Bottom In Place?
A supercharged Nasdaq gave up some gains late in the session Friday but still
managed to book a solid 1.9% gain to cap a wild week that left many analysts
confident that the market had established some sort of near-term bottom.
Internets and optical networkers paced the Nasdaq rise.
Oils, broker/dealers and telecom helped the broader market as the Dow and
S&P 500 joined the Nasdaq in the green with increases of 0.8% and 0.6%,
respectively.
Volume remained heavy, although Nasdaq and NYSE volume eased about 9% each
from Thursday’s hefty levels. Nasdaq volume was 2.15 billion shares while NYSE
volume was 1.17 billion shares.
"Despite the sharp downdraft in the first two weeks of October, we’re
still very positive about the market as a whole for not only the fourth quarter,
but for the year," said Bob Zuccarro, Portfolio Manager, Grand Prix Fund.
"The market was negative in the second quarter, was negative in the
third quarter, and it would be very unlikely if it would conclude this quarter
with a loss because you have to go all the way back to 1974 to find a period
when the market went down three quarters in a row," he added.
Top sectors included broker/dealers
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up 3.3%, and Internets
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On the downside were banks
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products
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retailers
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Internet winners that led the Goldman Sachs Internet index were RealNetworks
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Inktomi
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up 8%.
Tech standout of the day was SDL Inc.
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339 1/32 following a round of stellar earnings.
Also on fire in tech were e.piphany
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Phone.com
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and SDL Inc. acquirer JDS Uniphase
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Top Dow gainers were Honeywell
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Hewlett Packard
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down 4.4% and GE
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Looking ahead, economic news remains light for early next week, but existing home sales for
September is scheduled for next Wednesday at 10:00 AM. Street estimates look for a figure of 5.10 million units