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Dow Scoring Biggest One-Day Point Gain At 416, Nasdaq Barely Budging

Aired March 16, 2000 - 1:01 p.m. ET

THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.

LOU WATERS, CNN ANCHOR: Investors lead the day. The traditional blue-chip stocks may not be trendy, but you can't count them out: That's the message from Wall Street.

CNN's Rhonda Schaffler is at the New York Stock Exchange.

What's happening, Rhonda?

RHONDA SCHAFFLER, CNN CORRESPONDENT: Lou, you know, if you thought we had a rally yesterday, look what's going on today.

At the moment, the Dow Jones industrial average scoring its biggest one-day point gain ever, if these gains hold. The Dow is up 416 points in very heavy volume. And if the Dow climbs just three more points, it will be out of what it has been in a while: official correction territory. So, a very huge move for the Dow.

A continuation of what we saw yesterday: investors deciding to shy away from some of these high-flying techs and go into stocks that had beaten down -- been beaten down: value stocks, many of which are traded on the Dow.

The Nasdaq, we should point out, is barely budging at the moment. It was trading positive; it's now down less than a point.

As far as what's leading the Dow higher, many of the financial stocks are on a tear: American Express, up better than 11; JP Morgan, up more than 8.

And we'll have a lot more coming up at 1:15 -- Natalie.

NATALIE ALLEN: All right. We will be in close contact with you. Thanks, Rhonda.

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