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Politics : Formerly About Applied Materials

AMAT 339.94

+3.3%

Feb 11 3:59 PM EST

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To: StanX Long who wrote (54953)	10/31/2001 11:44:41 PM
From: StanX Long	Read Replies (1) of 70976

Two economic reports and the bond market provided fuel for the bulls today news.moneycentral.msn.com 16:35 ET Dow -46.84 at 9075.14, Nasdaq +22.79 at 1690.20, S&P -0.01 at 1059.78: [BRIEFING.COM] Two economic reports and the bond market provided fuel for the bulls today but the best the market averages could do was post mixed results. The pre-market GDP report got the bulls in gear as the preliminary Q3 reading came in at a better than expected -0.4%. This was the first time it was negative since 1993, it represented the biggest drop since 1991 and more importantly, most of the data was from July and August which suggests it will likely be revised lower. Despite these factors, the market took heart in the fact that it was well above the consensus (-1.0%). The second piece of economic data was the Chicago PMI for October. It too came in at better than expected levels (46.2% vs consensus of 43%) and underpinned the indices. The final news was related to the Treasury announcement that it has suspended future 30-year bond issuance. This triggered a major decline in long term interest rates which also spilled over into the 10-yr. The combination of stronger than expected data and lower long term rates sparked a move into some sectors (retail/home building) but cyclical sectors (paper, airline, chemical) and the Morgan Stanley Cyclical Index (CYC) all ended in the red, an indication of a cautious approach regarding an economic turnaround just yet. Given all these developments and some positive comments from several companies (SUNW +6.4%, PSFT +7.5%, MU +7.9% and NTAP +9.2%) today's performance would have to be considered at least somewhat disappointing despite the mixed results. SOX -4.2%... DOT +1.4%... XOI +0.3%... Nasdaq +22.79 at 1690.20... NYSE Adv/Dec 1932/1171... Nasdaq Adv/Dec 2222/1366.

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