Posted on 12/21/2004 1:04:36 PM PST by groanup
Blue chips soar to 31/2 year highs
Intel upgraded; Bear Stearns, Morgan Stanley top view
By Susan Lerner, CBS.MarketWatch.com
ENEW YORK (CBS.MW) - Blue chips climbed to their best levels since June 2001 Tuesday afternoon as investors stepped up to buy stocks in the hopes of capitalizing on a year-end rally.
CBS MARKETWATCH TOP NEWS U.S. stocks climb; blue chips at 3 1/2 year high Pfizer shares enjoy bounce following naproxen warning IAC Interactive surges on Expedia spin-off plan Morgan Stanley fourth-quarter net income up 18% Chain-store sales pick up in last days before Christmas
Leading the charge was Intel Corp., rising percent on the back of a broker upgrade.
"The 'January effect' comes early these years. The last two weeks in the year has been almost the start of the January effect that we've seen the last couple years," said John Forelli, senior vice president and portfolio manager at Independence Investments.
The so called "January effect" is a term given to the tendency of small cap stocks to outperform their larger counterparts in the first month of the year.
The Dow Jones Industrial Average ($INDU: news, chart, profile) was last up 93 points, or 0.9 percent to 10,755. The blue chip gauge's best intraday level in 2004 previously had been 10,753 on Feb. 19.
The Nasdaq Composite Index ($COMPQ: news, chart, profile), meanwhile, lifted 19 points, or 0.9 percent, to 2,147 and the S&P 500 ($SPX: news, chart, profile) added 10 points, or 0.8 percent, to 1,204.
(Excerpt) Read more at cbs.marketwatch.com ...
The bulls are in control.
Heh. Well at least they're not red. :-)
Woops, sorry, wrong thread :-)
This is the worst economy since oh never mind..
(Whiny Country Music plays) Yeah, well what about all those hard werkin' Amurcans who can barely make ends meet thanks to Mexico/Japan/China/Bush. This is the worst economy since the Great Depression I tell ya'. This Cun-tree is goin' to hell thanks to outsourcin' and NAFTA. (Whiny Country Music off).
You forget to add Walmart into the equation.
Imagine what might happen if, say, average investors suddenly decided the NASDAQ sector was undervalued and started really buying back in . . . sure things were out of hand during the Tech Bubble, but is the 3000-3500 range all that unrealistic?
Oh lordy me...this is sure to send some more libs over the edge. The free market and all the suffering it causes...tsk-tsk:)
OK ---but it is reported by CBS. That's scary. I hope I can believe it.
Maybe if I see it in the National Enquirer I can give it a little more credence.
Isn't 31/2 about 15.5? That's an almost-sixteen-year high!
Thanks.
Now if they took wishes in payment for stocks!
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