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Futures Indicate Bounce After Yesterday's Gains

Aired October 23, 2001 - 06:18   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.
LEON HARRIS, CNN ANCHOR: Let's get a check of the morning's business headlines.

DARYN KAGAN, CNN ANCHOR: And here's David Haffenreffer -- Haffenreffer -- it's a little early for me to get all those syllables out.

HARRIS: It's been a long time since she's had to say it, David.

KAGAN: I know. I'm a little out of practice.

DAVID HAFFENREFFER, CNN FINANCIAL NEWS CORRESPONDENT: You're not supposed to say it before 7:00 a.m.

KAGAN: There should be a law.

HARRIS: A little early.

HAFFENREFFER: Yes.

KAGAN: Good to see you.

HARRIS: Good morning, pal.

HAFFENREFFER: Good morning to you both.

At this early hour, the stock index futures are pointing to at least a bit of a bounce at the open today, which is great news following the big gains that we saw. Stocks advancing despite some mixed news on the earnings front.

The Dow industrials gained 172 points, or nearly 2 percent -- a welcome rally for Wall Street. The Nasdaq composite climbed more than 2 percent.

Analysts say the market seems to be adjusting to the risk of further terrorist incidents and has taken the latest anthrax scares in stride.

Investors are also anticipating better earnings next year, and are, therefore, more willing to shrug off less than stellar third quarter results.

Now, today, two more Dow components report earnings: ExxonMobil and AT&T. We'll also hear from DaimlerChrysler, Xerox, Amazon.com and Compaq.

We'll also be watching shares of MetLife today. The No. 2 U.S. insurer is cutting nearly 1,900, or 4 percent of its work force. The company also says it expects fewer claims from the World Trade Center attack than it originally forecast, resulting in higher third quarter earnings.

And that is a quick check on business news -- Leon, back to you in Atlanta.

HARRIS: All right. Thanks, David -- we'll see you later on.

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