Stocks rise on Greenspan upbeat economy comments
New York markets gained as Federal Reserve Chairman Alan Greenspan stated signs of a turnaround and stabilizing May data, lifting the Dow 25.14 to 8,922.95 and boosting Nasdaq to 1,603.56 and S&P 500 to 971.56. IBM fell on a federal probe into its 2000 2001 revenue bookings, but broader gains persisted with Brocade and Intel advancing on upgrades and expectations of continued earnings strength.
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Martha Stewart faces possible indictment in insider trading case
Stewart home decor magnate warned by federal prosecutors that an indictment is forthcoming. Her legal team vows to contest charges after her sale of 4000 ImClone Systems shares in December 2001, before the stock fell on FDAs decision news. Analysts cite insider trading or obstruction of justice as potential charges.
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