Rockwell-Spins off Conexant (CNXT) Message Board

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Technology Stocks : Rockwell-Spins off Conexant (CNXT)

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To: w molloy who wrote (233)	6/16/1999 7:21:00 PM
From: w molloy	Read Replies (1) of 2013

* OT * Nasdaq logs record point gain on inflation report By Eric Wahlgren NEW YORK, June 16 (Reuters) - The Nasdaq market logged its biggest point gain ever on Wednesday after a key U.S. economic report eased inflationary fears, luring investors back to to economically-sensitive technology and financial stocks. According to unofficial data, the technology-laden Nasdaq composite index (^IXIC - news) rose 103.18 points, or 4.27 percent, to close at 2517.85. Helping drive up the index were Oracle Corp. (Nasdaq:ORCL - news) shares which shot up 7-13/16 to 32-15/16. Oracle was the most heavily-traded stock on the Nasdaq. The company's performance came a day after Oracle posted earnings that beat Wall Street's expectations. The Nasdaq's point gain topped the previous record 96.05-point advance the market posted on February 11, before concern over possible interest rate hikes led investors to pull out of sensitive Internet and financial stocks. Investors returned to the market with gusto Wednesday after news that the overall Consumer Price Index (CPI) -- a key inflation yardstick -- came in unchanged from last month's levels. The flat rate of May's CPI takes some heat off the Federal Reserve to hike interest rates. ''I just think this was a big relief for the Internet sector,'' said Vikram Kapur, vice president of sales and research at Guzman and Co. ''Definitely this is because of the better-than-expected CPI. The volume is much like it was before the interest rate scare.'' Advancing issues on the Nasdaq outnumbered decliners by a strong margin of 2403 to 1565 on a volume of about 1.03 billion shares. Kapur said Nasdaq's volume was robust compared to its volume in recent weeks that had been in the 700 million to 800 million share range. The American Stock Exchange's 50-share Internet index (^IIX - news) Wednesday climbed 8.47 percent to 284.33. Internet venture company CMGI Inc.(Nasdaq:CMGI - news), a component of the ASE's index, rose 16-1/8 to 93-1/8. It was the top percentage gainer on that index. ''I think investors figured out we are not all going to hell in a handbasket,'' said Nelson Gold, a senior vice president of OTC trading at Wachovia Securities. ''There proved to be another false alarm over inflation.'' Analyst polled by Reuters had expected May's CPI to rise about 0.2 percent. The financial sector also rallied Wednesday. Standard & Poor's index of financial services companies rose 3.02 percent to 858.40. Electronic brokers enjoyed the boom with AmeriTrade Holding Corp. (Nasdaq:AMTD - news) climbing 10-1/4 to 75. The Nasdaq finished about 6 percent off its record high of 2677.76.

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