Dow Erases Losses to Close at Record High
Wall Street gushed with affection for Internet and big tech stocks as the 30-year Treasury bond soared, pushing its yield down to 5.86%.
The
Dow Jones Industrial Average
, after struggling through a good portion of the day, dragged down by its financial components, did manage to close with a decent gain and close at an all-time high, ending above 11,300.
A profit warning from
Bank One
(ONE) - Get Report
helped trip up banks and credit-card companies. Bank One's earnings warning yesterday after the close triggered its swoon. It was off 12 5/8, or 22.7%, to 43. Bank One blamed the profit shortfall on reduced growth and margin prospects at
First USA
, its credit-card division. Bank One was most active on the
New York Stock Exchange
with 39.7 million shares changing hands.
The
Philadelphia Stock Exchange/KBW Bank Index
stumbled 2.3%, but managed to close off its intraday bottom.
Titanic tech stocks
Microsoft
(MSFT) - Get Report
,
Intel
(INTC) - Get Report
,
Cisco
(CSCO) - Get Report
and
Dell
(DELL) - Get Report
--- which jumped solidly on the day -- helped push the
Nasdaq Composite Index
and the
Nasdaq 100
to chunky gains.
MCI WorldCom
(WCOM)
, another Nasdaq big, offered up a helping hand in the effort.
An eye-popping rally in the Treasury market sent the yield on the 30-year Treasury bond tumbling. The bond rally offered a boost to the stock market.
On the NYSE, advancers beat decliners 1,611 to 1,383 on 847.3 million shares. On the
Nasdaq Stock Market
, losers edged winners 1,956 to 1,906 on 1.03 billion shares.
On the NYSE, 64 issues set new 52-week lows while 59 touched new highs. On the Nasdaq, 139 issues set new 52-week highs while new lows totaled 55.
On the Nasdaq, Dell was most active with 49.8 million shares changing hands. It was up 2 5/8, or 5.7%, to 49.
Market data above are preliminary. Updated numbers and analysis will follow in the Market Roundup
Earlier...
2:53 p.m.: Nasdaq Climbs Further as Financials Continue to Get Slammed
While financials were getting routed and the
Nasdaq Composite Index
was surging, the benchmark 30-year Treasury bond has staged a supercharged rally, pushing its yield down to 5.87%.
2:06 p.m.: Nasdaq Clings to Gains in Mixed Market
The tech-beefy
Nasdaq Composite Index
continued to perform relatively well this afternoon while bank and forest and paper products were getting whacked.
1:22 p.m.: Midday Musings: Market's Post-Fed Muddle Continues
12:00 p.m.: Bank Stocks Continue to Get Walloped
Bank stocks were performing a swan dive this morning and were being led into the abyss by
Bank One
(ONE) - Get Report
, which was getting hammered after the company issued an earnings warning after the close yesterday.
10:57 a.m.: Financials Take a Toll on the Dow
Wall Street was crushing
Bank One
(ONE) - Get Report
after the company issued an earnings warning because of its credit-card division.
9:59 a.m.: Stocks Mostly Higher After Yesterday's Fed Move
A profit warning from
Bank One
(ONE) - Get Report
was dragging credit-card company stocks into the mud early on while tech stocks were beefing up the gains they enjoyed yesterday.