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Wall St. extends gains
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October 22, 1999: 1:53 p.m. ET
Broad-based buying continues, bolstered by financials and techs By Staff Writer Jill Bebar
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NEW YORK (CNNfn) - U.S. stock markets extended gains Friday afternoon amid strong gains in financial shares and a continuing rebound in technology issues.
Shortly before 1:30 p.m. ET, the Dow Jones industrial average rose 146.59 points to 10,444.28. On the New York Stock Exchange, gainers outnumbered losers by 1,856 to 1,026 as 586 million shares changed hands.
The Nasdaq composite gained 34.15 points, or 1.23 percent, to 2,836.10, and the S&P 500 index advanced 18.28, or 1.43 percent, to 1,301.89. (Click here for a look at today's CNNfn hot stocks.)
The bond market edged slightly lower, but dealings were limited by the day's absence of economic data releases, as well as investors' focus on the erratic movements of the stock market. The bellwether 30-year Treasury bond fell 2/32 of a point in price, its yield unchanged from Thursday's 6.35 percent.
The dollar fell slightly against the yen but rose against the euro.
Earnings remain key
Among the day's stock market movers, investors focused on the companies that reported their latest quarterly results. Those that beat Wall Street's bottom-line expectations saw their stocks' value rise, but those that failed to meet the market's forecasts or issued profit warnings for the quarters to come saw their shares pummeled.
Among the top gainers, Swedish wireless communications equipment maker Ericsson (ERICY) rallied 4-11/16, or nearly 14 percent, to 38-1/2 after the company reported earnings that were lower than a year earlier but still surpassed analysts' expectations. Ericsson also issued an optimistic forecast for the quarters ahead, citing strong demand for its new mobile phone products.
Also on the rebound, technology stocks extended their late bounce-back from Thursday. Shares of Dow component IBM (IBM) -- which roiled the tech sector and the broader market a day earlier after reporting a lukewarm third quarter and issuing a profit warning for the two following quarters -- recovered from their deep slide, rising 2-1/8 to 93-1/8.
The Dow's other technology component, Hewlett Packard (HWP), edged up 1/4 to 75-1/4.
Elsewhere in the high-tech corner, Intel (INTC), due to introduce its fastest Pentium III chips Monday, rose 1-3/4 to 73-7/16 and Dell Computer (DELL) was up 3/8 to 39-7/8.
Meanwhile, among the day's other newsmakers, shares of biotech firm Biogen (BGEN) plunged 8-15/16, or over 12 percent, to 63-5/8 after the company late Thursday said blood clotting in several patients had prompted it to halt several trials for a treatment for autoimmune diseases.
And shares of Gillette (G) fell 2-3/4 to 35-1/8 after the razor maker reported third-quarter results that matched expectations, but warned fourth-quarter results will drop sharply from a year earlier; Wall Street had expected an 8 percent increase.
In the trash collecting sector, long-suffering Waste Management (WMI) saw its shares decline 1-1/16 to 15-3/4 after the garbage hauler said an internal review will result in a significant charge against third-quarter and full-year earnings.
Financial shares rally
Shares of financial companies rallied on news of a possible repeal of Depression-era banking laws appeared closer.
Barry Hyman, chief market strategist at Ehrenkrantz King Nussbaum, said the repeal is significant to the financial sector and the general market.
"It shows immediate flow into a sector that has been underperforming. This is very positive for the market," he said.
Hyman added insurance companies stand to benefit the most from the legislative overhaul.
Among the gainers, Chubb (CB) jumped 4-3/4, or over 10 percent, to 50-5/8, and AIG (AIG) gained 4-1/2 to 90-3/8.
In addition, all three Dow financial components rose sharply, helping extend the index's gains. American Express (AXP) advanced 4-3/8 to 149-1/4, Citigroup (C) was up 1-7/8 at 48-13/16 and J.P. Morgan (JPM) climbed 6-15/16 to 124-1/8. 
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