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Dow Is Up 17; Nasdaq Gains 23

August 24, 2000

NEW YORK (AP) _ Stocks opened higher Thursday as investors have emerged from the shadow of potential interest rate hikes and into a sector driven market.

In the first hour of trading on Wall Street, the Dow Jones industrial average was up 17.21 at 11,161.86.

Broader stock indicators were also higher.

The Standard & Poor’s 500 index was up 3.09 at 1,509.06, and the Nasdaq composite index was up 22.61 at 4,033.62.

Analysts believe the markets will be sector driven for the foreseeable future in the wake of the Federal Reserve Board’s decision on Tuesday to leave interest rates alone.

A sector driven market means that investors won’t be following broad trends, such as the direction of interest rates. Rather, the markets will move based on events in specific industries.

Advancing issues narrowly outnumbered decliners by on the New York Stock Exchange, where volume came to 108.84 million shares.

The Russell 2000 index was up 1.18 at 519.06.

Overseas, Japan’s Nikkei stock average rose 1.42 percent. In afternoon trading, Germany’s DAX index was up 0.25 percent, Britain’s FT-SE 100 was up 0.24 percent, and France’s CAC-40 was down 0.21 percent.


On the Net:

New York Stock Exchange: http://www.nyse.com

Nasdaq Stock Market: http://www.nasdaq.com

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