<font color=blue>MARKET SNAPSHOT--Buyers lurking on the sidelines
Some tech stocks find their footing
By Julie Rannazzisi, CBS.MarketWatch.com
Last Update: 7:40 AM ET Dec 1, 2000
NEW YORK (CBS.MW) - With a market in deeply oversold conditions, a pop appears to be in the cards for the last day of trading in the week. Tech stocks in particular are poised to rise Friday, with some big-cap names ratcheting gains in the pre-market.
December S&P 500 futures swelled 9.10 points, or 0.7 percent, and were trading roughly 11.80 points above fair value, according to HL Camp & Co. Nasdaq futures tacked on 81.00 points, or 3.2 percent.
November was indeed a bloody month for stocks, with the Wilshire 5000, the market's broadest gauge, losing over $1.7 trillion of its market cap.
Among large-name tech stocks trading before the official start of trading, Microsoft (MSFT) rose $1.63 to $59 and Intel (INTC) climbed $1.88 to $39.94 in Instinet.
Over in the bond arena, prices headed south, again reacting inversely to expected action in the stock arena.
The 10-year Treasury note slipped 1/8 to yield ($TNX) 5.51 percent while the 30-year government bond erased 1/4 to yield ($TYX) 5.63 percent.
In economic news, Friday will see the release of the November National Association of Purchasing Management Index, seen coming in at 48.5 percent, and October construction spending, seen rising 0.3 percent. View Economic Preview, economic calendar and forecasts and historical economic data.
Cornering the currency market, dollar/yen rallied 1.0 percent to 111.46 while euro/dollar climbed for the fifth straight day, adding 0.4 percent to 0.8753. |
