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CNN LIVE EVENT/SPECIAL

How Will Stock Markets Act Today and For The Week

Aired October 1, 2001 - 06:50   ET

THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.


THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
CAROL LIN, CNN ANCHOR: And the market, of course, will be reopening again on this Monday. David Haffenreffer, nice little rally last week. What does it mean for this week, do you think?

DAVID HAFFENREFFER, CNN FINANCIAL NEWS: Very nice rally. We'll have to wait and see exactly how the markets react this morning. While they have seen the stock index futures improving over the past hour or so, we could still see a bit of a pullback today after last week's strong gains. They are pointing to a lower open at this point.

On Friday, the Dow industrials average jumping 166 points on the day. For the week, they've climbed more than 7 percent, recovering nearly half its losses from the September terrorist attacks. The Nasdaq was up 38 points, a gain of about 5 percent. The S&P 500 index rose 22 points to 1040, finishing the week up almost 8 percent.

Well, the Federal Reserve meets tomorrow in Washington, and Wall Street is expecting an interest rate cut of at least a quarter-point. It would be the ninth cut this year. The Fed, you'll remember, did cut interest rates by half a point on September 17, the first day stocks traded after the terrorist attacks in Washington, D.C., and New York City.

Some major economic reports are coming out this week as well. The most important today is the National Association of Purchasing Management Index. It is a key gauge of the manufacturing sector, and economists are expecting another decline.

Well, Cantor Fitzgerald's U.S. equities business will not be open for business today. This is so employees and clients of the financial firm can attend a memorial service honoring colleagues lost in the World Trade Center attack. Cantor Fitzgerald lost more than half its 1,250 employees on September 11.

And that is a quick look at business news. Now back to Leon in Atlanta.

LEON HARRIS, CNN ANCHOR: All right, thanks, David, we'll talk with you later on.

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