Jobs Data Propels Market

  • September 3, 1999
  • Marc Dupee

A Labor Department report showing slower job growth (unemployment at 4.2%) and only slightly higher wage growth in August has eased concern the Fed might raise interest rates before the end of the year. Stocks are soaring on the news and program trading curbs are in effect.

The gold and silver index is the only down sector, while Nets, techs and financials are turning in the days best performance.

On the heels of yesterday’s earnings warning, Sears is down and coke is also trading lower on an earnings warning, reflecting losses associated with its product recall this summer in Europe.

Here are the highlights around 1:00 PM ET:













































Major Indexes


  • Dow: +217 to 11,060
  • NASDAQ: +81 to 2815
  • S&P 500: +33.60 to 1352.71

NASDAQ Blue Chips


  • Cisco [CSCO>CSCO]: +2 to 70 1/4
  • Dell [DELL>DELL]: +1 1/2 to 49 3/16
  • Intel [INTC>INTC]: +3 to 88 5/16
  • Microsoft [MSFT>MSFT]: +3 5/16 to 95 1/8
  • MCI Worldcom [WCOM>WCOM]: +2 5/16 to 77

Biggest Dow Movers UP


  • JP Morgan [JPM>JPM]: + 6 7/8 to 132 13/16

Biggest Dow Movers DOWN


  • Sears [S>S]: – 1 3/4 to 31 3/4
  • Coke [KO>KO]: -2 1/8 to 57 3/8

Brand-Name Internet Stocks


  • America Online [AOL>AOL]: +4 9/16 to 95 13/16
  • Amazon [AMZN>AMZN]: +1 3/16 to 61 1/4
  • CMGI [CMGI>CMGI]: +4 1/16 to 84 3/16
  • eBay [EBAY>EBAY]: +7 1/8 to 128 9/16
  • Priceline [PCLN>PCLN]: +1 1/32 to 65 1/16
  • Yahoo [YHOO>YHOO]: +9 to 150 9/16

Strongest Sectors


  • Banks [$BKX.X>$BKX.X]: +4.45%
  • The Street.com Internet Index [$DOT.X>$DOT.X]: +4.18%
  • CBOE software index [$CWX.X>$CWX.X]: +4.21%
  • Semiconductors [$SOX.X>$SOX.X]: +4.09%

Weakest Sectors


  • Gold and silver [$XAU.X>$XAU.X]: -1.61%

Biggest Gainers from the Proprietary Momentum List


  • Imclone Systems [IMCL>IMCL]: +2 5/16 to 34 13/16
  • Legato [LGTO>LGTO]: +2 7/16 to 45 5/16

Biggest gainers from New 60-Day Highs on Dbl. Volume List


  • Galileo Corp. [GAEO>GAEO]: + 2 1/4 to 23 1/8
  • Speedway Motorsports [TRK>TRK]: +2 1/2 to 43 7/8

Biggest Gainers from the Internet Fab-5 List


  • Proxicom [PXCM>PXCM]: +5 3/16 to 55 3/16
  • Phone.com [PHCM>PHCM]: +7 13/16 to 140 9/16

Biggest Gainers from Mark Boucher’s Trading Watch List


  • Comverse Technologies [CMVT>CMVT]: +3 1/2 to 89 7/16