The Dow Jones Industrial Index closed over the 10,000 mark for the first time in three weeks, with a gain of 2.62% to close at 10,102.60, up 257.50. The Nasdaq index rose 6.08% to close at 1,851.86, up 106.15, thanks to bidding on stocks that will report first-quarter results after the market closes, including Motorola and E*Trade Group.
Motorola is expected to announce its first quarterly loss in 16 years; E*Trade reported net income of $868,000 for the first quarter, compared to a loss of $672,000 the same time a year ago and revenues of $330 million, compared to $417 million a year ago.
Among agencies, even troubled MarchFirst rose, helped by reports that it has agreed to sell McKinney & Silver to Havas Advertising. MarchFirst shares rose to 37.50%, up 3 cents to close at 11 cents; American Depository Receipt shares of Havas rose 3.83% to close up 44 cents at $11.94.
The markets were helped by encouraging preannouncements from companies such as Amazon.com and by rumors of another surprise cut in rates coming from the Federal Reserve Board.
Amazon on Monday told analysts it will post a smaller first-quarter loss and better revenues than initially expected. Analysts have forecast a flurry of recessionary indicators in the last month will force the Fed to lower rates again before its May meeting. -- Mercedes Cardona
Copyright April 2001, Crain Communications Inc.