Newspaper article St Louis Post-Dispatch (MO)

Sun Behind a Cloud; Phone Stocks Ringing

Newspaper article St Louis Post-Dispatch (MO)

Sun Behind a Cloud; Phone Stocks Ringing

Article excerpt

Stocks rebounded from early losses Thursday to push the Dow Jones industrial average and Standard & Poor's 500 index to records. Telephone gains tempered a computer-industry slump led by Sun Microsystems Inc.

For a second day, a round of better-than-expected earnings reports was met with a lackluster response early on. By day's end, stocks regained lost ground as investors had second thoughts.

"People have been forecasting a slowdown in corporate earnings for the last year and a half, and the surprise has been that it really hasn't occurred to the order of magnitude that one would have thought," said Kathleen McCarragher, a money manager at Weiss, Peck & Greer. The Dow industrials rose 16.03 to 6020.81, making up about 35 points in the last hour alone. Philip Morris Cos., Sears, Roebuck & Co. and United Technologies Corp. spurred the Dow. The broader market was mixed. The Nasdaq composite dropped 7.11 while the S&P 500 rebounded near the close to 704. …

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