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Voice of America, 00-06-21

Voice of America: Selected Articles Directory - Previous Article - Next Article

From: The Voice of America <gopher://gopher.voa.gov>

CONTENTS

  • [01] NY ECON WRAP (S&L) BY ELAINE JOHANSON (NEW YORK)

    • [01] NY ECON WRAP (S&L) BY ELAINE JOHANSON (NEW YORK)

    DATE=6/21/2000
    TYPE=CORRESPONDENT REPORT
    NUMBER=2-236632
    CONTENT=
    VOICED AT:

    INTRO: U-S stock prices closed higher Wednesday, with the NASDAQ market almost back into positive territory for the year. VOA correspondent Elaine Johanson reports from New York:

    TEXT: The Dow Jones Industrial Average rose 62 points, less than one percent, to 10-thousand-497. The Standard and Poor's 500 index edged higher. The technology-weighted NASDAQ composite added one- and-one-quarter percent - just below the level at which it started the year. A big price-rise for Microsoft shares gave momentum to the market. Shares of the software giant traded eight percent higher, after a federal judge who ordered a breakup of the company delayed sanctions until the antitrust case is reviewed by the Supreme Court. Investors apparently were able to shrug off higher oil prices, which are part of the reason the central bank has raised interest rates. Trading volume picked up, as people found attractive buying opportunities.

    /// REST OPT ///

    But oil was very much on Wall Street's mind, as OPEC ministers met to boost production. Gasoline prices in the United States have soared, adding to concern over inflationary pressures in the U-S economy. Many experts are skeptical that (gasoline) prices will come down even now. Analyst Robert Christiansen says the additional oil supply is almost no remedy at all:

    /// CHRISTIANSEN ACT ///

    A little bit too little, a little bit too late is how I'd characterize 700-thousand barrels. I think you have to understand that we ended up absorbing a million barrels of what they gave us the last time - just this country, leave out Europe, leave out Asia. So it was really rapidly absorbed by demand.

    /// END ACT ///

    Higher energy costs come at a time when Americans are getting ready for summer vacations. Any way they travel, those steeper prices are expected to make the yearly get-away more expensive. In other news, European antitrust officials reportedly are ready to block the huge merger of Sprint and the number-two U-S long-distance phone carrier, WorldCom. Regulators apparently have decided the 149-billion- dollar combination would put too much of the Internet into the hands of a single company. (Signed) NEB/NY/EJ/LSF/WTW 21-Jun-2000 17:13 PM EDT (21-Jun-2000 2113 UTC)
    NNNN
    Source: Voice of America
    Voice of America: Selected Articles Directory - Previous Article - Next Article
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