Market Shrugs Off Negativity
The market
shrugged off Middle East, Argentina and Enron,
as a post-lunch rally sent the indices higher. Technology led the charge, with
the semiconductor index
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PowerRating) gaining 6.50%.
The Dow
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Nasdaq
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S&P 500
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November same-store sales rose 3%, as
steep discounts lured holiday shoppers. For the last week of the month, however,
sales were weak. Home Depot
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HD |
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gained .59 to 55.17.
There were even a few 52-week highs on
the Nasdaq, including Electronic Arts
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and CBRL Group
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Cisco
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orders met expectations, and that it expects to gain more market share next
quarter.
Sprint
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21%, citing poor data transmission sales. FON lost .58 to 21.12.
Enron
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doubled, up .46 to .86.
Other big Nasdaq movers included:
Juniper
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(
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42.15, and Broadcom
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CNet Networks
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after it announced a subscription-based alliance with RealNetworks. CNET closed
at 9.60, up 2.95.
J.D. Edwards
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PowerRating) spiked %
after reporting better-than-expected Q4 earnings yesterday. The stock rose 1.56
to 15.
Tony
Crescenzi said today the bond market is pricing in an 85% chance of a
25-basis-point rate cut at next week’s Fed meeting.