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Can Wall Street Sustain Last Week's Gains? - 2001-10-28


Stock traders on Wall Street are holding their collective breath, after last week's market activity. The major stock averages moved higher, despite all the negative news lately. The Dow Jones Industrial Average will start the week at 9,545, after gaining more than 4 percent last week. The Industrials are now less than 1 percent below their level before last month's terrorist attacks.

The tech-weighted Nasdaq composite starts off nearly 7 percent higher, having reclaimed all its losses since September 11.

Experts are not sure what exactly is moving the markets higher. Corporate profits are falling in a weaker U.S. economy, and an economic rebound is not forecast until maybe late next year.

Add to the mix the prospect of a protected battle against terrorism, and the scenario going forward is filled with uncertainty.

But traders are happy enough just to absorb the gains, leaving the job of deeper thoughts about the market to the professional analysts on Wall Street.

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