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Dow Advances 117.49; Nasdaq Advances 47.92

Aired November 5, 2001 - 15:58   ET

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


THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
LOU DOBBS, HOST: I'm Lou Dobbs in New York City. We're just minutes away from the closing bell on the New York Exchange. On Wall Street today, a solid rally helping boost stock prices today. Expectations that the Fed will cut interest rates. If they do, it will be the tenth time this year. The Fed meets tomorrow to decide the direction of interest rates.

Rhonda Schaffler is at the New York Exchange, Greg Clarkin over at the Nasdaq Market Site. Greg, let's begin with you.

GREG CLARKIN, CNN CORRESPONDENT: Sure, Lou. We saw a very powerful runup in these tech stocks today. As you say, a lot of anticipation over the Federal Reserve meeting tomorrow.

Also a lot of optimism. Cisco Systems will be out with their earnings shortly after close of trading today. They are expected to post about two cents a share in earnings but really more importantly, a lot of folks want to hear what management of Cisco has to say. So there's a lot of analysts talking up that company before this conference call gets underway.

And you can see what the Nasdaq did today. At one point, about 2:15 or so, up over 1800 for the first time on an inter day trading basis since September 4. So levels the Nasdaq hasn't seen in quite some time. And right now it's sitting at about a 45-point gain at 1,791 -- Lou.

DOBBS: Greg, thanks. Let's turn to Rhonda Schaffler over at the Exchange -- Rhonda.

RHONDA SCHAFFLER, CNN CORRESPONDENT: Very solid rally here at the Dow. It will close with a triple-digit gain. Advancers beat decliners by a two-one margin. The volume was there. And this was a rally in anticipation of the Fed relief tomorrow.

Keep in mind that interest rates have been coming down. So that's been giving stocks some support since last week. Let's see the chart similar to the Nasdaq chart. Straight on up, and the Dow held those gains, down about 40 points from session highs -- since midday, really, as we have seen this very sort of steady, continuous buying that is continuing right up to the end here -- Lou.

DOBBS: OK. Rhonda, we're going to turn up to the balcony awaiting the closing bell. There we are. Rhonda, tell us a little bit. I see a couple of young ladies, a young gentleman sitting up there with the chairman of the New York Exchange, Dick Grasso. Do you know who else is up there?

SCHAFFLER: Lou, those are two members who are retiring. Boy, are they getting cheers on this trading floor, too. Two members who have worked here for quite some time, along with their families, celebrating their retirement from the New York Stock Exchange. And it always tends to be a family affair when these members do leave.

And what a day, really, to leave, because there was a strong performance for the Dow, up 115 as we wait for those final numbers to settle.

I want to take a look at some of the Dow stocks, because I mentioned before, it was a broad-based rally. We'll show you some of the movers. And you can see the kind of companies that moved higher. We had some of the old economy stocks with gains, like 3M. GM was up even though one broker said its earnings won't be as strong as it anticipates for the next couple of years. Kodak up and Home Depot higher too.

You know, falling interest rates often seen as a positive for retailers because it gives consumers more money in which to shop. Let's take a look at the brokerage stocks, too. There was one strategist today who said the market, at this point, is on the cusp of a start of another bull market. If hat is the case, you cold see some investors moving to brokerage stocks, because in good times, brokerages make more money, of course.

So, we saw gains across the board, in this particular sector. We saw gains in all of the financial stocks; financials, too, seen as beneficiaries of the fed move which is expected tomorrow. Lou?

DOBBS: I like that Rhonda, on the cusp of a bull market.

SCHAFFLER: That's what he said. On the cusp.

DOBBS: Rhonda, thanks. Rhonda Schaffler at the New York Exchange.

The NASDAQ above 1,800 for most of the trading session for the first time in more than two months. Greg Clarkin at the NASDAQ market site to tell us how it all wrapped up -- Greg.

GREG CLARKIN, CNN: Well, I tell you, Lou, Cisco, I mentioned the networks very, very strong today. The networkers, as a group, rose about 6 percent. Take a look the what Cisco Systems did on the day. Again, this is ahead of their earnings, which are due out shortly. It was up 54 cents.

Juniper Networks a big jump on some positive comments out of Buckingham Research. Sun Microsystems with a decent gain. Microsoft up 2 percent. And to give you some perspective on where the NASDAQ has been over the last couple of months, take a look at these stats. You have to go back to August 31 to find the last 1800 close. Came close today, but not quite. September 21, a recent low, 1,423, and then November 5, today, we did hit 1,800, a couple of points in the afternoon, so you're talking about a gain of 377 points of thereabouts. A run up of just about 26 percent. And, again, coming close to an 1800 close today, but falling just a little short at 1,793, about a 47 point gain -- Lou.

DOBBS: OK. Not a bad performance, either by the NASDAQ or by you, Mr. Clarkin, thank you very much.

CLARKIN: Thank you.

DOBBS: That's a quick check on the markets. Be sure to join us tonight for MONEYLINE at 6:00 PM Eastern on CNN. Among my guests this evening, former presidential candidate Pat Buchanan on why he says the United States must have a one to two year moratorium on immigration. We'll be talking about that, the political and economic effects.

Also this evening, general and CNN military analyst David Grange will join us with a perspective and analysis on the air-strikes against the Taliban and al Qaeda in Afghanistan. And we'll be joined by John Chambers of Cisco Systems to discuss his company's earnings and its future.

Please join us. MONEYLINE, 6:00 PM on CNN. I'm Lou Dobbs in New York.

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