Hang on to your britches, the market's on a wild ride.
Already this morning, the
Dow Jones Industrial Average has crossed the flatline three times. The tech-heavy
Nasdaq Composite Index hasn't been quite as volatile, but the day is still young.
Last Friday, the major indices got a nice pop in the last hour of trading after
economist and former
Federal Reserve governor Wayne Angell said he thought there was a good chance the central bank could cut rates again before its next official conclave
And while that hope was being diminished by analysts and strategists who say
Chairman Greenspan and his buddies will wait to act on rates until their scheduled meeting, investors were clinging to the idea. That was bringing bargain hunters out and helping some of the many stocks that were battered in last week's trading action.
Mobile phone maker
and others in its sector were butchered last week here and abroad. Today, Nokia was the darling of the
New York Stock Exchange and its European counterparts. Despite having its earnings estimates lowered by
, the stock was up 5.6%.
Chip stocks weren't getting any help from communications chipmaker
, which this morning
slashed its first-quarter revenue estimates -- again. And Lehman's
Dan Niles lowered his forecasts on chipmakers
, citing supply issues that he said likely won't bottom out until the third or fourth quarter. The
Philadelphia Stock Exchange Semiconductor Index
was down 2.8%. Texas Instruments was off fractionally, Micron was down 5.2% and Cypress was gaining 1.5%.
was lifting 4.6% as an appeals court hears oral arguments from the company about its court-ordered breakup.
Procter & Gamble
, was getting socked after the company said its second half would be low because of the Turkish financial crisis. It was down 6%.
was making gains off news that its competitor
raising its 2001 projections despite posting earnings that were in line with lowered estimates. Home Depot was up 7%, while Lowe's was 7.4% higher. Both stocks have been hit hard since they've warned about problems hitting the home-improvement business.
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Oil service stocks were on the rise, with the
Philadelphia Stock Exchange Oil Service Index
up 3.8%. Oilfield services giant
was jumping 8.1%. Last week, the stock got an upgrade from Merrill Lynch to intermediate-term buy from accumulate. Merrill said that it was upgrading the stock because it sees "another year of strong outperformance for oil service stocks in 2001." The stock had gotten hit hard in the last month after it announced its $5.2 billion bid for information technology company
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Treasury prices were up slightly this morning after rallying boldly Friday on rumors of an imminent interest-rate cut. The benchmark 10-year
Treasury note was up 1/32 to 99 8/32, yielding 5.097%.
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