Saturday, August 12, 2000

Bargain hunters help Dow top 11,000




By Amy Higgins
The Cincinnati Enquirer

        The Dow Jones Industrial Average Friday reached its highest level since April, topping the 11,000 mark again.

        The blue-chip index closed at 11,027.80 — a 13-week high, but still almost 700 points below its all-time high reached in January.

        “The Dow will continue to do well, perhaps at the expense of the Nasdaq (Composite Index),” said Doug McPeek, managing director of Nottinghill Investment Advisers in Anderson Township.

        The tech-heavy Nasdaq gained 0.8 percent to close Friday at 3789.47, having recovered from a loss of 60 points earlier in the session. It remains far below its peak of 5048.62 hit in March.

        The Standard & Poor's 500 Index was up 10.59 to 1470.84.

        Investors are moving money from high-priced technology stocks to blue chips to find bargains, Mr. McPeek said.

        “The valuation differences between the so-called old economy and new economy are very compelling,” he said.

        Analysts also said a pattern has emerged recently in which investors react to whatever news is released on a given day.

        The Associated Press contributed to this report.

       



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