Money Mail from CNBC
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Good evening Subscriber,
Here is your Money Mail for Thursday, March 16.
THE BUZZ AT THE BELL
There was no buzz at today's bell. There was a roar - the
sound of a Niagara of money pouring into big-name, blue-chip
stocks for the second day in a row. The Dow rose 499.10,
the biggest single point rise in history. (The previous
record, 380.53, was set on September 8, 1998.) The Dow has
now gained 819 points in two days. The Nasdaq spent most of the day
in negative territory, before getting swept up in the Dow's
wake and finishing up 134.67. Wow.
The questions are: Why this rebound for blue chips and how
long will it last? Clearly the psychology of investors has
shifted. But what triggered it? Today's Producer Price Index
showed prices in February rose 1.0 percent, higher than the
expected 0.6 percent. Higher oil prices were the main culprit
but they are expected to come down. It may be a few days
before we know the real reasons for the rebound. Of course, the
turn began on Wednesday, March 15. Hmmm. The Dow came
back to life on the Ides of March! Maybe that's it:
Caesar lives!
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MAJOR INDEXES
* Dow Jones Industrial Avg.: 10630.60, up 499.10 or 4.93%
* Dow Transports: 2678.88, up 157.17 or 6.23%
* Dow Utilities: 295.77, up 11.75 or 4.14%
* S&P 500: 1458.37, up 66.23 or 4.76%
* Nasdaq Composite Index: 4717.29, up 134.67 or 2.94%
* Russell 2000: 574.24, up 15.37 or 2.75%
* 30-Year Bond Yield: 6.034, down 0.04 or 0.66%
* For a complete U.S. index list, go to:
wwwrd.0mm.com
SCOUTING REPORT: FRIDAY
At 8:30 a.m., the Consumer Price Index comes out. As the
the most closely-watched indicator of inflation, the CPI
would normally set the tone for the day. But this may be
an exception. Tomorrow is a triple witching day and,
with a major rally under way, the CPI may go largely
ignored.
Expected Earnings:
* Carnival (CCL) Q1 Est. 0.28 vs. Year Ago: 0.26
Economic Calendar:
* Consumer Price Index (February)
THE LOAN CENTER
* Home Sweet Investment *
Tax code changes and swiftly appreciating real estate
prices are turning houses into short-term investments
for homeowners in some parts of the country. Should you
think of your home as just another part of your portfolio?
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* Visit our new Loan Center at:
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STOCKS
* Word on The Street *
Elaine Garzarelli, president of Garzarelli.Com, targets
the entertainment, medical products, technology and
utility sectors. She is diversifying into financials and
health care where she sees strong earnings potential and
low valuations. View her favorites here, and use the
CNBC.com tools provided to evaluate them.
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* Stocks to Watch *
Joe Kernen's stocks for Thursday:
wwwrd.0mm.com
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FRIDAY ON CNBC
* WESTWOOD MANAGEMENT President Susan Byrne, Guest Host
on Squawk Box at 7:00 a.m. EST
* IPO ALERT: NETPLIANCE (prospective maker of i-opener, a
personal internet device) President Kent Savage on Squawk
Box at 9:10 a.m. EST
* Click here for a complete CNBC Guest List:
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