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Dow Wows Investors With 400-Point SurgeAired March 16, 2000 - 2:00 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: Listen closely: You can almost hear investors cheering on the Dow. The blue chips, those old economy stocks, have taken a beating in recent days. Not so today as the Dow wows investors, surging more than 400 points about an hour ago. If this keeps up, it could be the biggest point gain ever for the nation's premier stock index.
CNN's Greg Clarkin is watching over things in New York. He's watching the good times roll -- Greg.
GREG CLARKIN, CNN CORRESPONDENT: And, Lou, we indeed are on day two of what is a powerful rally on Wall Street. As you mentioned, a while back the Dow was up over 400. It actually got as high as 450 points. And this, really, is a continuation of what we have seen yesterday, which is a rotation into some of these stocks, the big name stocks, on the Dow such as the financials, the retailers that had been beaten down.
So we should really point out that these stocks are coming back and the Dow is coming back from very, very severe lows. If you take a look at some of the well-known names like Citigroup, American Express and J.P. Morgan, they have all tacked on anywhere from 8 to 12 points over the last two sessions alone.
Now, if the Dow were to close with something on the order of what it is up now, maybe from 350 to 400 points or so, it would still represent about an 8 percent drop on the year to date. So, again, an illustration of how far that the Dow did drop before this comeback in the last couple of days.
And, again, investors at this point seem to be more enamored with the old economy stocks, with some of those retailers, some of those stocks such as Procter & Gamble, Coca-Cola that had undergone severe corrections over the last couple of weeks.
As for those high-tech stocks, though, for the most part, they're muddling -- middling right around the break-even point. We've seen Microsoft a little weak today. Intel has bounced around a bit. As far as the weak components on the Dow goes, though, Disney has been lower all day as has Hewlett-Packard. And, Microsoft, again, flirting with break-even territory.
So day two of a powerful rally, Lou, under way on Wall Street.
Back to you.
WATERS: All right, a couple of hours to go yet. Should be an interesting afternoon.
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