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CNN Live At Daybreak

More Buying a Possibility on Wall Street

Aired November 15, 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.
CATHERINE CALLAWAY, CNN ANCHOR: We're going to turn to business news now. Stocks closed higher yesterday on optimism about progress in Afghanistan and the economy.

CNN's David Haffenreffer is at the CNN Financial News Desk in New York -- David, investors certainly on a high note over the fall of Kabul. Are we going to see more buying now on Wall Street today, do you think?

DAVID HAFFENREFFER, CNN FINANCIAL NEWS CORRESPONDENT: We very well could, Catherine. We've got about three hours and 12 minutes to go now before the opening bell rings on the Street, and the futures do point to a mixed to possibly higher open for us today.

We did, as you mentioned, had another good day today -- yesterday for the marketplace. The Dow industrials picked up 72 points, the Nasdaq higher by 11 points, and the S&P 500 up 2 points on the day. They were well off their highs of the day, however.

We do want to show you what the markets have done since September 21. That was the first day back from after the September 11 terrorist attacks here in New York that the markets were open. And since then, the Nasdaq has picked up 34 percent, the Dow higher by 19 percent, and the S&P 500 has risen about 18 percent since September 21. So, it's been an impressive gain for the marketplace since then -- Catherine.

CALLAWAY: New numbers coming out today. What's expected?

HAFFENREFFER: Yes, a couple of things on the economic docket this morning. The first will be the latest reading on the labor market. It is Thursday morning we get this weekly initial jobless claims number that comes out, and for the most part, economists are forecasting a slight increase up to 466,000 -- that from last week's 450,000.

We'll also get a reading on business inventories. This is expected to show that inventory -- that companies, rather, are working through excess inventories. The economic slowdown, at one point, was called an inventory recession. Once those inventories are drawn down, Catherine, it means that companies can begin producing their goods once again.

CALLAWAY: All right. CNN's David Haffenreffer -- thank you, David. Have a good 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.