Nasdaq jumps 3 pct, traders eye Marketwatch
Reuters, Friday, January 15, 1999 at 17:29
NEW YORK, Jan 15 (Reuters) - Technology stocks snapped out
of a three-day losing streak Friday, leading the market higher
as traders shook off worries about Brazil that had plagued
stocks for several sessions.
Steadying comments by Goldman's famed bull, Abby Joseph
Cohen, also helped stocks.
"At this point I do not expect there to be any significant
problems developing either in terms of growth, inflation or
interest rates," Cohen said, speaking at the Bay Area Council's
1999 outlook conference in the heart of Silicon Valley.
The "double witching" expiration of January options and
index options added to the volume, traders said.
"It was very busy today and not just the options," said
E.E. "Buzzy" Geduld, the president and head of trading at
Herzog Heine Geduld. "There was a lot of buying."
The Nasdaq Composite jumped 71.38 points, or 3.14 percent,
to close at 2348.20. Its last record close was Monday at
2384.72.
Marketwatch.com (NASDAQ:MKTW), a financial news web site, soared
80-1/2 points to 97-1/2.
"We literally had 10,000 to 15,000 orders for shares," one
market maker said.
The company only offered 2.75 million shares in the IPO.
Rambus Inc. (NASDAQ:RMBS) slumped after the maker of memory chip
technology said higher costs and a seasonal slump in royalties
would keep earnings flat over the next two to three quarters.
Shares were down 8-1/2 to 89-1/2.
Copyright 1999, Reuters News Service
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