Former U.S. Treasury secretary Paul O'Neill commented that the "Fed put the punch back into the punchbowl." For the week, the Dow and S&P500 gained 2.8%, increasing y-t-d gains to 10.9% and 7.6%. The Morgan Stanley Cyclical index jumped 4.3% (up 18.2% y-t-d), and the Morgan Stanley Consumer index gained 3.1% (up 6.6%). The Utilities rose 2.3% (up 9.7%), and the Transports added 0.6% (up 5.9%). The small cap Russell 2000 jumped 3.1% (up 3.2%), and the S&P400 Mid-Cap index gained 2.2% (up 9.6%). Technology stocks added to strong already gains. The NASDAQ100 rose 2.4% (up 16.7%), and the Morgan Stanley High Tech index gained 2.6% (up 16.7%). The Semiconductors increased 2.9% (up 7.1%). The Street.com Internet advanced 2.0% (up 15.7%), and the NASDAQ Telecommunications index jumped 3.3% (up 19.9%).
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