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CNN Live At Daybreak
Stock Surge
Aired June 17, 2003 - 06:15 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.
CAROL COSTELLO, CNN ANCHOR: Time for a little business buzz right now, though. Stocks had a stellar day yesterday. It was just a flashback, wasn't it?
Let's get the details and a preview of today's market action from Carrie Lee at the Nasdaq market site. She's in for Susan Lisovicz this morning.
It was a flashback. It's like come on 10,000.
CARRIE LEE, CNN FINANCIAL NEWS CORRESPONDENT: You know it felt that way, Carol, but actually we could see some follow-through. Futures looking pretty positive so far this morning, but let's do a quick recap first.
The Dow Jones industrials yesterday gaining 2.2 percent to their highest close in 11 months. The Nasdaq did even better. The technology heavy index up 2.5 percent to a 13-month high. And if you take a look at the S&P 500, you can see right there that we have closed above the 10,000 mark for the first time since last June. So certainly a run for the bulls yesterday. The reason was a manufacturing report from New York State, so investors are really betting that we are on the way to economic recovery.
Now, as I said, early indications pointing to a higher open so far, but that could change. About an hour before the session begins, we'll get a reading on the CPI, that's the consumer price index, measuring inflation at the retail level. We're expecting the number to tick down a little bit when you take out volatile food and energy prices. That core rate, though, is expected to increase. Also, we'll get readings on industrial production, as well as housing starts. All of these reports, by the way, for the month of May. And, Carol, you can bet they will influence trading; but so far, things are looking pretty good this Tuesday morning.
COSTELLO: Keeping my fingers crossed. I know you have more numbers for us because stocks weren't the only things that went up yesterday.
LEE: That's right, the price of the seat on -- of a seat, I should say, on the New York Stock Exchange yesterday rose $1.82 million, that's what was paid, reversing five straight declines in the terms of sales numbers. The previous sale was for $1.5 million back in March. A lot of things affect the price of the seat, including economic conditions, what's happening with the stock market; and this increase is rather a good sign. Now interesting, the New York Stock Exchange does not release who's actually buying and selling these seats, so we don't know who purchased the seat yesterday. But obviously owners can buy and sell securities on the floor so that's why people want them and that's why they pony up the money -- Carol.
COSTELLO: Understand. Carrie Lee, many thanks, live from New York this morning.
TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com
Aired June 17, 2003 - 06:15 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
CAROL COSTELLO, CNN ANCHOR: Time for a little business buzz right now, though. Stocks had a stellar day yesterday. It was just a flashback, wasn't it?
Let's get the details and a preview of today's market action from Carrie Lee at the Nasdaq market site. She's in for Susan Lisovicz this morning.
It was a flashback. It's like come on 10,000.
CARRIE LEE, CNN FINANCIAL NEWS CORRESPONDENT: You know it felt that way, Carol, but actually we could see some follow-through. Futures looking pretty positive so far this morning, but let's do a quick recap first.
The Dow Jones industrials yesterday gaining 2.2 percent to their highest close in 11 months. The Nasdaq did even better. The technology heavy index up 2.5 percent to a 13-month high. And if you take a look at the S&P 500, you can see right there that we have closed above the 10,000 mark for the first time since last June. So certainly a run for the bulls yesterday. The reason was a manufacturing report from New York State, so investors are really betting that we are on the way to economic recovery.
Now, as I said, early indications pointing to a higher open so far, but that could change. About an hour before the session begins, we'll get a reading on the CPI, that's the consumer price index, measuring inflation at the retail level. We're expecting the number to tick down a little bit when you take out volatile food and energy prices. That core rate, though, is expected to increase. Also, we'll get readings on industrial production, as well as housing starts. All of these reports, by the way, for the month of May. And, Carol, you can bet they will influence trading; but so far, things are looking pretty good this Tuesday morning.
COSTELLO: Keeping my fingers crossed. I know you have more numbers for us because stocks weren't the only things that went up yesterday.
LEE: That's right, the price of the seat on -- of a seat, I should say, on the New York Stock Exchange yesterday rose $1.82 million, that's what was paid, reversing five straight declines in the terms of sales numbers. The previous sale was for $1.5 million back in March. A lot of things affect the price of the seat, including economic conditions, what's happening with the stock market; and this increase is rather a good sign. Now interesting, the New York Stock Exchange does not release who's actually buying and selling these seats, so we don't know who purchased the seat yesterday. But obviously owners can buy and sell securities on the floor so that's why people want them and that's why they pony up the money -- Carol.
COSTELLO: Understand. Carrie Lee, many thanks, live from New York this morning.
TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com
