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by 12/27/1999 4:18 PM

Stocks quoted in this article:

As we noted this morning, the PHLX KBW Banking Index (BKX - 759.42) got out of the gate with a lead in early trading, as tech shares were relegated to nursing their post-holiday malaise. However, you can't keep a good index down. The Nasdaq Composite (COMP - 3975.3) came roaring back toward the end of the day to close in positive territory for yet another in a long string of record closes. The high today of 4001.9 only slightly breached the high of 4001.6 set Thursday. Thus, the COMP will have to wait at least one more day before it has a millenium celebration with a close above 4,000. Conversely, the BKX backed off from its fight with its 10-day moving average and went from being in the black by one percent to being in the red by two percent by the closing bell.
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by 12/27/1999 4:03 PM

Stocks quoted in this article:

The AMEX Biotechnology Index (BTK - 379.34) index is again racing into new high territory, posting another 3.04-percent gain at the close of trading today. Millenium Pharmaceuticals (MLNM - 141-11/16) is taking top honors in the BTK with a 19-percent gain. MLNM submitted a Biologics License Application to the Food and Drug Administration for Campath, an investigational humanized monoclonal antibody. This has received "fast track" designation from the FDA. Although this news has been public since early Wednesday, which makes it look less likely as the primary driver for the rally. MLNM is hitting new highs today. Today's BTK close in new-high territory today marks the fifth new high in a row, as the index has soared 23 percent in just over a week.<
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by 12/27/1999 3:28 PM

Stocks quoted in this article:

QCOM

Qualcomm (QCOM - 501-3/8) shares just can't quit. Currently, the stock is trading up another 33-1/2 points and reached an all-time intraday high at 500-1/2. This rally comes after the stock opened lower and tested support at its 10-day moving average. The security's most recent upleg began in early November and has used its 10-day trendline for support throughout its rally.
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by 12/27/1999 3:12 PM

Stocks quoted in this article:

COMP

It seems as though investors have a bit of a hangover today, with the technology stocks feeling the most nauseated. Decliners are hammering advancers by a 25-to-16 margin with down volume coming in at 500 million shares versus up volume of 287 million. We are on track to break one billion shares on the day, but that lags behind the more normal 1.2-1.5 billion shares that typically trade. As we head into the final half-hour of trading, the Nasdaq Composite (COMP - 3954.4) has pared its losses substantially when it traded as low as 3902.3. <
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by 12/27/1999 3:06 PM

Stocks quoted in this article:

Heavy machinery manufacturer Caterpillar (CAT - 46-3/4) is leading the Dow Jones Industrial Average (.INDU - 11435.8) higher today. CAT has rallied over four percent today and nearly eight percent since last week's 10-month low. CAT is now above its downtrending 10-day moving average for the first time since November 18. If CAT's short-term recovery continues, the next resistance may be in the 52 area, the site of former support and a price gap that broke a two-month consolidation and led to last week's lows.
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