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To: Jimbo Cobb who wrote (43451)	1/13/1999 4:16:00 PM
From: Night Writer	Respond to of 97611

U.S. TRADING SUMMARY: Stocks were well off the worst levels of the day in midday trade Wednesday as investors took an early sell-off on an effective devaluation of Brazil's currency as a buying opportunity. ''Those who wanted out wanted out in a hurry at the open and I think the 'high flyers' were the most vulnerable,'' said Peter Coolidge, senior equities trader at Brean Murray. ''But the buyers who were waiting on the sidelines took advantage of lower prices to step in.'' At midday the Dow Jones Industrial Average was down 105 points at 9370. At the opening bell, the Dow fell as many as 261.58 points. The S&P was off one point to 1238. The Russell 200 was off two points to 425. The Nasdaq composite, which fell more than 105 points, or 4.51 percent, touching a low of 2206 at the open, was up nine points at 2330. On the Big Board market breadth remained decidedly negative, with declines beating advances 2162 to 834 on heavy midday volume of 589 million shares U.S. TREASURIES: U.S. Treasuries saw big morning gains thinned by midday as profit-takers apparently cashed in on the Brazil-induced rally, analysts said. ''The Bovespa is stabilizing on headlines that (Brazil) will abide by the current devaluation band, that it won't devalue any further,'' Roseanne Briggen, a market analyst at MCM MoneyWatch, said referring to Brazilian stocks. ''And apparently there has been decent profit-taking by hedge funds.'' The benchmark 30-year bond, which rose more than two points after news that Brazil's central bank president was resigning, was up 15/32 to yield 5.18 percent. Brazil's Bovespa cut losses to 4.77 percent by noon EST after tumbling more than 10 percent at the open. Traders there said the Brazilian government was buying stocks. The Dow Jones Industrial Average also cut losses, which helped thin Treasuries' gains as well, Briggen said. CURRENCIES: The dollar clawed back morning losses against the euro and remained firm against the Japanese yen as U.S. stocks rebounded from a massive morning selloff and dealers speculated that European monetary officials had sold euros for dollars. Investors flocked to the perceived safety of euros, Swiss francs and sterling after Brazil effectively devalued its currency, the real, and its top central banker, Gustavo Franco, resigned. But those trades unwound somewhat by late morning. The dollar at midday was higher at 113.37 yen from 112.35 at the open and an overnight low at 111.12. The euro had fallen to $1.1697 from $1.1747 at the open, but still stood above Tuesday's New York close at $1.1572