The Dow Jones Industrial Average ended at the day's high and the Nasdaq Composite Index fluttered up just over the flatline, ending a tumultuous week.
The Dow got the most support from
, the banking giant that is merging with
Chase Manhattan Bank
. Morgan, up 7.7%, climbed back in the past week or so from am early September selloff. It was moving higher on general strength in financial stocks today.
Hey, if you're buying, why not pick up a cheap one? Chase also jumped, 6.7% higher. The two financials have been moving in sync with each other since they announced their marriage plans.
The market was being fueled by enthusiasm left over from yesterday's rally, seeing darn good numbers from fiber-optics leader
gross domestic product
figures that indicate a slowing economy.
JDS, which was bullish outlook for coming quarters in its third-quarter
earnings report, gained 3.8%. And while the company's earnings news was good, some analysts are skeptical of the mismatch between the numbers for
and JDS. (
earlier wrote about
Nortel's earnings, which showed disappointing revenue.) Nortel ended down 6.2% to $42.56.
But the fun in fiber optics was being challenged by negativity in biotech on news that
sales projections and earnings forecast.
Back in the Dow,
contributed to the index's upside, with a total of more than 26 points to the positive. Microsoft was the victim of a hack attack on Thursday, which
in a separate story.
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Oil stocks felt pressured again. The poor things haven't known which way to go all week. The
American Stock Exchange Oil & Gas Index
was down 1.4%, while the
Philadelphia Stock Exchange Oil Service Index
fell 5%. This morning,
cut oil service stock
2000 and 2001 earnings estimates. The stock was 9.6% lower.
An increase in optimism was putting financials on the upside. The
American Stock Exchange Broker/Dealer Index
was 1.8% higher.
were two of the sector's strongest components. The
Philadelphia Stock Exchange/KBW Bank Index
lately was up 2.8%, and the
S&P Insurance Index
was jumping 1.5%.
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Bonds initially rallied after the GDP numbers were released, but then fell back.
The benchmark 10-year
Treasury note was down 1/32 to 100 5/32 to yield 5.728%.
Treasury bond was down at 107 6/32, yielding 5.742%.
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