Regis Philbin
Feb 7th, 2007, 04:11 PM
http://today.reuters.com/news/articlenews.aspx?type=businessNews&storyid=2007-02-07T173427Z_01_N07345388_RTRUKOC_0_US-MARKETS-STOCKS.xml&src=rss&rpc=23
Dow hits record, Cisco lifts techs
Wed Feb 7, 2007 12:34pm ET
By Amanda Cooper
NEW YORK (Reuters) - Stocks rallied on Wednesday, driving the Dow Jones industrial average to a record intraday high, after a strong profit and outlook from Cisco Systems Inc. increased optimism about earnings.
Data showing softer-than expected fourth-quarter U.S. labor costs and stronger-than-expected productivity also soothed some concern about wage inflation.
"Cisco put people in the mood. I think the productivity numbers and unit labor costs are making people pretty bullish," said Ray Rund, managing director and head of research at Shaker Investments in Cleveland.
"I follow technology -- small and mid-cap -- pretty closely and I was noticing that companies that beat last night, that came out with really good forecasts that were higher than people were expecting are up dramatically today," he said
Dow hits record, Cisco lifts techs
Wed Feb 7, 2007 12:34pm ET
By Amanda Cooper
NEW YORK (Reuters) - Stocks rallied on Wednesday, driving the Dow Jones industrial average to a record intraday high, after a strong profit and outlook from Cisco Systems Inc. increased optimism about earnings.
Data showing softer-than expected fourth-quarter U.S. labor costs and stronger-than-expected productivity also soothed some concern about wage inflation.
"Cisco put people in the mood. I think the productivity numbers and unit labor costs are making people pretty bullish," said Ray Rund, managing director and head of research at Shaker Investments in Cleveland.
"I follow technology -- small and mid-cap -- pretty closely and I was noticing that companies that beat last night, that came out with really good forecasts that were higher than people were expecting are up dramatically today," he said