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Politics : PRESIDENT GEORGE W. BUSH -- Ignore unavailable to you. Want to Upgrade?

To: American Spirit who wrote (475799)	10/14/2003 8:30:17 PM
From: Lazarus_Long	Respond to of 769670

siliconinvestor.com

To: American Spirit who wrote (475799)	10/14/2003 8:33:00 PM
From: Hope Praytochange	Respond to of 769670

Late Surge Pushes Stocks Up as Investors React to Strong Earnings By REUTERS Filed at 4:45 p.m. ET NEW YORK (Reuters) - Stocks rose to fresh highs for the year on Tuesday after companies like drug maker Johnson & Johnson (JNJ.N) reported solid profits, but worries that robust earnings are already factored into the market kept a lid on gains. Major market gauges traded near unchanged much of the day before heading higher in the late afternoon. ``Almost everyone is expecting companies to beat expectations. That's why there was so much optimism. But today there's an atmosphere of caution,'' said Ozan Akcin, chief market strategist at Puglisi & Co. ``We're seeing the markets run up, and people are concerned about valuations.'' The tech-dominated Nasdaq Composite Index (.IXIC) rose 9.66 points, or 0.50 percent, to 1,943.19, hitting its highest close since Jan. 28, 2002. The blue-chip Dow Jones industrials (.DJI) advanced 48.60 points, or 0.50 percent, to 9,812.98, its highest close since May 31, 2002. The broad Standard & Poor's 500 (.SPX) was up 4.13 points, or 0.40 percent, at 1,049.48, ending at its best level since June 5, 2002. ``We have had a nice run on optimism that earnings are going to be good,'' said Peter Boockvar, equity strategist at Miller Tabak & Co. ``There is going to be a high level of discrimination with respect to the earnings, but in general the market is celebrating good numbers.'' Trading was moderate after the Columbus Day holiday on Monday, with 1.25 billion shares changing hands on the New York Stock Exchange and about 1.74 billion on Nasdaq. Advancing issues outpacing decliners. JOHNSON & JOHNSON LEADS DOW Health-care products company Johnson & Johnson was the leading Dow component after it reported higher quarterly earnings and slightly raised its full-year forecast. Its shares climbed $1.14, or 2.3 percent, to $50.93. Intel Corp. (INTC.O), the world's largest chip maker, finished up 28 cents at $31.08 ahead of its quarterly results after the closing bell. Intel's shares headed up to $31.24 in extended-hours trading after it posted higher quarterly profit and revenue. Data storage systems maker EMC Corp. (EMC.N) was the most heavily traded on the NYSE, falling $1.11, or 7.7 percent, to $13.34 after the company said it would buy document software firm Documentum Inc. (DCTM.O) for about $1.44 billion. Documentum surged $4.12, or 16.9 percent, to $28.54. Top brokerage Merrill Lynch (MER.N) dipped 82 cents, or 1.4 percent, to $58.07, despite posting higher earnings. Its shares have surged more than 70 percent since March, as investors anticipated a resurgence in stock-related businesses. First Data Corp. (FDC.N), a leading processor of credit-card transactions, fell $2.66, or 6.7 percent, to $37.20 despite reporting earnings in line with forecasts. One analyst said revenues were lower than his expectations and the results represented ``another soft quarter.'' Stocks of New York Stock Exchange specialist trading firms fell after Fidelity Investments, one of Wall Street's largest customers, criticized the specialist system as outmoded and inefficient. LaBranche & Co Inc. (LAB.N) tumbled 83 cents, or 6 percent, to $13. Netherlands-based Van der Moolen Holding NV(VDMN.AS) skidded 44 cents, or 4 percent to $10.45.