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Politics : Stockman Scott's Political Debate Porch -- Ignore unavailable to you. Want to Upgrade?

To: Jim Willie CB who wrote (26949)	9/3/2003 6:22:48 PM
From: Cactus Jack	Read Replies (3) \| Respond to of 89467

Jim, I'm sure you've got a couple of questions you could suggest: Message 19269014 jpg

To: Jim Willie CB who wrote (26949)	9/3/2003 11:57:29 PM
From: stockman_scott	Read Replies (4) \| Respond to of 89467

Techs hit 17-month high after upgrades ______________________________ BY AMY BALDWIN The Chicago Sun-Times September 3, 2003 NEW YORK--The Nasdaq composite index soared to a 17-month high Tuesday following a string of upgrades of such tech heavyweights as IBM and Dell. The buying intensified late in the day and spread across the market, sending the Dow Jones industrials up more than 100 points in the final hour of trading. Analysts attributed the rally--which also lifted the Dow and Standard & Poor's 500 to new 14-month closing highs--to momentum and increasing optimism. ''The technical (investor) types are jumping on board, because the market averages are making new highs,'' said Larry Wachtel, market analyst at Prudential Securities. For much of the day, the market moved unsteadily, rising initially but then dipping lower before recovering in the afternoon. Analysts blamed the market's meandering on the fact that stocks have been rallying for nearly six months, trading well above the lows they hit in mid-March. ''The market anticipated most of that (positive data) earlier in the year,'' said Matt Brown, head of equity management at Wilmington Trust. Shaking off an early loss of 6.15, the Nasdaq jumped 31.03, or 1.7 percent, to 1,841.48, its fifth straight gain. The Nasdaq hasn't seen a higher closing level since April 1, 2002, when it finished at 1,862.62. The Dow rose 107.45, or 1.1 percent, at 9,523.27, its highest closing level since June 19, 2002, when the blue-chip average stood at 9,561.57. The S&P 500 advanced 13.98, or 1.4 percent, to 1,021.99. The last time the S&P stood higher at the end of the day was June 18, 2002, when it was at 1,037.14. The Dow's biggest winner was IBM, which soared $3.75 to $85.76 after Goldman Sachs upgraded computer hardware stocks. Dell, included in that upgrade, rose 97 cents to $33.59. Goldman Sachs also raised its rating on software makers, which lifted Microsoft by 74 cents to $27.26 and PeopleSoft by 62 cents to $18.67. The upgrades appeared to offset some early selling on doubts created by a mixed economic report. The Institute for Supply Management reported that its index tracking activity in the manufacturing sector rose in August for the second consecutive month. But the incremental improvement got a lukewarm reception from investors. Wall Street was also unhappy with a poor showing in the report for employment in the manufacturing sector, which suggests that a recovery in that key area of the economy may be some ways off. Analysts cautioned against reading too much into Tuesday's rally, noting that it was on light trading volume and was driven more by momentum than improving economic fundamentals, especially where tech was concerned. ''Tech sometimes has a life of its own on a momentum basis,'' Brown said. ''As that happens you need to watch valuations.'' suntimes.com