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Technology Stocks : Amazon.com, Inc. (AMZN) -- Ignore unavailable to you. Want to Upgrade?

To: Glenn D. Rudolph who wrote (11883)	7/27/1998 9:22:00 PM
From: zax	Read Replies (1) \| Respond to of 164684

Tomorrow, I'm moving my 401K money from Stock Index 500 to the Bond account. When the experts say the breadth of the rally has become very narrow, it is usually the sign of the end of the bull market. I hope the market rises enough in the morning so I can close a few market-sensitive long positions, keeping those gains. Monday, July 27, 1998 05:16 PM By Huw Jones NEW YORK, July 27 (Reuters) - The Dow bounced back to end over 9000 Monday following last week's biggest weekly points loss. "This is the classic oversold bounce after a five percent drop in a short period of time," said Scott Bleier, chief investment strategist at Prime Charter Ltd. "It was the favorite, biggest cap names that rebounded, sparked by good earnings from American Express." The Dow closed unofficially up 90.88 points at 9028.24. "The gains mask the true nature of what is going on in the broad market. It continues to be very narrow and in a volatile trading range," Bleier said. The Dow traded lower early, with better-than-expected earnings at blue chip American Express Co. (Nyse:AXP) released midsession helping the Dow reverse dramatically. "You are just watching the market whipsaw itself between trying to figure out what its next level will be," said Robert Froehlich, chief investment strategist at Scudder Kemper Investments. Market breadth on New York Stock Exchange remained overwhelmingly negative throughout the session. Declining issues led advances by a margin of more than 2-to-1 on moderate volume of 622 million shares. The Nasdaq, down more than 40 points in early trading, closed up 2.27 points at 1933.26 after tech leaders Dell Computer Corp. (Nasdaq:DELL) and others recovered sharply. The Standard & Poor's 500-stock index ended up 6.47 points at 1147.27. Opening sentiment was soured by a slide in Asian stocks overnight. Japan's Nikkei stock index settled below the key 16,000 point level for the first time in about a month amid doubts that new government leaders will be able to push through economic reforms such as permanent tax cuts. Morgan Stanley Dean Witter's global investment strategist Barton Biggs, closely watched on Wall Street, lowered North American equitites by 1 percentage point to 12 percent in his global asset allocation model, and upped cash. Biggs said the stock market had entered a world-wide cyclical bear market, and U.S. stocks could correct 20-30 percent over the next few quarters. London's FTSE100 index fell 56.2 points to 5836.1. Investors are also worried that Friday's second quarter gross domestic product will show a contraction in the economy, heralding a possible recession. American Express closed up 5-12/16 at 112-13/16 after reporting that second quarter profits were up 11 percent to a record $578 million, propelled by strong growth in loans and business billed on cards and an increase in managed assets. General Motors Corp. (Nyse:GM) rose 2-1/16 to 73-1/8 on hopes its crippling strike may be nearing an end. The automaker resumed production at two of its idled assembly plans. Techs fell across the board early, pushing the Nasdaq sharply lower, but leaders Dell, Intel Corp. (Nasdaq:INTC) , and Microsoft Corp. (Nasdaq:MSFT) recovered. Dell closed up 5-3/8 at 110-1/4. Intel advanced three to 86-1/16. Microsoft was up 2-15/16 at 116-3/4. Telecom stocks came under the spotlight after AT&T Corp. (Nyse:T) and British Telecommunications Plc. (Lse:BT) said they would form a $10 billion joint venture. Bell Atlantic Corp. (Nyse:BEL) and GTE Corp. (Nyse:GTE) are also discussing a merger, sources said. AT&T closed up 1/16 at 60. American Depositary Receipts in British Telecom (Nyse:BTY) rose 8-3/8 to 146-1/8. GTE fell 2-3/16 to 55-3/4. Bell Atlantic closed off 3/16 at 45. Internet stocks also recovered from their early lows, led by a turnaround in Yahoo! Inc. (Nasdaq:YHOO) and Amazon.com (Nasdaq:AMZN) . Yahoo closed up 7-1/16 at 189-3/16. Amazon.com advanced 1-5/16 to 125-9/16. The Russell 2000 small cap index ended off 5.42 points at 433.16, four points below where it started the year. The long bond fell 14/32 to yield 5.71 percen