posted 03-23-2001 05:16 PM         

---

US markets enjoyed a rare Friday rally today, as the Nasdaq finished 31 points higher, the Dow tacked on 115.6, and the S&P 500 climbed 22.3. The session was strange all around - volume was heavy for a Friday, but trading was still volatile; the tech sector posted decent gains despite a lack of leadership from its big-caps; and, overall, stocks rose on a day practically devoid of news. It is generally agreed that much of today's gains were due to short covering, and that today's action isn't indicative of a lasting turnaround.

Dow Jones Industrials: 9505.04 +115.56 +1.23%
Nasdaq Composite: 1928.68 +30.98 +1.63%
S&P 500: 1139.83 +22.25 -0.41%
30-year Treasury Bond: 5.297% +0.056

posted 03-22-2001 06:08 PM         

---

It looked to be a horrific day for the Dow: at one point in the session, the index plunged nearly 380 points to an intra-day low well below 9,378 - 20% off its record high, the level that indicates an 'official' bear market. But an unlikely hero came to the rescue: the tech sector. Technology issues staged a powerful late-session rally that helped the Dow pare its losses to 97.5 points, and helped the Nasdaq tack on 67.5 (3.7%). The initial selling that rocked the Dow was in response to warnings from old-economy issues and worries that the slowing European economy will have a similarly-strong negative effect on corporate profits as did the US economy. And make no mistake - the old-economy components of the Dow did not have a good day. In fact, at the close, only three Dow components were posting real gains - Microsoft (7.9%), Intel (12.2%), and Hewlett-Packard (5.7%). From tech's perspective, the rally was clearly a positive event; however, given how often analysts have spuriously claimed we've hit bottom, no one has jumped to make such an assertion today.

Dow Jones Industrials: 9389.48 -97.52 -1.03%
Nasdaq Composite: 1897.70 +67.47 +3.69%
S&P 500: 1117.58 -4.56 -0.41%
30-year Treasury Bond: 5.241% -0.042

posted 03-22-2001 09:40 AM         

---

It turned out to be yet another disappointing day on Wall Street today. The markets opened slightly lower this morning, as investors continued to feel sore about the Fed's decision yesterday to only cut interest rates by 50 basis points. But late morning bargain hunting carried the Nasdaq into positive territory and the Dow closer to breakeven. Once that mini-rally ran out of gas, however, the markets slid lower and lower, and the final hour of trading saw a solid sell-off in the Dow. The blue chip index ended the day down 233.76 points. The Nasdaq dropped 27.21.

Dow Jones Industrials: 9487.00 -233.76 -2.40%
Nasdaq Composite: 1830.23 -27.21 -1.46%
S&P 500: 1122.14 -20.48 -1.79%
30-year Treasury Bond: 5.283% -0.002

posted 03-20-2001 06:19 PM         

---

50 basis points. Investors were less than impressed with the Fed's decision to lower interest rates as many had been anticipating a more drastic 75bp reduction. After trading sideways until the announcement, the major indices experienced unrelenting selling pressure throughout the afternoon. The broad-based selloff signals that investors may have once again been led astray by analyst predictions of more significant Fed action. The more modest move may signal that the Fed remains confident about the long-term health of the economy, but that served as little comfort to the majority during today's session. Tech and financial issues led the downward crush. Already, talk of inter-meeting Fed action is beginning to surface, and in light of recent market reaction to such speculation and the ensuing analyst predictions, the recently accelerating downturn may extend into the coming weeks. The Nasdaq fell off almost 94 points (4.8%) on the day while the Dow plummeted over 238 points (2.4%).

Dow Jones Industrials: 9720.76 -238.35 -2.39%
Nasdaq Composite: 1857.44 -93.74 -4.80%
S&P 500: 1142.62 -28.19 -2.41%
30-year Treasury Bond: 5.285% -0.015

posted 03-19-2001 06:05 PM         

---

Around noon today, some investors took a leap of faith. The Fed meets tomorrow and will announce its interest rate policy decision around 2:15 p.m. There is debate on Wall Street as to whether the rate cut will be 50 basis points or 75. There are enough optimists that decided to bet on 75 and get in before the meeting tomorrow that the major indices had a nice low volume rally during the afternoon. The Nasdaq was off 23 points when things started to turn around, and by the close it had gained 60 points, more than 3%. The semiconductor sector, with the exception of Intel, led the way higher for the tech-heavy index. The Dow looked stronger than the Nasdaq in the early going and spent most of the morning in the black. But, it too slipped into negative territory before the bounce in the afternoon. But the end of the day, the brokerage sector had led the blue chip index to a 136-point gain. The real question becomes, what happens if the Fed only cuts rates by 50-basis points, the minimum expected by most analysts on Wall Street?

