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

To: Dealer who wrote (43324)	10/17/2001 7:39:32 AM
From: Dealer	Respond to of 65232

M A R K E T .. S N A P S H O T -- Indexes ready for strong upside open By Julie Rannazzisi, CBS.MarketWatch.com Last Update: 7:33 AM ET Oct 17, 2001 NEW YORK (CBS.MW) -- Stocks prices are set to climb sharply at the open Wednesday as investors respond favorably to the earnings report from tech bellwethers Intel and IBM . December S&P 500 futures tacked on 13.90 points, or 1.3 percent, and were trading about 13.40 points above fair value, according to HL Camp & Co. And Nasdaq futures rallied 48.50 points, or 3.4 percent. The Dow Jones Indicative Index jumped 58 points, or 0.6 percent, to 9,442. In the meantime, U.S. warplanes also repeated their strikes on the southern Afghan city of Kandahar, a Taliban stronghold. Australia declared that it would join the U.S.-led war on terrorism in the next two weeks. Checking pre-open trades, Intel traded up to $26.25 while IBM rose to $106.50 in Instinet. IBM (IBM) reported after the close Tuesday a third-quarter profit of 90 cents a share, surpassing the 89 cents a share that had been expected by Thomson Financial/First Call. And Intel (INTC) posted late Tuesday a profit from operations of 10 cents a share, in line with Wall Street's estimate. Treasury prices slid across the board, reacting to expected strength in the stock arena. The 10-year Treasury note fumbled 6/32 to yield ($TNX) 4.59 percent while the 30-year government bond erased 7/32 to yield ($TYX) 5.36 percent. Wednesday will see the release of September housing starts, seen coming in at a 1.50 million rate. But the day's most important event will be Alan Greenspan's testimony on Capitol Hill regarding the economic outlook. The Fed Chief will speak before the congressional Joint Economic Committee at 10 a.m. and check economic calendar and forecasts. In the currency area, the dollar climbed against the major currencies, rising 0.4 percent to 121.71 yen while the euro slid 0.6 percent to 90.24 cents.