Encouraging words on the economy from Fed Chairman Alan Greenspan sent stocks higher on Friday.
Better than expected earnings from Nike also helped, and a settlement between regulators and Wall Street firms boosted financial stocks. Volume was heavy as stock and index options and futures expired and indexes were reshuffled.
The Nasdaq rose 8 to 1363, the S&P 500 climbed 11 to 895, and the Dow surged 146 to 8511. Volume soared to 1.78 billion shares on the NYSE, and 1.98 billion on the Nasdaq. Advancers led 21 to 10 on the NYSE, and 19 to 14 on the Nasdaq. Upside volume was 75% on the NYSE, and 63% on the Nasdaq. New highs-new lows were 62-43 on the NYSE, and 67-54 on the Nasdaq.
Research In Motion fell 5.5% despite better than expected results and an upgrade from Lehman Brothers. Photon Dynamics
plunged 18% on a warning.
Cognos and Paychex
rose after beating estimates, but Manugistics
and 3Com
slipped on their results.
AvantGo soared 85% on news that it will be acquired by Sybase
.
Overture gained 2.7% on European deals.
Accenture slipped 2% on a mixed outlook.
SBC , up 2%, won approval for long-distance service in California.
Microsoft , off 0.1%, plans to offer a MicroPDA.
Netease.com surged 15% to a new 52-week high.
CoSine soared 30% on a takeover bid.
Interland slipped 0.7% on news of an acquisition.
Note: The market commentary has moved: The Technical Analysis is now a separate article. Please go directly to the InternetStockReport.com home page at:
http://www.InternetStockReport.com.