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The Honolulu Advertiser

Posted at 12:03 p.m., Thursday, November 21, 2002

HP earnings report propels Dow skyward

Hawai'i Stocks
Updated Market Chart

By Lisa Singhania
Associated Press

NEW YORK ­ The Dow Jones average climbed more than 220 points Thursday and closed at its highest level in three months, buoyed by better-than-expected earnings from Hewlett-Packard.

Investors were also cheered by an economic report that suggested the employment slump might be easing and a stronger-than-expected showing in the Index of Leading Economic Indicators.

The Dow closed up 222.14 points, or 2.6 percent, at 8,845.15. The blue chip average finished at its highest level since Aug. 26, when it stood at 8,919.01.

The technology-heavy Nasdaq composite index was the biggest gainer, jumping 48.21 points, or 3.4 percent, to 1,467.56 ­ crawling back above its post-Sept. 11, 2001, closing low for the first time in four months.

Analysts found it hard to share investor enthusiasm, noting that the market often rallies in the final three months of the year.

"This may be the start of the year-end rally, but I don't think it's going to be straight up from here," said Mike Kayes of Eastover Capital in Charlotte, N.C.

Thursday's advance was the Dow's best one-day point gain since Oct. 11, when it jumped 316.34. The Dow is now well-positioned for its seventh straight weekly advance.

Hewlett-Packard rose $2.14 to $18.99, after reporting quarterly earnings of $390 million.