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Technology Stocks : Compaq -- Ignore unavailable to you. Want to Upgrade?

To: trouthead who wrote (44366)	1/20/1999 4:34:00 PM
From: Night Writer	Respond to of 97611

Greenspan, Greenspan, Greenspan. U.S. TRADING SUMMARY: U.S. stocks rallied by midday Wednesday on strong earnings reports and upbeat comments about the economy from Federal Reserve Chairman Alan Greenspan. The Dow Jones industrial average reversed an early drop and rose 84 points to 9439. The technology-heavy Nasdaq index was up from Tuesday's record close, rising 53 points to 2462. The S&P was up 18 points to 1270. The Russel 2000 was up three points to 434. On the Big Board advancers outpaced decliners 1557 to 1308 on volume of 546 million shares traded. Better-than-expected second-quarter results from MICROSOFT CORP. (MSFT: 166, + 10-3/8) Tuesday helped fuel a strong rise in technology stocks. Markets also took heart from results reported by COMPUTER ASSOCIATES INTERNATIONAL INC. (CA: 48-5/8, + 7/16) and chip maker TEXAS INSTRUMENTS INC. (TXN: 101-7/8, + 8-7/8) that topped analysts' estimates. Their results are among a number of positive earnings reports from major corporations. Dick Stein, chief technical analyst at Noble International Investments in Boca Raton, Fla., said the wave of good earnings news could fade in coming weeks. ''The ones that come out early are the ones that have something to brag about,'' he said. U.S. TREASURIES: U.S. Treasuries extended their overnight losses by midday as Federal Reserve Chairman Alan Greenspan virtually ruled out an interest rate cut, traders and analysts said. The benchmark 30-year bond traded 27/32 weaker to yield 5.19 percent. In his first public economic commentary of the year, Greenspan told the House Ways and Means Committee that signs of a domestic slowdown ''remain scant.'' Besides highlighting U.S. economic strength, the Fed chief avoided stern condemnation of U.S. equity valuations. Share prices serve primarily as an economic indicator, and monetary policy does not target specific stock market levels, he said. CURRENCIES: The dollar slipped against the yen and euro at midday as traders reacted nervously to Federal Reserve Chairman Alan Greenspan's assessment of the economy, Brazil's crisis and the dollar's role as a reserve currency. In his prepared remarks as well as the question-and-answer period, dealers felt Greenspan presented a balanced view of the economy, calling the U.S. economic performance ''sparkling,'' but also warning that fragile financial markets and a drop in exports posed risks for U.S. growth. Euro/dollar rose to $1.1571 from $1.1562, but stood below its Tuesday close at $1.1615. The dollar also slipped modestly against the yen to 113.57 from 113.78 but remained above Tuesday's 113.40 close. See Full Story at infobeat.com