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Strategies & Market Trends : Steve's Channelling Thread -- Ignore unavailable to you. Want to Upgrade?

To: Sam who wrote (5488)	9/24/2000 8:10:42 PM
From: gancho	Respond to of 30051

Sunday September 24, 12:23 pm Eastern Time Wall Street Expected to Rise This Week By Emma-Kate Symons NEW YORK (Reuters) - The stock market this week is set to rise on expectations of lower oil prices and a higher euro, but fears of companies' warning profits will fall short of forecasts will linger. Oil prices last week hit decade-highs amid strong global demand and short supplies, but eased after it became clear the U.S. government would release some of its strategic reserves to meet demand. At the same time, the U.S. dollar dropped against the euro at the end of the week after a joint intervention by the world's largest economies to prop up the value of the sagging European currency. ``The help in the short-run might help boost sentiment for equities,'' said Paul Cherney, market analyst S&P Marketscope. The problem remains corporate warnings that profits will fall short of forecast due to the slowing U.S. economy. It is the tail-end of earnings warning season and investors are holding their collective breath, lest another market bellwether like Intel Corp. (NasdaqNM:INTC - news) devastates global markets. The world's largest chipmaker dragged down global stock indexes on Friday after it warned of lackluster revenue. But U.S. technology stocks, minus Intel, late Friday afternoon recouped most of their earlier losses, which bodes well for this week's market, analysts said. ``The reluctance to see follow-through on Friday to the downside is a positive backdrop for the Nasdaq,'' Cherney said. ''We'll see jagged up-down trading for the first three days of this week, but it's going to try and move higher.'' Investor worries persist about the strong U.S. dollar cutting into the profits of American multinationals. However, Friday's global intervention of central banks from Europe, Japan and the United States to buy the ailing euro produced an impressive rally.