-- Stocks Climb After Greenspan's Comments --
NEW YORK (Reuters) - Stocks opened higher on Friday,
cutting losses after three straight down days, after Federal
Reserve Chairman Alan Greenspan said growth could accelerate
next year with little risk of deflation.
The U.S. economy still is working through a soft patch but
growth should accelerate next year if global tensions ease and
corporate profits improve, Greenspan said on Thursday after
exchanges closed.
The Fed chief said there was no reason to fear the United
States was at risk of price deflation as he delivered a
cautiously upbeat assessment of future prospects.
The Dow Jones industrial average <.DJI> gained 87 points,
or 1.04 percent, to 8,451.74 .The broader Standard & Poor's 500
Index <.SPX> rose 6.84 points, or 0.77 percent, to 891.04. The
technology-laced Nasdaq Composite Index <.IXIC> was up 10
points, or 0.74 percent, at 1,364.09
Trading was expected to be volatile due to futures and
options contract expirations, which began on Thursday and will
continue Friday. Stocks swung between gains and losses on
Thursday, before closing lower.
Friday marks a quadruple witching -- when stock index
futures, stock index options and individual stock futures and
options expire simultaneously -- which can lead to wild
gyrations in prices in the underlying stocks.
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Symbols:
US;SPX US;COMP US;SPL US&DJI
20-Dec-2002 14:40:36 GMT
Source RTRS - Reuters News |
