With no ruling yet from the U.S. Supreme Court concerning George W. Bush's appeal over the Florida Supreme Court's decision to allow a statewide recount, the market continued its rally, but was moved cautiously.
Nasdaq ended over the 3000 support level, and the
Dow was also in the green after having a volatile morning.
There wasn't much conviction in trading as investors and traders awaited a verdict from our land's highest court. On Friday, Al Gore's reprieve in the form of a new recount in Florida sent futures into a tailspin, which seemed to indicate that today would be crummy. But when the U.S. Supreme Court ordered the recount halted on Saturday until it had heard W.'s appeal, it was a sign of optimism that the end to the election melee is near.
Last week's acknowledgement by
Al G. (that's not Al Gore or
Al Green) that the economy has taken to the interest-rate hikes he and
his cronies imposed and noticeably slowed has been the best and most lasting news in the market. Currently, traders are betting on rate cuts in the near future.
Also, analysts are saying that now is the time to get back into the market.
Christine Callies and
Ed Kerschner essentially said the same thing; that the
S&P 500 is at its most attractive level in two years.
Meanwhile, tech stocks were being looked at favorably, with big-caps
basking in the green glow of a rally.
warned after the close Thursday, but was garnering special attention this morning on news that it released its fastest transistor. In was 10.1% higher to $37.44.
The Comp had its share of stinkers, though, namely,
. The company, which makes equipment used to connect computer servers to data-storage devices, warned that its earnings might not hit estimates. JNI gave a range that could meet or slightly exceed estimates on the higher end, but on the lower end would miss estimates by as much as 12%. The stock ended off 45% to $34.75.
Elsewhere, the Dow got most of its support from interest-rate sensitive
. Microsoft and Intel were also offering support. Weakness in the blue-chip index came from retailers
after home improvement retailer
warned. And while the news hurt other retailers (the
S&P Retail Index
was 3.5% lower), Lowe's managed to pull out its own rally in spite of the warning and in recent in trading was up 4.9% to $41.81.
slid 3.4% after
Salomon Smith Barney
smacked the stock with a downgrade. It was cut to neutral from outperform and the firm lowered its 12-month price target to $27.50 from $30.