Nice Naz Bounce

November 24, 2000
Daniel Beighley

Technology stocks enjoyed a hearty bounce Friday in a holiday-shortened
session led by Internets and semiconductors. The Nasdaq booked a 5.4% gain while
the Dow and S&P 500 rose 0.7% and 1.5%, respectively.

Volume was light because of the early close, as 805 million shares traded on
the Nasdaq and 405 million shares changed hands on the NYSE.

“Hopes are high that Wall Street is about to enjoy a Santa Claus rally.
However, earnings concerns and election concerns are still burdens to the market
as a whole, and investors are likely to be cautious in buying shares under these
conditions,” said Alan Ackerman, Market Strategist, Fahnstock & Co.

“Indeed it is unusual to see the U.S. divided by dimples. The Florida
recount continues, and investors are anxious to see that finally end. On
balance, it’s too early to be aggressive. There are some bargains that appear to
be surfacing, but so long as the battle for the White House continues along with
the slowing economy, the jury remains out,” he added.

According to preliminary numbers, the Nasdaq rose 148.90 to 2904.24, the Dow
added 70.91 to 10,470.23, and the S&P 500 gained 19.41 to 1341.77.

Looking ahead, October’s existing home sales report is due out Monday at
10:00 AM ET and analysts expect a figure of 5.10 million.

Nice Naz Bounce

BUY THE FEAR, SELL THE GREED

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