June 2, 2000 – Frenzy On Wall Street
June 2, 2000 – As the report said; If you owned Stocks on Wall Street, the odds were you made money today. In a dramatic turn of events, Tech Stocks rode the crest of an economic wave on Wall Street this day, signaling that the Summer Rally had begun. At the end of the day, it was the Tech industry that drove the NASDAQ into new territory, closing with the biggest gain in Wall Street’s history, gaining nearly 231 points in a single day; up 6 1/2%. For the week, the Index posted a gain of 608 points. Blue Chip Stocks soared 143 points. For the week, the Dow Jones Industrials gaining nearly 496 points. Observers said this wasn’t a “here today – gone tomorrow” rally. Analysts were very encouraged by the fact that volume had picked up so tremendously in the days activities. No matter which way the market had gone in recent weeks, it had been on very low volume; a sign that investors were staying on the sidelines; a sign that the market had no clear sense of direction. The fact that there were big money flows this day could prove sustainable and many analysts were saying the Summer Rally they had been predicting was now, officially underway.
In other news, Alaska Airlines was going through some touchy times. A big repair job was underway, fixing the way the carrier repairs its planes. Federal Regulators said the company hadn’t been doing such a good job of late. After a devastating crash off the California coast in January, FAA inspectors focused in on Alaska Airlines maintenance problems; 150 cases where maintenance on planes wasn’t documented. The maintenance was done, otherwise the airline might have been shut down. But the FAA noted the lapse in record keeping showed a serious management problem and it was hoping its threat would spur action. Alaska Airlines spokespeople said they had addressed those issues and that they had changed procedures and were confident they could satisfy the FAA. The FAA was threatening to pull several of Alaska Airlines planes out of service.
And contrary to rumors, Bob Hope was still hanging in there. At 97, and after 15 hours of emergency treatment for a bleeding Colon, there was absolutely no further bleeding. Doctors said the legendary Comedian had stabilized and was continuing to show improvement and was expected to go home within a week.
And that’s just a small slice of what went on, this June 2nd 2000 as reported by The CBS World News Roundup – Late Edition.