Modest gains offer hope that Wall Street will pull out of its rut
September 12, 2004
New York - Wall Street posted modest gains over the past week, offering some hope the stock market can break out of the narrow trading range of the past eight months.
In the holiday-shortened week to Friday, the blue-chip Dow Jones Industrial Average advanced 0.51 percent to 10 313.07 and the Standard and Poor's 500 broad-market index added 0.92 percent to 1 123.92. The tech-heavy Nasdaq composite rallied 2.7 percent for the four sessions to close at 1 894.31.
"Something has to give at some point, because this is one of the longest pauses the market has turned in over the past two decades - directionless now for 207 days," said David Rosenberg at Merrill Lynch.
Sung But Won Sohn at Wells Fargo Bank said stocks are not out of the woods yet. "The worries over interest rates, geopolitics and the uncertainties surrounding the election continue to be a heavy burden on equities," Sohn said. - AFP
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