Wall St to Greenspan: The Price Is Right: Dow Jumps 82 Points; Nasdaq Hits New High
NEW YORK, Dec. 9ÛÓInvestors thumbed their noses today at Federal Reserve Board Chairman Alan GreenspanÛªs warning of market inflation, pushing prices to the highest one-day gain in a month.</br></br>The Dow Jones industrial average jumped 82 points to close at 6463.94, wiping out all remaining losses from FridayÛªs brief panic, when investors feared Greenspan was threatening to raise interest rates.</br></br>The Nasdaq Stock Market, fueled by heavy buying of Microsoft and Intel shares, displayed even more disdain for the chairman. It jumped 28.59 points, or 2.22 percent, which Bloomberg Business News said was its biggest percentage gain since Aug. 2.</br></br>Analysts used an assortment of verbs to describe the contempt the market showed for GreenspanÛªs fear that overpriced stocks might lead to overpriced consumer goods and then an economic slump like that suffered by the Japanese. Greenspan was dissed, they said. He was scorned. He was ignored.</br></br>K.	Miller, a portfolio manager at Trevor Stewart Burton and Jacobsen Inc. Pleasing economic data and a robust bond market made it impossible to resist stock buys, she said.