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Strategies & Market Trends : Fidelity Select Sector funds -- Ignore unavailable to you. Want to Upgrade?

To: Julius Wong who wrote (3570)	3/21/2001 7:27:24 AM
From: Julius Wong	Read Replies (1) \| Respond to of 4916

Tokyo Rally Lifts Asian Stocks Mar 21 4:57am ET By Ben Richardson SINGAPORE (Reuters) - Tokyo stocks jumped more than seven percent on Wednesday, scorning steep falls on New York overnight following a disappointing rate cut by the U.S. Federal Reserve. The hefty rise in Japanese shares -- their biggest in three years -- helped calm other jittery Asian markets, which had initially tracked U.S. prices sharply lower. The blue-chip Dow Jones Industrial Average closed on Tuesday at its lowest since March 24, 1999, while the technology-weighted Nasdaq Composite Index was at its lowest since November 13, 1998. The sharp falls followed the Fed's half-point cut in rates, its third cut this year aimed at keeping the economy from sinking into recession. Investors had been clamoring for a larger 0.75 point cut and baled out of stocks when it didn't come. The Nasdaq composite lost 4.8 percent in the wake of the decision to close at 1,857.44, while the Dow Jones fell 2.4 percent to 9,720.76. The story was very different in Japan, where the Nikkei 225 Share Average surged 7.49 percent to close at 13,103.94 points. The broader TOPIX leapt 6.32 percent to 1,275.41 as investors cheered a dramatic turnaround in monetary policy announced on Monday.