Early surge gives way to caution

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Name LEVEL CHANGE %Change
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S & P 500 Index 1,077.44 +3.96 +0.37%
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Market Summary (as of 10/22/2001 11:00 hours ET) http://moneycentral.msn.com/articles/common/summary.asp

Early surge gives way to caution
Provided by MSN Money

The markets are up but just barely this morning, as cautious investors await a flood of earnings news and expect most to be bad.
<P<
The market opened lower but rallied on good news from the semiconductor sector, with a report of cost-cutting plans at giant <B<Intel</B<. The stock was up about 3.5% this morning, and the key semiconductor sector index was up by about the same amount.
<P<
Investors also decided they like the numbers from 3M</B<, which reported a 21% decline in earnings this quarter, but also posted earnings of $1.10 per share. 3M shares were trading up about 3%.
<P<
But there was plenty of bad news as well, and by noon EST, the surge had leveled off as the market awaited more earnings numbers this afternoon.

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