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Summary
TAPE_NUMBER: EF/01/0297 IN_TIME: 01:07:44 LENGTH: 02:33 SOURCES: NYSE/APTN RESTRICTIONS: FEED: SCRIPT: XFA English/Nat Wall Street ended a horrific two weeks with a show of strength on Friday, as the Dow Jones industrials extended Thursday's late rebound and closed with a gain of more than 100 points. While the Dow's rise was encouraging, analysts said it was unlikely the blue chips - and the stock market in general - had indeed hit a bottom, or if Friday's advance was a temporary bounce following a string of sharp drops. According to preliminary calculations, the Dow rose 115.30 to close at 9,504.78, wiping out the remaining damage from Thursday's slide, which saw the Dow fall 380 points before finishing 97 points lower. The Dow briefly slid to bear market levels on Thursday, reaching a 20 percent drop from the index's high of 11,722.98 on 14 January 2000. But a late rally lured it out of bear territory. Before Friday's gain, the Dow had lost 1,468.77, or 13.5 percent, over the past 10 trading sessions. Broader market indicators also rose on Friday. Analysts said investors were split over what direction the market will take, which means it is likely will be some time before stocks can make a concerted move upward. The Dow, which until last week was resilient to the massive selloffs that devastated the Nasdaq over the past several months, has fallen to bear levels because investors believe the economy is getting much weaker, severely hampering the country's staple industry leaders. There has been plenty of evidence this week that blue chip companies have suffered from the slowing economy. Procter & Gamble announced on Thursday it was slashing 9,600 jobs to restore long-term growth. General Motors, which idled two assembly plants this week, said Wednesday it will temporarily halt operations at more plants as it whittles inventories. SOUNDBITE: (English): "In the last two weeks the key thing that happened in the market is that the character of the decline changed. Earlier this year the weakness was focused or concentrated mainly in the technology stocks while the old-line, old-economy blue-chip issues that are represented by the Dow Jones average held up amazingly well. In the last couple of weeks, that weakness in technology spread to these other more conservative parts of the market, and that's what caused this recent sharp drop in the Dow Jones average." SUPERCAPTION: Dick McCabe, Merrill Lynch SOUNDBITE: (English): "I think the Nasdaq may take a year or more of backing and filling above the lows to build a base that will then support a new major advance. The Dow Jones average may need a little less time, that hasn't had as much technical damage done to it, so it may take six or nine months, but again it may not make a lot of progress for a while other than a good rebound in the Spring. It may need to go through that rebuilding or healing process before a new bull market in any great aggressive way sets in." SUPERCAPTION: Dick McCabe, Merrill Lynch SHOTLIST: New York, US - 23 March, 2001 APTN - 23 March 1. Wide shot closing bell New York Stock Exchange (NYSE) 2. Wide shot pan across trading floor NYSE 3. SOUNDBITE: (English): Dick McCabe, Merrill Lynch 4. Wide shot exterior Nasdaq marketsite on Times Square, large electronic sign outside marketsite 5. Wide shot interior Nasdaq marketsite with electronic board showing stock quotes 6. Close up Nasdaq closing composite for Friday 7. SOUNDBITE: (English): Dick McCabe, Merrill Lynch FILE 8. Various shots of manufacturing at I-B-M plant APTN - 23 March 9. Medium shot traders on floor of NYSE 10. Wide shot pan across floor of NYSE?
Footage Information
Source | ABCNEWS VideoSource |
---|---|
Title: | US: Markets: Wall Street ends two bad weeks with a show of strength |
Date: | 03/24/2001 |
Library: | APTN |
Tape Number: | VSAP213139 |
Content: | TAPE_NUMBER: EF/01/0297 IN_TIME: 01:07:44 LENGTH: 02:33 SOURCES: NYSE/APTN RESTRICTIONS: FEED: SCRIPT: XFA English/Nat Wall Street ended a horrific two weeks with a show of strength on Friday, as the Dow Jones industrials extended Thursday's late rebound and closed with a gain of more than 100 points. While the Dow's rise was encouraging, analysts said it was unlikely the blue chips - and the stock market in general - had indeed hit a bottom, or if Friday's advance was a temporary bounce following a string of sharp drops. According to preliminary calculations, the Dow rose 115.30 to close at 9,504.78, wiping out the remaining damage from Thursday's slide, which saw the Dow fall 380 points before finishing 97 points lower. The Dow briefly slid to bear market levels on Thursday, reaching a 20 percent drop from the index's high of 11,722.98 on 14 January 2000. But a late rally lured it out of bear territory. Before Friday's gain, the Dow had lost 1,468.77, or 13.5 percent, over the past 10 trading sessions. Broader market indicators also rose on Friday. Analysts said investors were split over what direction the market will take, which means it is likely will be some time before stocks can make a concerted move upward. The Dow, which until last week was resilient to the massive selloffs that devastated the Nasdaq over the past several months, has fallen to bear levels because investors believe the economy is getting much weaker, severely hampering the country's staple industry leaders. There has been plenty of evidence this week that blue chip companies have suffered from the slowing economy. Procter & Gamble announced on Thursday it was slashing 9,600 jobs to restore long-term growth. General Motors, which idled two assembly plants this week, said Wednesday it will temporarily halt operations at more plants as it whittles inventories. SOUNDBITE: (English): "In the last two weeks the key thing that happened in the market is that the character of the decline changed. Earlier this year the weakness was focused or concentrated mainly in the technology stocks while the old-line, old-economy blue-chip issues that are represented by the Dow Jones average held up amazingly well. In the last couple of weeks, that weakness in technology spread to these other more conservative parts of the market, and that's what caused this recent sharp drop in the Dow Jones average." SUPERCAPTION: Dick McCabe, Merrill Lynch SOUNDBITE: (English): "I think the Nasdaq may take a year or more of backing and filling above the lows to build a base that will then support a new major advance. The Dow Jones average may need a little less time, that hasn't had as much technical damage done to it, so it may take six or nine months, but again it may not make a lot of progress for a while other than a good rebound in the Spring. It may need to go through that rebuilding or healing process before a new bull market in any great aggressive way sets in." SUPERCAPTION: Dick McCabe, Merrill Lynch SHOTLIST: New York, US - 23 March, 2001 APTN - 23 March 1. Wide shot closing bell New York Stock Exchange (NYSE) 2. Wide shot pan across trading floor NYSE 3. SOUNDBITE: (English): Dick McCabe, Merrill Lynch 4. Wide shot exterior Nasdaq marketsite on Times Square, large electronic sign outside marketsite 5. Wide shot interior Nasdaq marketsite with electronic board showing stock quotes 6. Close up Nasdaq closing composite for Friday 7. SOUNDBITE: (English): Dick McCabe, Merrill Lynch FILE 8. Various shots of manufacturing at I-B-M plant APTN - 23 March 9. Medium shot traders on floor of NYSE 10. Wide shot pan across floor of NYSE? |
Media Type: | Summary |