Anyone catch the irony in this article?
(COMTEX) B: Bargain Hunters Boost Dow 121 Points
B: Bargain Hunters Boost Dow 121 Points
NEW YORK, Dec 16, 2002 (AP Online via COMTEX) -- Bargain hunters were out in
force Monday on Wall Street, vigorously picking up stocks discounted by two
weeks of declines. The Dow Jones industrials rose more than 120 points.
"What we have is a rebound from Friday. The market is in a really oversold
condition," said Peter Cardillo, president and chief strategist of Global
Partner Securities Inc.
In late morning trading, the Dow was up 121.35, or 1.4 percent, at 8,555.06,
recouping Friday's loss of 104.69. The Dow ended last week down 2.5 percent, its
second straight weekly decline.
The broader market was also higher, bouncing off two weeks to the downside. The
Nasdaq composite index rose 22.27, or 1.6 percent, to 1,384.69, having lost 4.2
percent last week. The Standard & Poor's 500 index advanced 13.17, or 1.5
percent, to 902.65, following last week's loss of 2.5 percent.
Investors sold shares in the previous two weeks to take profits from two months
of rallies on Wall Street, which were based on hopes that earnings and the
economy will rebound in 2003.
Brokerage house upgrades gave the market some of its lift.
CSX rose 81 cents to $28.64 after Morgan Stanley raised its rating on the stock.
Delta Air Lines advanced 54 cents to $12.70 following an upgrade from Credit
Suisse First Boston.
J.C. Penney rose 31 cents to $23.91 after saying its December same-store sales -
those at stores open at least one year - were ahead of its projections.
Wal-Mart climbed 60 cents to $51.14 despite saying that it sees December
same-store sales at the low end of its forecast calling for growth of 3 percent
to 5 percent.
Advancing issues outnumbered decliners more than 2 to 1 on the New York Stock
Exchange. Trading volume was light at 126.48 million shares, compared with
151.16 million at the same point Friday.
The Russell 2000 index, the barometer of smaller company stocks, rose 3.83, or 1
percent, to 391.81.
Overseas, Japan's Nikkei stock average finished Monday down 0.8 percent. In late
trading in Europe, France's CAC-40 rose 2.5 percent, Britain's FTSE 100 gained
1.5 percent and Germany's DAX index advanced 2.3 percent.
---
On the Net:
New York Stock Exchange: nyse.com
Nasdaq Stock Market: nasdaq.com
By AMY BALDWIN
AP Business Writer
Copyright 2002 Associated Press, All rights reserved
-0-
APO Priority=u
APO Category=1320
(PROFILE
(CO:Delta Airlines; TS:DAL; IG:AIR;)
(CO:Penney, JC Co Inc (Holding Co); TS:JCP; IG:RTB;)
)
KEYWORD: NEW YORK
SUBJECT CODE: 1320
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