OTCQX:SREMF - Post by User
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MAGICLENSon Aug 22, 2001 3:37pm
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Post# 4122528
Going UP!
Going UP!U.S. Stocks Climb, Reverse Losses in Late Afternoon
15:13 GMT-04:00 Wednesday, August 22, 2001
NEW YORK (Reuters) - Stocks clambered higher in late-afternoon trading on Wednesday, boosted by hopes corporate America's profit slide may be slowing after carmaker General Motors Corp. and software maker Intuit Inc. said business was unlikely to get worse.
Semiconductor stocks got a push from an industry association report, which indicated the outlook for the battered sector may be improving.
"These are the first signs these rate cuts are going to start showing results here," said Michael Lyons, a listed equities trader for Morgan Stanley. "Any hint of good news is well received."
Stocks rebounded from early declines, a day after the U.S. Federal Reserve cut interest rates for a seventh time this year and signaled it was poised to trim more because of lingering weakness.
The technology-laced Nasdaq Composite Index reversed an early decline to gain 23 points, or 1.27 percent, to 1,854, while the Dow Jones industrial average climbed 122 points, or 1.20 percent, to 10,295. The broader Standard & Poor's 500 Index added 10 points, or 0.90 percent, to 1,167.