Session Starts on the Upside
Stocks across the board opened modestly higher, continuing gains enjoyed yesterday.
The
Dow Jones Industrial Average
was up 47 to 7980. The
S&P 500
was up 10 to 1034, while the
Nasdaq Composite Index
was up 19 to 1699 and the
Russell 2000
was up 3 to 366.
Strength in equities today has been the Treasury market's loss. The 30-year Treasury bond was recently down 26/32 to 105, yielding 5.17%.
Analysts and traders said yesterday's market reversal in fortune was a relief rally because the broadcast of
President Clinton's
grand jury testimony regarding his affair with the world's most famous intern,
Monica Lewinsky
, didn't contain any surprises.
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The Dow, the S&P 500 and the Nasdaq Composite sported slight gains yesterday, while the small-cap Russell 2000 ended a bit lower.
After falling into the background for a while, Japan is again at the global financial crisis forefront. Japanese politicians are still haggling over legislation to repair that nation's troubled bank system as its economy continues mired in a recession.
Meanwhile, today Clinton and Japanese Prime Minister
Keizo Obuchi
today are slated to meet in Tarrytown, N.Y.
In other news,
USA Today
reported that senior executives at
Goldman Sachs
say the firm's IPO may be pushed into the new year because of the current volatile global market conditions. Goldman declined to comment.
Most Up at Open -- NYSE
Unilever (UN) - Get Unilever NV Report, up 2 15/16 to 61 7/8
.
Most Up at Open -- Nasdaq
Broadcast.com undefined, up 5 5/8 to 49 7/8
: This morning
Morgan Stanley Dean Witter
upgraded Broadcast.com to outperform from neutral. Yesterday the stock soared 7 7/8 to 44 1/4.
Most Down at Open -- NYSE
Potash (POT) , down 1 7/16 to 51 1/2
: The company said weak nitrogen markets will have a negative impact on its third-quarter income.
Most Down at Open -- Nasdaq
Bank Plus (BPLS) , down 1 3/8 to 5 7/8
.
