors quickly shrugged off the news.
(Taffe Jungs, echt Klasse!
"Obviously, Yahoo! started the Nasdaq off on the wrong foot and then we rebounded," said John Forelli, senior vice president and portfolio manager at Independence Investment Associates."We're starting to see a pattern here of tech investors already having braced themselves for the bad news and the market strengthening as the day goes on."
If the Nasdaq closes in positive territory, it will be the first three-session rally since late August. Analysts say the last two sessions have signaled optimism that the composite has reached the long-awaited bottom.
(Seit August, wenn das nichts Gutes verheißt! Remember September...)
"The last two 'up' days have been on higher volume so you've seen the confirmation of a rally," said David Beard, portfolio manager with Morgens Waterfall Vintiadis."Stocks aren't going down on bad news anymore."
(Typisches Rallye-Zeichen - oder ist's die grooooße Wende gar?)
L.
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