TECH STOCKS LEAD WAY BACK; DOW IGNORES ASIA, CLOSES UP 66.76.Byline: Hal Paul Bloomberg News U.S. stocks rose for the first time in five days as investors snapped up beaten-down computer shares and three Wall Street strategists suggested that equities already reflect most of the bad news from Asia. Intel Corp. and Microsoft Corp. led the market's rebound from early losses triggered by tumbling markets from Hong Kong Hong Kong (hŏng kŏng), Mandarin Xianggang, special administrative region of China, formerly a British crown colony (2005 est. pop. 6,899,000), land area 422 sq mi (1,092 sq km), adjacent to Guangdong prov. to Stockholm. ``Prices got low enough that investors said to themselves, let's step in and pick up some bargains,'' said Joe Stocke, a money manager at CoreStates/Meridian Investment Co., which oversees $2.5 billion in stocks. He said Monday's rebound was a healthy sign for the market because ``investors didn't panic and showed they will stick with their long-term investment goals.'' The Dow Jones industrial average Dow Jones Industrial Average The best known U.S. index of stocks. A price-weighted average of 30 actively traded blue-chip stocks, primarily industrials including stocks that trade on the New York Stock Exchange. rose 66.76, or 0.9 percent, to 7,647.18, recovering from a 137-point slide. Procter & Gamble Co. led a late-day surge, rising 3 7/16 to 82 5/16 after it said it will raise the prices of its Charmin, Bounty bounty, payment made by a government bounty, amount paid by a government for the achievement of certain economic or other goals. It often takes the form of a premium paid for the increased production or export of certain goods. and Puffs paper products 4 percent to 7 percent. Stocks were helped by positive comments from Abby Joseph Cohen Abby Joseph Cohen (CFA) (born 1952 in Queens, New York) is an American economist and financial analyst on Wall Street. She is a partner and chief U.S. investment strategist at Goldman Sachs. , co-chairman of Goldman, Sachs & Co.'s investment policy committee, who has been correctly bullish Bullish Word used to describe an investor's attitude. Bullish refers to an optimistic outlook, while bearish means a pessimistic outlook. bullish through the past three years' rally in stocks. She reiterated her view that Asia's slumping economies and currencies will have a muted impact on U.S. profits. CAPTION(S): Chart Chart: (Color) WORLD MARKETS Associated Press Associated Press: see news agency. Associated Press (AP) Cooperative news agency, the oldest and largest in the U.S. and long the largest in the world. |
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