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Strategies & Market Trends : VOLTAIRE'S PORCH-MODERATED -- Ignore unavailable to you. Want to Upgrade?

To: SecularBull who wrote (32655)	3/7/2001 4:26:29 PM
From: stockman_scott	Respond to of 65232

Stocks Rise for a Third Straight Day Wednesday March 7, 4:20 pm Eastern Time <<NEW YORK (Reuters) - Stocks rose for a third straight day on Wednesday, as guarded optimism about a U.S. economic rebound and equity market revival grew with a bullish call by influential Wall Street strategist Abby Joseph Cohen. The Dow Jones industrial average (.DJI) climbed to its best finish in more than two weeks, up 138.38 points, or 1.31 percent, to 10,729.60, according to the latest data. The Nasdaq Composite Index (.IXIC) rose 19.49 points, or 0.88 percent, to 2,223.92. The Standard & Poor's 500 Index (.SPX) added 8.09 points, or 0.65 percent, to 1,261.89. Based on the S&P 500's advance, this was the first string of three up days for the broad index since mid-January. Cohen, Goldman Sachs' chief investment strategist, issued the third bullish call by a market guru this week, joining Merrill Lynch's David Bowers and Morgan Stanley Dean Witter's Jay Pelosky. The strategists advised clients to buy U.S. stocks following weeks of declines amid persistent fears over the nation's soft economy. Cohen's call came one day after Intel Corp. (NasdaqNM:INTC - news), the world's No. 1 chip maker, and JDS Uniphase Corp. (Toronto:JDU.TO - news; NasdaqNM:JDSU - news), the world's No. 1 fiber-optic parts supplier, offered disappointing outlooks. JSD Uniphase stock fell $1-1/16, or 3.79 percent, to $26-15/16 on Nasdaq. Intel climbed $1-7/16, or 4.56 percent, to $32-15/16. ``You want to believe you have seen the worst, but anybody's predictions are a leap of faith,'' said Dick Schmaltz, director of investment at J. & W. Seligman Inc., which oversees $34 billion. ''On the one side, operating fundamentals continue to deteriorate. On the other side, the market has been correcting now for almost a year.'' The market had eased a bit after trading in shares of Internet portal Yahoo! Inc. (NasdaqNM:YHOO - news) was halted shortly after the open for news pending. An announcement from Yahoo! is expected at 5 p.m. EST (2200 GMT). Before the halt, Yahoo! shares had fallen $1-13/32 to $20-31/32, the lowest since September 1998.>>