Stocks Rise amid Heightened Optimism for Corporate Profits

THE JOURNAL RECORD, February 19, 1999 | Go to article overview

Stocks Rise amid Heightened Optimism for Corporate Profits


NEW YORK (Bloomberg) -- U.S. stocks rose Thursday after a series of surprisingly strong economic reports increased optimism for corporate profits. Transamerica was the biggest gainer after Aegon said it would buy the insurer for $10.8 billion.

"The economy is firing on all cylinders, and as long it's strong it paints a great background for companies to make money," said Robert Froehlich, chief investment strategist at Scudder Kemper Investments, which manages $350 billion. "If the economy remains strong, it's easier to meet expectations."

The Dow Jones Industrial Average rose 103.16 Thursday to close at 9,298.63. The Standard & Poor's 500 Index gained 13.25 to 1,237.28. The Nasdaq Composite Index climbed 11.64 to 2,260.55. Three stocks advanced for every two that fell on the New York Stock Exchange. Transamerica rose 15 1/4 to 72 7/8, and was the biggest gainer in the S&P 500. American depositary receipts of The Hague-based Aegon advanced 5 1/8 to 99 7/8. The S&P life insurance group rose 5.8 percent, its biggest jump since Feb. …

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