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To: calgal who wrote (141410)	9/3/1999 11:40:00 AM
From: Mark Duper	Respond to of 176387

Leigh (From thestreet.com): Well, maybe they won't after all. The "they" would be the Federal Open Market Committee and the "won't" is the act of raising interest rates. At least that's the way the stock and bond markets are acting this morning as buyers rushed the market in part on hopes that perhaps the FOMC won't raise interest rates after all when it meets on Oct. 5. Yesterday, fears the Fed will hike rates at the October gathering depressed both the stock and bond markets. The catalyst for the rally this morning was the market-friendly August employment report, which was released at 8:30 a.m. EDT. The Labor Department said nonfarm payrolls rose 124,000 in August, well below the forecast of a rise of 220,000, according to a Reuters poll. The unemployment rate dropped to 4.2% in the month, in line with expectations. Average hourly earnings rose a slight 0.2%, also bullish for the market, in light of Fed worries that the tight labor market will fuel wage inflation. The yield on the benchmark 30-year Treasury bond has fallen 10 basis points to 6.03% from late yesterday afternoon. Financials, which were the biggest drag on the Dow yesterday, were powering it today. American Express (AXP:NYSE) and J.P. Morgan (JPM:NYSE) were leading the Dow higher. On the drag side of things, Coca-Cola (KO:NYSE), which said earnings would come in a penny shy of estimates, slumped 2 to 57 1/2. With a flying long bond, it's no surprise banks and brokerage issues, along with the high-valuation tech stock arena, are posting outsized gains. Internet stocks were flying. Leading TheStreet.com Internet Sector index higher was portal powerhouse Yahoo! (YHOO:Nasdaq). On the New York Stock Exchange, advancers were hammering decliners 2,027 to 502 on 219 million shares. On the Nasdaq Stock Market, winners were bashing losers 2,193 to 891 on 297 million shares. On the NYSE, 13 issues had set new 52-week lows while 24 had touched new highs. On the Nasdaq, 22 issues had set new 52-week lows while new highs totaled 90. On the Big Board, America Online (AOL:NYSE) was most active with 5 million shares changing hands. It was up 4 to 95 1/4. On the Nasdaq, Dell (DELL:Nasdaq) was most active with 12 million shares changing hands. It was up 1 3/16 to 48 13/16.

To: calgal who wrote (141410)	9/3/1999 1:39:00 PM
From: stock bull	Read Replies (1) \| Respond to of 176387

Leigh, I guess by now you heard that the Jobs Report was very, and I mean very favorable to the Stock and Bond Markets. The jobs number came in around 125K, and the employment rate dropped to 4.2%. I believe wages were up by 2 cents. Everything either met or beat the estimates. The markets took off like a rocket. DOW now up 201, Nas up 83 and S&P up 33. The bond yield at 6.02%. Everything is a go for today. Volume still somewhat weak due to the holiday weekend. Believe the Bond Market closes early today. Larry