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Strategies & Market Trends : STEAMROLLER'S DAYTRADES
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To: STEAMROLLER who wrote (1091)9/23/1998 6:36:00 PM
From: STEAMROLLER   of 1561
 
Nasdaq up on Greenspan hint of possible rate cut

Reuters Story - September 23, 1998 17:07

NEW YORK, Sept 23 (Reuters) - A hint from U.S. Federal Reserve Chairman Alan Greenspan that he might argue for a cut in short term interest rates set off an
explosion of buying on the Nasdaq, bringing it to its fourth biggest point gain ever.

The Nasdaq Composite Index rose an unofficial 62.77 points or 3.68 percent to a level of 1760.27. Advancing issues beat decliners by a margin of close to
two-to-one on the tenth most actively traded day of 933 million shares. Forty five stocks reached new highs, while 155 posted new 52-week lows.

"I think the market is jumping to the conclusion that Greenspan wants to cut rates next week but I don't think so. What I heard was a shift in sentiment toward
easing," said Bill Meehan, market strategist at Cantor Fitzgerald

"People are seeing more clearly Greenspan's message from a week or so ago that he never ruled out a domestic easing," said another veteran trader, referring to
Greenspan's statement that there was no coordinated global rate cut in the works.

Short covering pushing Internet stocks sharply higher, traders said. Yahoo! Inc. shot up 14-15/16 to 117-7/8; America Online Inc. climbed 8-11/16 to 115-1/16;
Excite Inc. rose 9-3/8 to 37-3/4.
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