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CNN Live At Daybreak
Dow, Nasdaq, S&P All Set to Close Higher For Year
Aired December 31, 2003 - 06:17 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. It looks like the third year is the charm for the stock market, at least we hope so.
Sasha Salama explains from the Nasdaq market site.
Good morning -- Sasha.
SASHA SALAMA, CNN FINANCIAL NEWS CORRESPONDENT: Good morning, Carol.
And, yes, break out the champagne early on Wall Street, because Wall Street is on track for its first up year since 1999. The market is finally bouncing back in a big way this year. So far, the Dow Jones industrial average up 25 percent. The Nasdaq up more than 50 percent year to date. There you see the figures, and the S&P up more than 26 percent.
This is actually not the Nasdaq's best year ever. It was up 86 percent in that heady year of 1999. But hey, investors will take it given the fact that the market has been in what they call a bear market for the last three years.
Basically, barring any major event today, we are definitely going to see these advances. And what we saw yesterday was kind of a mixed picture, despite the fact that there was weak economic news. Three economic reports came out weaker than expected, including consumer confidence.
That consumer confidence report involved people still being out of work and that affecting their confidence overall and how they view the economy and spending. So that's one definitely to watch for the future. That consumers really held up the economy for the last three years or so and any major turn in that over a few months, or you know an extended period of time, would definitely be a negative.
The futures today are pointing to a higher open, even though it's going to be a light trading day. Lots of folks take off on this week before Christmas -- before New Year's and after Christmas. So not a lot of activity expected. But we are expecting to see these gains for the final day of the year.
By the way, in the Dow, the three stocks that did the best this past year were economically sensitive stocks. The best performer, Caterpillar, up 88 percent. This is a maker of factory equipment and tractor equipment, so Caterpillar really the big winner.
Carol, I'm glad to have some positive news to tell you about Wall Street. Back to you.
COSTELLO: All right. Happy New Year. Sasha Salama reporting live from the Nasdaq market site.
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 December 31, 2003 - 06:17 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. It looks like the third year is the charm for the stock market, at least we hope so.
Sasha Salama explains from the Nasdaq market site.
Good morning -- Sasha.
SASHA SALAMA, CNN FINANCIAL NEWS CORRESPONDENT: Good morning, Carol.
And, yes, break out the champagne early on Wall Street, because Wall Street is on track for its first up year since 1999. The market is finally bouncing back in a big way this year. So far, the Dow Jones industrial average up 25 percent. The Nasdaq up more than 50 percent year to date. There you see the figures, and the S&P up more than 26 percent.
This is actually not the Nasdaq's best year ever. It was up 86 percent in that heady year of 1999. But hey, investors will take it given the fact that the market has been in what they call a bear market for the last three years.
Basically, barring any major event today, we are definitely going to see these advances. And what we saw yesterday was kind of a mixed picture, despite the fact that there was weak economic news. Three economic reports came out weaker than expected, including consumer confidence.
That consumer confidence report involved people still being out of work and that affecting their confidence overall and how they view the economy and spending. So that's one definitely to watch for the future. That consumers really held up the economy for the last three years or so and any major turn in that over a few months, or you know an extended period of time, would definitely be a negative.
The futures today are pointing to a higher open, even though it's going to be a light trading day. Lots of folks take off on this week before Christmas -- before New Year's and after Christmas. So not a lot of activity expected. But we are expecting to see these gains for the final day of the year.
By the way, in the Dow, the three stocks that did the best this past year were economically sensitive stocks. The best performer, Caterpillar, up 88 percent. This is a maker of factory equipment and tractor equipment, so Caterpillar really the big winner.
Carol, I'm glad to have some positive news to tell you about Wall Street. Back to you.
COSTELLO: All right. Happy New Year. Sasha Salama reporting live from the Nasdaq market site.
TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com
