September 28, 2000: 5:09 p.m. ET
Street snaps losing streak
After tough month, investors move back into stocks down after sell-off
By Staff Writer Jake Ulick
NEW YORK (CNNfn) - U.S. stocks rallied Thursday as investors bet the bulk of the corporate earnings warnings that hammered Wall Street this month are over.
The Dow Jones industrial average, Nasdaq composite index and S&P 500 index ended higher for the first time this week. The gains come one day ahead of the last trading session of September, a period when all the major indexes tumbled.
"I think people are getting ready for a fourth-quarter rally," Thomas Galvin, chief investment strategist at Donaldson, Lufkin & Jenrette, told CNN's Street Sweep. "All this selling pressure we've seen has built up a lot of cash on the sidelines which is being put to work."
The day's gainers read like a list of September's losers. Hewlett-Packard, off 13 percent this month, rose. And Procter & Gamble, one of the Dow's worst-performing stocks this year, also drew buyers after the company said earnings forecasts are on track. Intel, which this week fell to its lowest level since February, inched higher.
In another volatile trading session, stocks swung wildly at the market this morning as investors digested a blitz of merger news, brokerage comments and economic indicators.
Friday's end of the third quarter, when portfolio managers often make massive changes to their baskets of stocks, added to the volatility.
By day's end, the Dow surged 195.70 points, or 1.8 percent, to 10,824.06, its first gain in three days. The Nasdaq rallied 121.96, or 3.3 percent, to 3,778.26, breaking a five-day losing streak.
Street snaps losing streak
After tough month, investors move back into stocks down after sell-off
By Staff Writer Jake Ulick
NEW YORK (CNNfn) - U.S. stocks rallied Thursday as investors bet the bulk of the corporate earnings warnings that hammered Wall Street this month are over.
The Dow Jones industrial average, Nasdaq composite index and S&P 500 index ended higher for the first time this week. The gains come one day ahead of the last trading session of September, a period when all the major indexes tumbled.
"I think people are getting ready for a fourth-quarter rally," Thomas Galvin, chief investment strategist at Donaldson, Lufkin & Jenrette, told CNN's Street Sweep. "All this selling pressure we've seen has built up a lot of cash on the sidelines which is being put to work."
The day's gainers read like a list of September's losers. Hewlett-Packard, off 13 percent this month, rose. And Procter & Gamble, one of the Dow's worst-performing stocks this year, also drew buyers after the company said earnings forecasts are on track. Intel, which this week fell to its lowest level since February, inched higher.
In another volatile trading session, stocks swung wildly at the market this morning as investors digested a blitz of merger news, brokerage comments and economic indicators.
Friday's end of the third quarter, when portfolio managers often make massive changes to their baskets of stocks, added to the volatility.
By day's end, the Dow surged 195.70 points, or 1.8 percent, to 10,824.06, its first gain in three days. The Nasdaq rallied 121.96, or 3.3 percent, to 3,778.26, breaking a five-day losing streak.
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