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To: Saturn V who wrote (120717)	12/5/2000 4:38:55 PM
From: Ibexx	Respond to of 186894

Nasdaq Racks Up Biggest Ever Gain NEW YORK (Reuters) - Stocks soared on Tuesday, propelling the Nasdaq composite index to its biggest one-day gain in history, after U.S. central banker Alan Greenspan hinted at interest rate cuts, and the protracted fight for the White House appeared to be drawing to an end. The Federal Reserve Chairman weaved his magic when he said the Fed had to be alert to the possibility of ``excessive softening'' in the U.S. economy -- indicating a willingness to contemplate lower interest rates. ``It's very rare that we see him be as clear as he was today,'' said Charles Lemonides, chief investment officer at M&R Capital Management. ``The Fed has said basically they're very cognizant of impact all the tightening has had ... and now the risks are on the other side,'' he said. Nasdaq's performance represented a major comeback for the technology-heavy index after a drop of more than 40 percent from its March record of 5,048.62. The index (.IXIC) ended up 274.02 points, or 10.48 percent, at 2,889.77 -- its biggest points and percentage day gain ever. The current record for the biggest one-day gain was on May 30 when it closed up 7.94 percent, according to the Nasdaq. Developments on the political front also helped stocks. Republican George W. Bush inched closer to victory in the disputed presidential election after a Florida judge on Monday rejected Democrat Al Gore's legal challenge to the state's election results. ``Most people now assume the game is over ... so I think that's taken one of the uncertainties out of the market,'' Alfred Kugel, senior investment strategist at Stein, Roe & Farnham, said of the election dispute. Greenspan said the Fed was closely monitoring the economy's transition to a more sustainable pace of growth, signaling the central bank no longer views inflation as the main threat to the world's biggest economy. The Dow Jones Industrial average (.DJI) jumped 338.62 points, or 3.2 percent, to 10,898.72. The broader Standard & Poor's 500 Index (.SPX) climbed 51.29 points, or 3.9 percent, at 1,376.26. The inflation-fighting Fed, which has hiked interest rates six times since June 1999, next meets to decide monetary policy on Dec. 19. The Fed is expected to leave key short-term rates unchanged, but economists believe it will take a more balanced view of economic conditions, shifting away from the potential for overheating. Such a move would open the door to interest rate cuts next year. Interest rate-sensitive financial stocks got a boost from speculation about lower rates, buoying the blue chip Dow index. J.P. Morgan & Co. Inc. (NYSE:JPM - news) surged $13-1/8 to $151-5/8, Citigroup Inc. (NYSE:C - news) gained $2-15/16 to $50-3/4, and American Express Co. (NYSE:AXP - news) added $2 to $54. Minnesota Mining and Manufacturing (NYSE:MMM - news), the industrial conglomerate known as 3M, surged more than 11 percent, or $11-5/8 to $116-5/8, also propping up the Dow. Cisco Systems Inc. (NasdaqNM:CSCO - news), the world's No. 1 provider of gear that powers the Internet, led the Nasdaq higher with a gain of $6-5/16 to $52-1/8. Intel Corp. (NasdaqNM:INTC - news), the world's No. 1 chip maker and a Dow component, rose $3-1/16 to $36. Ibexx