Wednesday Morning Activity
The markets began Wednesday trading continuing the recent trend of falling share prices, but by late morning the markets began to move decidedly higher. The arrests of members of the family that founded Adelphia Communications Corp. on federal conspiracy charges cheered the mood of traders. Further, news that lawmakers had reached agreement on landmark legislation to revamp accounting practices and bring corporate criminals to justice spurred near frenzied buying on the Street. By the noon hour the markets had moved well into positive territory on the day and the dayis positive momentum had clearly gained critical mass.
On Wednesday analysts were busy upgrading stocks due to the recent fall off in prices that has sent the share prices of blue chip and other well-known companies into bargain basement territory. Oil and banking stocks were very big gainers on the day.
Wednesday Afternoon Activity
Following a short early afternoon lull in price gains, the markets advanced to near-record gains in one-day trading. The Big Board saw a record 2.7 billion shares change hands on the way to an almost 500 point gain in the Dow Jones Industrial Average. The NASDAQ also recorded more than 2 billion shares changing hands.
At the close of trading the Dow Jones Industrial Average was up 488.95 points at 8,191.29, its largest single day gain since the October 1987 recovery from a tumultuous, record-setting market plunge. The S&P 500 advanced 45.72 to finish at 843.42. The NASDAQ Composite Index moved up 61.18 to end the day at 1,290.23. Apple gained $.73 to close at $15.20, a gain of just over five percent on the day.
In a rare compliment of a computer company in the ongoing copyright protection battle, The RIAA has singled-out Apple for positive mention about the companyis high-profile effort to discourage product users from stealing music.
In another sign of changing times, BusinessWeek online has published critical excerpts from a question and answer session with Apple senior vice-president Phil Schiller. Though the published questions and answers are relatively short, the reporteris understanding of Appleis products and market leadership is indicative of a growing interest in Apple among members of the press.