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Mix-Ansicht- Close Dow -77.89 at 10454.34, Nasdaq -42.71 at 2016.61, S&P -14.89 at 1209.47: - Der letzte Grund, 25.04.2001, 09:36
Close Dow -77.89 at 10454.34, Nasdaq -42.71 at 2016.61, S&P -14.89 at 1209.47:
Market started out well, but like they say, it's how you finish. Stocks got a boost this morning after Consumer Confidence came in lower than expected. The market loved the number because it will cause the Fed to continue its aggressive stance on cutting interest rates. On the flip side, the decline in the Conference Board and U Mich confidence indices suggests a worsening pace of consumer spending in the near term, but the market decided to focus on rates. Techs led the market higher this morning despite a rash of bad news. JDS Uniphase (JDSU 20.82 -3.36) warned for JunQ and announced a 20% workforce reduction. Also, Compaq (CPQ 17.50 -3.15) had a poor qtr and was downgraded while EPS numbers were lowered on EMC (EMC 38.85 -1.10) by Merrill Lynch...Impressively, the weakness early on was generally limited to the companies issuing bad news. Traders were willing to shrug of the bad news and buy anyway. The story changed later in the day as techs led the sell-off in the Nasdaq. Virtually every tech area was sold off strongly. An exception was Lucent (LU 10.25 +1.05) which traded higher thanks to a positive conf call prompting a mid-day upgrade from Salomon Smith Barney....There were some positives about today's market. Besides defensive groups doing well including food, tobacco and beverages, steel stocks had perhaps their best day in years. Indications from mgmt at Bethlehem Steel (BS 3.34 +0.67) that conditions are improving coupled with the historic decision to split USX into two -- USX-Steel (X 18.90 +3.01) and USX-Marathon (MRO 31.94 +0.57). The stocks rallied as the split will allow each to be priced separately...Also very strong today were the homebuilders thanks to positive analyst comments as well as the Consumer Confidence data suggesting an aggressive Fed. Leaders include DHI, PHM, CTX, RYL...Aquila (ILA 27.85 +3.85), an energy IPO, trading strongly today...While number of companies reporting is very high after the bell, not too many big names reporting. See Briefing.com's calendar of earnings for full list. DJTA -1.1%... DJUA +0.4%... SOX -2.5%... XOI unch... BTK -3.2%... Nasdaq 100 -2.7%... S&P Midcap 400 -0.5%... Russell 2000 +1.2%... NYSE Adv/Dec 1532/1510... Nasdaq Adv/Dec 1822/2000.
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