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 Dow Soars on Confidence in Brief War |
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作者：Anonymous 在 罕见奇谈 发贴, 来自 http://www.hjclub.org
Dow Soars on Confidence in Brief War
NEW YORK - Stocks rose on Monday afternoon, extending the market's advance for a fourth day, as investors bet a U.S.-led military strike on Iraq was days away and would be over quickly.
"It looks like we'll be going to war in two to three days and the war premium is being priced into the market," said James Park, senior vice president at Brean Murray.
Wall Street believes that the war would end quickly and leave the U.S. economy relatively unscathed. President Bush will issue an ultimatum to Iraqi President Saddam Hussein on Monday night that Hussein step down or face war.
The blue-chip Dow Jones industrial average <.DJI> jumped 215.33 points or 2.74 percent to 8,075.04 and the broad Standard and Poor's 500 <.SPX> climbed 22.02 points, or 2.64 percent, to 855.29. The tech-laced Nasdaq Composite Index <.IXIC> rallied 39.99 points, or 2.98 percent, to 1,380.32.
Stocks erased opening losses and steamed higher as all signs pointed to imminent war, lifting the uncertainty plaguing the markets and boosting shares of a broad range of companies.
Financial giant JP Morgan Chase & Co. and computer maker Hewlett-Packard Co. jumped about 6 percent. Heavy equipment maker Caterpillar Inc. rose 5 percent, and retailer Wal-Mart Stores Inc. climbed 4 percent.
Safe havens like gold and government bonds weakened and oil prices dropped, while the dollar strengthened against the euro as investors bet a U.S.-led war on Iraq would be a short one.
The blue-chip Dow is up almost 7 percent since the close on Wednesday when the gauge came close to touching multiyear lows. Last week's rise in the markets pushed the Nasdaq into positive ground for the year.
Some market watchers warn any rally may be fleeting since underlying worries remain over the health of the nation's economy and the long-term impact of a war that has divided world powers.
"There have been and may continue to be significant short-term rallies," noted Richard Bernstein, a chief strategist at Merrill Lynch. "However, we continue to suggest that investors sell into those rallies because of the many risks we think investors are ignoring."
Among underestimated risks, he said in a note, stock prices remain extreme given historical unpredictability of earnings growth, and there was a 50/50 chance of a double-dip recession in the world's No. 1 economy. Also any more interest rate cuts by the Federal Reserve is a bearish signal that the economy is not recovering, he added. The Fed meets on Tuesday to decide on rates.
BROAD-BASED RALLY
Big gainers included Lockheed Martin Corp. , which rose $1.14, or 2.5 percent, to $46.33. The Pentagon awarded the U.S. defense contractor a six-year, $4.05 billion contract for 60 C-130J aircraft.
JP Morgan led the Dow higher with a $1.03 jump to $22.29.
Hewlett-Packard, another Dow member, advanced 83 cents to $16.41. while Caterpillar Inc. rallied $2.28 to $49.30 and Wal-Mart tacked on $2.01 to $51.37.
InterDigital Communications Corp. , a designer of wireless technology and product platforms, surged $5.20, or almost 38 percent, to $18.96. The company said it reached a patent and royalty settlement with Swedish telecommunications equipment company Ericsson . The U.S.-listed shares of Ericsson rose 84 cents. or 13 percent, to $7.26.
Ford Motor Co. climbed 27 cents, or 4 percent, to $7.03, erasing earlier losses to track the market higher. JP Morgan said it had cut its earnings forecasts for Ford based on an outlook for lower-than-expected sales and production in North America.
Eli Lilly & CO. added 11 cents to $54.09, reversing earlier losses. The drug company said an experimental lung cancer drug, being developed in partnership with Isis Pharmaceuticals Inc. , failed to show significant benefit when used in combination with chemotherapy. Isis tumbled $1.32, or almost 32 percent, to $2.84.
Among Nasdaq heavyweights, Sun Microsystems Inc. rose 22 cents, or 6.9 percent, to $3.46. Shares of the computer maker may be due for a lift once the market for spending on information technology picks up, according to a Barron's article on Sunday.
作者：Anonymous 在 罕见奇谈 发贴, 来自 http://www.hjclub.org |
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