freeus.......regret I cannot be there to watch you boggle...<g>.........t......Dawn Patrol
November 03, 1999
by Loren Fox
A.M. Update: U.S. stocks were poised for a higher opening Wednesday morning, as S&P futures
were up. Overseas, Asian stocks rose modestly, and European shares were slightly lower.
Sometimes a psychological milestone becomes a formidable hurdle. Tuesday, the technology-rich
Nasdaq composite index crept over 3,000, but then fell back. It's clear that more than one attempt will
be needed to scale this peak. Still, technology shares continue to have an underlying positive
momentum, despite bouts of profit-taking. This is sometimes called "consolidation," which implies that
the market is pausing to gather its strength before pushing further upward.
The Nasdaq managed a 0.5 percent rise Tuesday, even with the weight of profit-taking on Internet
stocks. Meanwhile, the bond market continues to be bullish for stocks. The benchmark 30-year
Treasury bond, which is a proxy for interest rates, ended Tuesday slightly lower at 6.14 percent. That's
its lowest level in nearly a month.
On the economic front, Wall Street is waiting for Friday's important release of monthly unemployment
data and hourly wages. Of some note before then is Wednesday's 10 a.m. EST release of leading
economic indicators by the Conference Board, a business research group. At the same time, the
government reports monthly factory orders; economists estimate they fell by 0.5 percent in September. |
