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Pastimes : All Clowns Must Be Destroyed -- Ignore unavailable to you. Want to Upgrade?

To: Lucretius who wrote (573)	12/27/1999 9:10:00 AM
From: MythMan	Respond to of 42523

No gap but it is inching near 6.5%

To: Lucretius who wrote (573)	12/27/1999 9:22:00 AM
From: MythMan	Read Replies (3) \| Respond to of 42523

Monday December 27, 8:05 am Eastern Time U.S. stocks expected to extend year-end rally By Amy Collins NEW YORK, Dec 27 (Reuters) - U.S. stocks are expected to push higher on Monday in the first trading session after all three major stock indices hit all-time highs in a strong year-end Santa Claus rally. ''The continuation of the big party on Wall Street is not going to end any time this year,'' said Peter Cardillo, the director of research at Westfalia Investments. The Standard & Poor's 500 index future for March was up 3.6 points at 1,484. The Nasdaq index future for March was up 21 points at 3,665. The U.S. Treasury 30-year bond was up 15/32 with the yield at 6.45 percent. The Dow Jones industrial average (^DJI - news) on Thursday closed up 202.16 points, or 1.80 percent, at 11,405.76. The Standard & Poor's 500 index (^SPX - news) was up 22.35 points, or 1.56 percent, at 1,458.34. The technology-heavy Nasdaq composite index (^IXIC - news) was up 32.20 points, or 0.82 percent, at 3,969.50 after piercing the 4,000 level intraday for the first time. Larry Wachtel, a market analyst at Prudential Securities Inc., said that strong trading in European markets and positive future indications, were signs that Wall Street is likely to open firm. ''With Nasdaq up 81 percent for the year, if anyone is going to do any window dressing, I would say they're going to do it in the same stocks. So I would say that Nasdaq leads the way,'' he said. Cardillo did caution, however, that he expects the upward trend to cease in February, pressured by an expected rise in interest rates. ''We will probably have the Fed stand out in front of this locomotive,'' Cardillo said, and predicted the Nasdaq will lose 15 percent to 20 percent of its value by mid-February. Companies in the news include Priceline.com Inc. (NasdaqNM:PCLN - news), which is preparing to launch a new Web site named Perfect YardSale to compete with Internet auction sites, the Wall Street Journal reported. AT&T Corp. (NYSE:T - news) has began a legal challenge to a Federal Communications Commission decision that would allow Bell Atlantic Corp (NYSE:BEL - news) to offer long-distance phone service in New York. Flowserve Corp. (NYSE:FLS - news), a maker of pumps, valves and seals for refineries and pipelines, said it will cut 9 percent of its worldwide work force and take a fourth-quarter charge in a company restructuring. The Wall Street Journal's Heard on the Street column reports that Credit Suisse First Boston's chief investment strategist, Michael Mauboussin, has figured out a mathematical formula that explains Internet stock values. ''There is literally a mathematical relationship between the ranking of the stock and its capitalization,'' he said. (This guy has achieved clown status) The New York Times Market Place story said that Merrill Lynch is in its third year of a plan to increase its technology presence worldwide, but ''has yet to attract a roster of superstar companies that their larger competitors have.''