Follow Through

• October 3, 2001
• Brice Wightman

In one of  the biggest days since April, U.S. stocks staged broad-based
rallies in an impressive session. After a weak open, stocks rallied powerfully
for most of the day before news of a hijacked Indian airliner sent the indices
down slightly on the close. The Dow has rallied 1000 points in the past eight
sessions, closing just 500 points from the September 10 level. Advancers beat
decliners on both the Dow and the Nasdaq by 2:1 margins.

Here are the markets at a glance:

Groups not participating in the rally (a much shorter list) include
healthcare, gold, oil and consumer goods.

The rally was fueled by a combination of things: Cisco
(
CSCO |
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PowerRating) chairman
John Chambers stood by the company’s earnings targets, NAPM’s non-factory index
rose to 50.2 for September, up from 45.5 in August, President Bush is seeking
$75 billion to boost the economy, and short covering.

Technology led the way, with the Semiconductor Index
(
$SOX.X |
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PowerRating) gaining
34.04, or 10%. CSCO, which had declined 70% this year, rose 2.47 to close at
13.95. Also, the S&P Retail Index
(
$RLX.X |
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PowerRating) rose 26.29 to 813.64.

In other news:

General Electric
(
GE |
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unit. GE rose .10 to close at 38.15.

Edison International
(
EIX |
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PowerRating) jumped 1.95 to 15.70 after regulators unveiled
a plan to save the California utility from bankruptcy.

Eli Lilly
(
LLY |
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drug came off patent protection on August 2. LLY closed at 79.25, down 3.62.

Tenet Healthcare
(
THC |
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PowerRating), on a tear for months, beat earnings and guided
higher for 2002. The company sees EPS growth of at least 25%. THC closed at
58.40, down .70.

Credit Suisse First Boston announced it is cutting 20% of its workforce.

SEC filings indicate Michael Dell bought 4.3 million shares of his namesake
company
(
DELL |
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PowerRating) for just under $72 million between September 20-27. DELL
rose 2.10 to 20.64.