Market Update
Market Update: Blue-Chips Catch Up With Tech's Bounce as Fed Speech Continues
(Updated from 10:39 a.m. )
Some retail sales data out this morning sparked a bit of fire in the market's belly, and stocks bumped higher out of the gate. Tech stocks and blue-chips were ahead by nearly the same number of points in recent action.
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head Alan Greenspan's
Humphrey-Hawkins
testimony before the Senate Banking Committee kicked off shortly after 10 a.m. In his prepared remarks, Greenspan emphasized the ongoing weakness in the economy. That indicates that the Fed is likely to continue cutting rates. He said, however, that the economic weakness doesn't seem to have been as bad in January as it was in December. In any case, the key part to watch will likely be the Q-and-A session with senators. The latest Sector Watch
Green swathed tech pretty much everywhere this morning, with gains in Internet, networking, biotech, telecom, PC makers and chip stocks. The SOX was storming 3% higher, while the Morgan Stanley High Tech Index was jumping 2.5%. Financials were mixed, again, with brokerages up and banks down, while retailers were selling out of Monday's robust rally. Defensives such as drugs were down, while tobacco stocks continued to ride their unstoppable tidal wave. The American Stock Exchange Pharmaceutical Index was down 1%, while the American Stock Exchange Tobacco Index was up 1.9%. Back to topBonds/Economy
was rising 5/32 this morning, to 99 23/32, yielding 5.038%. Back to top
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| Dow Jones | S&P 500 | NASDAQ | 10-Year Note |
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|---|---|---|---|---|
| 12,454.83 | 1,317.82 | 2,837.53 | 17.45 |
Oil *
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74.92 |
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1.85 |
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0.14 |
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1.74%
SPDR Gold
152.68
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-0.60%
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