(COMTEX) B: Wall Street Stocks Move Higher
B: Wall Street Stocks Move Higher
NEW YORK, Dec 01, 2000 (AP Online via COMTEX) -- Stocks opened higher Friday as
investors selectively scoured the market for bargains after Thursday's big
selloff.
In the first hour of trading on Wall Street, the Dow Jones industrial average
was up 41.24 at 10,455.73.
Broader stock indicators were also higher.
The Nasdaq composite index was up 60.28 at 2,658.21. On Thursday, the Nasdaq
briefly traded below 2,524.31, the point at which it had lost 50 percent of its
value since setting a closing high of 5,048.62 on March 10.
The Standard & Poor's 500 index was up 5.93 at 1,320.88.
Technology stocks have been pummeled for months as company after company has
issued warnings that earnings will fall below expectations. Computer maker
Gateway was the culprit Thursday, announcing that holiday sales are down. The
notice brought Gateway a prompt downgrade from Bank of America to "buy" from
"strong buy" and sent markets reeling across the board.
Gateway, after falling $1.30 to $19 on Thursday, was up 31 cents at $19.35 in
early trading. The stock is down about 39 percent since Wednesday.
Other computer makers also rebounded slightly Friday. Dell was up 25 cents at
$19.50.
But a handful of hard hit tech stocks fared better, including JDS Uniphase, up
$4.75 at $54.81, Cisco Systems, up $1.77 at $49.64, and Juniper Networks, up
$6.63 at $131.25.
Advancing issues outnumbered decliners by nearly a 2-to-1 margin on the New York
Stock Exchange, where volume came to 153.1 million shares, below Thursday's
early pace.
The Russell 2000 index was up 5.19 at 451.13.
Overseas, Japan's Nikkei stock average rose 1.3 percent. In afternoon trading,
Germany's DAX index was up 1.7 percent, Britain's FT-SE 100 was up 0.2 percent,
and France's CAC-40 rose 0.2 percent.
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On the Net:
New York Stock Exchange: nyse.com
Nasdaq Stock Market: nasdaq.com
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