Dow Closes Up 447 -- Liberals Panic

The Finman · #1 07-29-2002, 08:22 PM

</center>

Quote:

<APPLET CODE="chat_ticker.class" CODEBASE="http://newsticker.shortnews.com/com/newsticker/" WIDTH="700" HEIGHT="20">
<PARAM NAME="MSGTEXT" VALUE="http://newsticker.shortnews.de/com/export/default.txt">
<PARAM NAME="BGCOLOR" VALUE="000000">
<PARAM NAME="FGCOLOR" VALUE="ffcc33">
<PARAM NAME="LINKCOLOR" VALUE="00ff00">
<PARAM NAME="HIDECOLOR" VALUE="000066">
<PARAM NAME="MOUSEOVERHOLD" VALUE="1">
<PARAM NAME="SPEED" VALUE="20">
<PARAM NAME="U_ID" VALUE="4318">
</APPLET>

<h2>Stocks Soar in Heavy Trading </h2>

NEW YORK — Stocks jumped sharply Monday, with the Dow posting its third-highest point gain ever, as buyers snapped up battered shares in a market pummeled to five-year lows.

The stunning advance, which also saw the Nasdaq composite index rise more than 70 points, followed the market's first really upbeat week in more than two months. Analysts said investors, growing less worried about earnings and corporate bookkeeping, are ready to buy again.

The Dow closed up 447.35, or 5.4 percent, at 8,711.74, according to preliminary calculations. That followed Wednesday's 488.95-point win; it was also the third-highest one-day advance, after the 499.19-point gain of March 16, 2000.

The broader market was also higher. The Nasdaq composite index rose 73.10, or 5.8 percent, to 1,335.22. The Standard & Poor's 500 index advanced 46.09, or 5.4 percent, to 898.93.

"People believe that the selloff went far enough ... There's a ton of cash on the sidelines, and people are willing to bottom-fish," said Charles White, president of investment firm Avatar Associates.

"It's a scramble for investors who are either short the market or who are underinvested in the market and have become more convinced the market was at an important low last week," said Richard Cripps, chief market strategist at Legg Mason Wood Walker.

Trading was extremely heavy, following a pattern set in recent sessions. About 659 million shares traded hands on the New York Stock Exchange, and about 785 million shares were traded on Nasdaq.

...And in other news Police in San Francisco try to talk down Liberals who pinned their hopes for 2002 on the stock market decline from attempting to commit suicide.