ECONOMIC NEWS IGNITES BIG TECH RALLY
by: it_expansion
Long-Term Sentiment: Strong Buy 04/30/02 01:24 pm
Msg: 129188 of 129189
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U.S. stocks rally after data: cyclicals, Big Tech lead
NEW YORK, April 30 (Reuters) - Stocks rallied on Tuesday led by smokestack industry, so-called "cyclicals" and Big Tech issues, on upbeat data showing expansion in manufacturing and a lower-than-expected decline in consumer confidence.
The economic data "just shows that the consumer confidence is still there and the Chicago number showed expansion in manufacturing," said Ahmet Okumus, president of Okumus Capital LLC, which manages $520 million.
The manufacturing numbers were yet another sign the world's largest economy is on the mend. The confidence data is important since spending by consumers accounts for about two-thirds of the U.S. economy, and was a pillar of strength throughout last year's recession.
The blue-chip Dow Jones industrial average (^DJI - news) jumped 171 points, or 1.74 percent, to 9,991. The broader S&P 500 gained 15 points, or 1.43 percent, to 1,080. The technology-laced Nasdaq Composite Index (^IXIC - news) rose 32 points, or 1.95 percent, to 1,689.
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NEW YORK (AP) - Bargain hunting set off a rally on Wall Street
Tuesday as the lure of lower stock prices outweighed another set of
lackluster earnings and a dip in consumer confidence.
Analysts cautioned against too much exuberance about the
advance, however, noting that the market has a history of rallying
and then pulling back when investors' expectations fail to mesh
with reality.
``I think this is rebound buying,'' said Richard A. Dickson,
technical analyst at Hilliard Lyons. ``People are just looking at
how much the market has gone down and thinking they should do
something. |