Dow Jones Industrials: 9959.11 -135.70 +1.38%
Nasdaq Composite: 1951.19 +60.28 +3.19%
S&P 500: 1170.81 +20.28 +1.76%
30-year Treasury Bond: 5.293% +0.031

posted 03-16-2001 06:00 PM         

---

What contribution has the SEC's Fair Disclosure made to the market's weakness in recent months? (source: Upside) http://www.upside.com/Money/3ab16f7d1.html

What's the mood at ground zero these days? Can it get worse? TheStreet.com put these and other questions to Phil Ruffat, senior vice president at Fuji Futures, the get the pulse of the market. Ruffat offers his take on why there's no panic and points out a few bright spots. (source: The Street) http://www.thestreet.com/funds/dailyinterview/1347681.html

posted 03-16-2001 05:59 PM         

---

It was a rough day on wall street - the Dow dropped below the 9900 mark and the Nasdaq fell to its lowest close since November 1998. The major indices tanked right out of the gate this morning, but looked to stage a rally at about 11am. Unfortunately, the rally failed; there just wasn't any positive news to fuel strong buying interest. At a little after 12pm, the major indices began a steady descent that pulled the Nasdaq down 50 points (2.6%) and the Dow 208 (2.1%) at the close. Stocks saw heavy trading, as futures, options on stocks, and options on indices simultaneously expired today, sending an infusion of cash into the market. It should be noted that many investors appear to be hoping for a 75 basis point reduction in interest rates by the Fed next week, despite a lack of economic data to justify such a cut. If the Fed makes a more conservative move, the market could respond very badly.

Dow Jones Industrials: 9823.41 -207.87 -2.07%
Nasdaq Composite: 1890.91 -49.80 -2.57%
S&P 500: 1150.40 -23.16 -1.97%
30-year Treasury Bond: 5.260% -0.029

posted 03-14-2001 05:51 PM         

---

The futures market prepared investors for a dismal day, and that is just what investors got. The S&P 500 and Nasdaq futures traded limit down this morning, and Dow futures, which have no limit, were off about 300 points. Out of the gate, the Dow quickly dropped those 300-plus points, and dipped below the 10,000-point barrier for the first time in five months. The Nasdaq slumped out of the gates as well as investors sold out of everything, as opposed to rotating from blue chips into tech, as some analysts had hoped. In the mid-morning, there was a glimmer of hope as the Nasdaq clawed its way back into positive territory and the Dow cut its losses by a half. But, the bargain hunters couldn’t hold on and the markets tumbled again. The Dow ended the day down 317 points (3.1%) in the red, the blood red, and had its lowest close in nearly two years. The Nasdaq closed off 43, a loss of just over 2%. The catalyst for this selloff seems to have been the downgrade of the credit ratings for 19 Japanese banks. The concern is that a global financial crisis may be imminent. Naturally, the financial sector was hardest hit today.

Dow Jones Industrials: 9973.46 -317.34 -3.08%
Nasdaq Composite: 1972.09 -42.69 -2.12%
S&P 500: 1166.71 -30.95 -2.58%
30-year Treasury Bond: 5.283% -0.052

posted 03-13-2001 04:55 PM         

---

A late afternoon rally saved the day today, helping the markets to recover somewhat from their ugly losses yesterday. Bargain hunting in the tech sector kept the Nasdaq comfortably in positive territory for the entire trading session, but the Dow had a much more difficult time squeaking out its gains. Choppy trading plagued the blue chips right from the opening bell and didn't let up until around 3pm when strength in financial stocks was finally able to overcome the weaknesses in retail and drug issues. The Dow finally managed to hang on to a hard-fought 81.58 point gain, while the Nasdaq enjoyed a more comfortable ride toward its 91.42 point recovery, putting the tech index back above the 2,000 mark once again.

Dow Jones Industrials: 10289.83 +81.58 +0.80%
Nasdaq Composite: 2014.80 +91.42 +4.75%
S&P 500: 1197.57 +17.41 +1.47%
30-year Treasury Bond: 5.312% 5.335% +0.023

posted 03-13-2001 09:51 AM         

---

It was a disastrous session for US stock markets today, as corporate earnings warnings and the fear that the Fed may be too slow in reducing interest rates incited a market-wide sell off. The broad-based selling sent the Nasdaq to its lowest level since December 1998, and handed the Dow its worst percentage loss in 11 months. Both indices opened well into negative territory and steadily lost ground throughout most of the session, until the last hour of trading, when the selling pressure intensified. By the close, the tech-heavy Nasdaq had shed 128 points (6.25%), and the Dow had dropped 436 (4.1%). While market-watchers generally agree that fear and panic-selling are necessary for the market to reach a true bottom, few expect the turnaround to come without further bloodshed.

Dow Jones Industrials: 10208.25 -436.37 -4.10%
Nasdaq Composite: 1924.50 -128.28 -6.25%
S&P 500: 1180.12 -53.30 -4.32%
30-year Treasury Bond: 5.312% -0.060

All times are EST (US)