U.S. Stocks Edge Higher Led By Intel; Volumes Light
NEW YORK, Aug 21, 2000 /PRNewswire via COMTEX/ -- U.S. share prices posted
modest gains Monday supported by gains in market leader Intel, though volumes
were especially light.
At 1:50 p.m. ET, the Wilshire 5000 was up 21.79 at 13,929.20 while the Dow
Industrials were up 29.67 at 11,076.15.
Several analysts upgraded their estimates for Intel, which was up 2 3/16 at 72
3/4. Compaq Computer said late Friday that component parts are in the shortest
supply in memory, pushing back worries that ramped up semiconductor production
will hurt prices.
Sentiment is positive for Tuesday's Federal Open Market Committee. Dealers and
analysts say there is an outside chance policy makers will change their bias
from tightening to neutral, an outcome that would likely trigger a sharp rally
in both stocks and bonds.
Verizon Communications was up 13/16 at 34 1/4 [VZ] after reaching a labor
agreement with the majority of its unions. Workers in the Northeast are expected
to return to work while workers in the Mid-Atlantic are still in negotiations.
Offshore driller R&B Falcon was down 3/16 at 25 [FLC] after agreeing to be
acquired by rival Transocean Sedco Forex for $8.8 billion in stock and debt.
Transocean was down 4 9/16 at 53 1/8 [RIG].
SOURCE Market News International |
